Modi’s Atma-nirbhar Bharat Abhiyan or Self-reliant India Mission is about 10 per cent of India’s GDP in 2019-20 and would rank behind Japan, the US, Sweden, Australia and Germany.
The relief package includes Rs.1.7 lakh crore package the government had announced in March and the steps were taken by the Reserve Bank of India (RBI) such as liquidity enhancing measures and interest rate cuts.
The Rs.20 lakh crore package includes:
- In March, India committed Rs.1.7 lakh crore ($22.6 billion) in COVID-19 related relief measures that included free foodgrains to poor and some cash to poor senior citizens and women.
- IN March, the RBI announced Rs.3.7 lakh crore of liquidity support and another Rs.2 lakh crore in April.
- The RBI had also said its measures provided support equivalent to 3.5% of the GDP.
Other countries:
- Japan has announced a package equivalent to 21.1% of its GDP.
- The US measures work out at an estimated 13% of GDP.
- Sweden has announced a stimulus equal to 12% of its GDP
- Australia allocated 10.8% of GDP to tackle COVID-19.
- Germany has announced spending of around $815 billion, equal to 10.7% of its GDP.
