A few days ago when fiscal monetary stimulus packages were announced in Australia, Germany, France, Singapore, USA and many other countries, India Inc was left asking for it.
India, Asia’s third largest economy has been under a lockdown since March 24 and the Coronavirus Pandemic has wrecked the economy. The lockdown has managed to `flatten the curve’ to some extent and now everyone wants to plan ahead.
Last few weeks has seen reverse migration happening. With Indians across the world coming back to India, and migrant workers walking miles to get back to their villages leaving everyone confused. The rundown of events and no cure or vaccine for COVID-19, presents us with a challenging `VUCA’ world. Citizens are looking for not just direction, but inspiration, positive thoughts and motivation.
That’s exactly why citizens, naysayers and critics too look forward to Prime Minister Narendra Modi’s address to the nation. Yesterday, in his fifth televised video address to the nation since the lockdown, Prime Minister Narendra Modi set the agenda for Lockdown 4.0. He announced an economic package of Rs 20 Lakh crore, 10 per cent of India’s GDP for India. The details of this will be presented in a few days by the Finance Minister.
“We have to aim for Atmanirbhar Bharat Abhiyan. It is our responsibility as well as the duty to see that the 21st century belongs to India. We need to be self-dependent.”
India should become self reliant
The six week lockdown has brought economic activity to a standstill and left millions jobless. “But, now we have to turn this crisis into an opportunity. There was a shortage of PPEs, N-95 masks and ventilators in the country and globally. But many Corporates and entrepreneurs in India have started manufacturing it. So much so, that the world is now looking at India to supply it.”
Citing from his life experience of the Gujarat 2001 Earthquake he said “there was death and destruction all over in Kutch. But, over a period of time, we could rise and shine again. So, we should be able to overcome this disease called Corona with a strong Sanklap (resolution).”
The Prime Minister said, “India talks about self-reliance but we have to remember our mantra Vasudhaiva Kutumbakam (the world is one family). India’s self-reliance is about comfort and peace of the entire world. It is our responsibility as well as the duty to see that the 21st century belongs to India. We need to be self-dependent.”
Life beyond Coronavirus Lockdown 4.0
Scientists believe the coronavirus will be a part of our lives for a very long time, “but we can’t let our lives remain confined around corona”. “We will wear masks and maintain social distancing but we will not let it affect us. So lockdown 4 will be in a new avatar and new rules will be given post May18.
“We have a two-fold challenge – to reduce the transmission rate of the disease, and to increase public activity gradually, while adhering to all the guidelines.”
A new economic order in India
Experts believe that there will be a new world order post Corona. We have to adopt new ways of doing things. Moving forward there will be reforms in land, labour, liquidity and laws to strengthen MSMEs besides strengthening the hands of laborers and farmers who toil hard for people of the nation.
He also referred to five pillars for strengthening Economy, Infrastructure, System, Demography and Demand to meet the power of demand and supply.
Get Set for a new order !