Atma Nirbhar Bharat Abhiyan ranks among biggest in world

Highlights:

  • Government of India allocated total spending of Rs.20 lakh crore under "Atma Nirbhar Bharat Abhiyan or Self-reliant India Mission" to fight the COVID-19 pandemic. 
  • This is among the largest economic stimulus package announced by nations across the world. 
Details Analysis:
  • The allocated fund is about 10% of India's GDP in 2019-20. 
  • With this move, India would rank behind Japan, the US, Sweden, Australia, and Germany.
  • The relief package includes Rs.1.7 lakh crore package the government had announced in March and the steps were taken by the Reserve Bank of India (RBI) such as liquidity enhancing measures and interest rate cuts.
  • In March, India committed Rs.1.7 lakh crore ($22.6 billion) in COVID-19 related relief measures that included free foodgrains to poor and some cash to poor senior citizens and women.
  • IN March, the RBI announced Rs.3.7 lakh crore of liquidity support and another Rs.2 lakh crore in April.
  • The RBI had also said its measures provided support equivalent to 3.5% of the GDP.
Other countries contributions:
  • Japan has announced a package equivalent to 21.1% of its GDP.
  • The US measures work out at an estimated 13% of GDP.
  • Sweden has announced a stimulus equal to 12% of its GDP
  • Australia allocated 10.8% of GDP to tackle COVID-19.
  • Germany has announced spending of around $815 billion, equal to 10.7% of its GDP.
  • In Europe, Spain and Italy have endured devastating coronavirus outbreaks, the size of stimulus packages are estimated to be 7.3 % and 5.7 % of GDP, respectively.
  • France announced a package equal to 9.3 % of its GDP.
  • Smaller countries like Luxembourg and Belgium have spent a fifth of their GDP on COVID-19 related stimulus measures, at 20.7 % and 19.2 %, respectively.
  • Modi did not give details of the package saying Finance Minister Nirmala Sitharaman will over the next few days give details.
  • India’s stimulus value in dollar terms is higher than the GDP of 149 countries such as Vietnam, Portugal, Greece, New Zealand and Romania.
  • It almost equals Pakistan’s annual GDP of USD 284 billion.
  • Also, the stimulus is 1.8 times bigger than USD 147 billion in fortune of the 10 top wealthiest Indians.
  • The amount is five times the personal wealth of richest Indian Mukesh Ambani.