New Delhi, May 13: Amid the COVID-19 crisis, Union Finance Minister Nirmala Sitharaman is all set to address the media at 4 pm today and share details of the economic package which has been announced under Atma Nirbhar Bharat Abhiyan. The Finance Minister will be speaking about the  massive financial package to revive, reform and make the country self-reliant, while at the same time welcoming foreign capital and strengthening of supply chains. The special package was announced by Prime Minister Narendra Modi on Tuesday to revive the country's economy. The Prime Minister announced a total stimulus of Rs 20 lakh crore, or 10 per cent of the country's GDP.

In a bid to make India self-sufficient in every way, the mega Rs 20 lakh crore package that has been announced includes previously announced measures to save the economy of the country which has been largely hit by the COVID-19 pandemic. The Prime Minister said the stimulus also includes the earlier packages announced by the Ministry of Finance and the Reserve Bank of India (RBI). He added saying that the Ministry of Finance will share the details from May 13. COVID-19 Live Tracker: Map The Spread of Coronavirus in All Parts of India and World.

Watch Nirmala Sitharaman's Speech Live on Rs 20 Lakh Cr Economic Package

According to a report by PTI, the Rs 20 lakh crore package includes Rs 1.7 lakh crore package of free foodgrains to poor and cash to poor women and elderly, announced in March, as well as the RBI's liquidity measures and interest rate cuts. Reports inform that the economic relief focuses on tax breaks for small businesses as well as incentives for domestic manufacturing.

It is believed that the COVID-19 relief package, which comes roughly 10 percent of the GDP, is among the most substantial in the world after the financial packages announced by the United States, which is 13 per cent of its GDP, and by Japan, which is over 21 per cent of its GDP.

(The above story first appeared on LatestLY on May 13, 2020 03:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).