The COVID-19 has affected Indian economy and society in varied ways. In order to face these adverse effects of the pandemic, the Government of India initially announced the Pradhan Mantri Garib Kalyan Yojana (PMGKY) as interim measures.
The pandemic has given the chance to uncovers its opportunity therein. The clarion call given by the Hon’ble Prime Minister of India, Shri Narendra Modi to use the hard times to become ATMANIRBHAR (Self-reliant) has been well received to resurgence the Indian economy. The Spirit of self-reliance can be seen from the fact that from zero production of Personal lProtection Equipment (PPE) before March, 2020, we have now producing 2 Lakh PPE kits daily.
There are five pillars of Atmanirbhar Bharat
The Five phases of Atmanirbhar Bharat are:
Phase-I: Businesses including MSMEs
Phase-II: Poor, including migrants and farmers
Phase-IV: New Horizons of Growth
Phase-V: Government Reforms and Enablers
Important Facts about Atmanirbhar Bharat Scheme
The Prime Minister announced that an Atmanirbhar Bharat or a self-reliant India should stand on the following five pillars:
21st-century technology-driven arrangements and system
The 20 lakh crore worth package is almost 10% of the GDP of the country.
The package emphasizes on land, labour, liquidity, and laws.
The package includes measures across many sectors such as MSME, cottage industries, middle class, migrants, industry, etc.
Several reforms are announced to make India a self-reliant economy and mitigate negative effects in the future. Some of the reforms are:
Simple and clear laws
Rational taxation system
Supply chain reforms in agriculture
Capable human resources
Robust financial system