Narendra Modi on Tuesday night announced an economic stimulus of Rs 20 lakh crore. This, the Prime Minister said, is nearly 10% of the country's GDP.

"We need to instill confidence. The package will focus on land, liquidity, laws and labour," Modi said. The package has been named as Atmanirbhar Bharat Abhiyan. "The announcements made by the government in the wake of COVID-19, decisions of RBI and today's package total Rs 20 lakh crore," the PM said. (Note: The previous packages didn't amount to much. So, Tuesday's announcement is the big bang one).

The PM added that the package is meant to boost economic activity, and act as a stimulus for the MSMEs and agriculture sector.

This excellent move is in keeping with the trend worldwide. Countries like the US had taken similar steps weeks ago.

Before the announcement, in an intro of sorts, Modi said that Economy, Infrastructure, Technology, Demography and Demand as India's five pillars of strength.

He also said that local manufacturing has to be our mantra.

Modi touched upon India's ramped up production capacity in the last two months. "When the Coronavirus crisis started, not even a single PPE kit was manufactured in India, only a few N95 masks were available. Today 2 lakh PPE kits and 2 lakh N95 masks are manufactured in India daily," Modi said.