Context: Recently, the PM announced an economic stimulus package for Rs 20 lakh crore (estimated at 10% of the GDP), with a clearly defined leap towards economic reforms with an aim to transform the country to Atmanirbhar Bharat, or a self-reliant, resilient India.
Key Points

• The announced economic package is 10% of India’s Gross Domestic Product (GDP) in 2019-20.
• The amount includes packages already announced at the beginning of the lockdown incorporating measures from the RBI and the payouts under the Pradhan Mantri Garib Kalyan Yojana.
• The Prime Minister said the economic package would not be based on incremental changes, but a quantum leap in bold reforms with regard to land, labour, law and liquidity.
• The package will expected to focus on land, labour, liquidity and laws which aim to cater various sections including cottage industry, MSMEs, labourers, middle class, industries, among others.
• It stresses on the theme of self-reliance and the importance of keeping manufacturing, markets and supply chains local.
• Local suppliers have met India’s demands in this hour of crisis, and now Indians have to be ‘vocal about local’ and buy products from them.
• The amount includes the Rs 1.7 lakh crore which already announced a cash transfer and food package aimed at the most vulnerable and the measures announced by the Reserve Bank of India (RBI). 
• The central bank has announced liquidity infusion and targeted credit measures aggregating anything between Rs 4.5 lakh crore.
• That means the package to be announced over the next few days will total around Rs 14 lakh crore.
• The following initiatives may be launched: a large fund for micro, small, and medium enterprises (MSMEs); a well-capitalised bad bank; a loan guarantee scheme for businesses; incentives for local manufacturing; and direct cash transfers to the poor.

The Mission would be based on five pillars:

• Economy which brings in quantum jumps and not incremental change.
• Infrastructure which should become the identity of India.
• System based on 21st-century technology-driven arrangements.
• Vibrant Demography which is our source of energy for a self-reliant India.
• Demand whereby the strength of our demand and supply chain should be utilized to full capacity.

Concerns: 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).