Atma Nirbhar Bharat Abhiyan ranks among biggest in world
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.
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
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 %,
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
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.