Atma-Nirbhar Bharat Mission: Analysis of Economic stimulus package

Atma Nirbhar Bharat Mission: Analysis of Economic stimulus package to Make India self reliant.

Prime Minister Narendra Modi announced the Atma-nirbhar Bharat Abhiyan (or Self-reliant India Mission) and said that in the days to come his government would unveil the details of an economic package — worth Rs 20 lakh crore or 10% of India’s GDP in 2019-20 — aimed towards achieving this mission.

On Wednesday, Prime Minister Narendra Modi said the country should view the Covid-19 crisis as an opportunity to achieve economic self-reliance. In his address to the nation, he stressed on the importance of promoting “local” products. He called it Atmanirbhar Bharat Abhiyan (or Self-reliant India Mission) and said that in the days to come, his government will be unveiling the details of an economic package towards this aim, which, after including the earlier reliefs announced by Finance Minister Nirmala Sitharaman and the RBI, would be worth Rs 20 lakh crore — or 10 per cent of GDP in FY20.

Why?
That’s because the PM has included the actions of RBI, India’s central bank, as part of the government’s “fiscal” package, even though only the government controls the fiscal policy and not the RBI (which controls the ‘monetary’ policy). Government expenditure and RBI’s actions are neither the same nor can they be added in this manner. Nowhere in the world is this done, clarifies Prof NR Bhanumurthy of NIPFP.

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