On May 12, PM Narendra Modi in his 5th address to nation has announced a stimulus package worth Rs 20 lakh crore to bring back the economy on track under the #AtmanirbharBharatAbhiyan. The move is to be vocal for the local brands, to make India 'self-reliant.' The stimulus package constitutes 10 per cent of the GDP, talks about four reforms i.e. land, labour, liquidity and laws.
This mega Rs 20 lakh crore package is inclusive of earlier relief measures announced by RBI to the tune of Rs 3.7 lakh crore and Rs 1.7 lakh crores relief announced under PM Garib Kalyan Yojana. Together they worked out to be 4 per cent of GDP. The new measures, therefore, will be 6 per cent of GDP.
The Bharatiya Janata Party President JP Nadda has claimed that this is the largest relief package ever announced by any country in the fight against the coronavirus. Let's us see what sort of relief packages have been announced by other countries in their battle against the pandemic and how much it constitutes to GDP
Japan:
In its battle against deadly coronavirus, Japan has given 20 per cent of GDP in the form of economic relief packages. Japan's GDP is of Rs 4.97 lakh crore. So far, it has recorded 15,847 positive cases of coronavirus while 633 people have succumbed to the disease.
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United States of America:
The US has registered world's highest number of corona-positive cases and deaths. So far, 1,395,026 have been tested positive for the virus and nearly 82,555 have lost their lives. President Donald Trump has given 14 per cent of country's GDP as the Corona Relief Package. The USA's GDP is of Rs 20.54 lakh crore US Dollar.
Germany:
Germany, one of the leading countries in the fight against the coronavirus in Europe, has given a stimulus package of 10.74 per cent of its GDP. Mass testing was promoted initially and therefore the nation managed to control the mortality rate. So far, 172,812 people in the nation have been affected by the coronavirus while 7,676 people succumbed to the disease. Germany's GDP is worth Rs 3.95 lakh crore US Dollar.
Britain:
Europe's most affected nation Britain has planned to devote 5 per cent of its GDP in its fight with coronavirus. Britain's GDP is of Rs 2.86 lakh crore. Till now, the country has recorded 226,463 corona positive cases while 32,692 have lost their lives. Significantly, a separate budget has been allocated for the purpose of promoting cycling in order to promote the practice of social distancing among natives.
China:
The mainland from where the virus originated and the first victim of the contagious disease has planned to spend 3.8 per cent of its GDP on relief packages. So far, 82,919 have been infected with the coronavirus and 4633 people have died. China's GDP is worth Rs 13.61 lakh crore US Dollar.