New Delhi: Soon after Prime Minister Narendra Modi announced an economic package of Rs 20 lakh crore, the Confederation of Indian Industry (CII) on Tuesday poured our praise on PM Modi, saying the economic package will take back the country to the path of economic recovery. Also Read - EU Stands With India in 'Challenging Time', Modi Says 'Collaboration Essential' to Stop Pandemic

“PM Modi made an unprecedented announcement of the economic package to deal with the extraordinary situation we are in today. The economic package of Rs 20 lakh crore really promises to place India back into the path of economic recovery,” CII Director General C Banerjee said. Also Read - Pressure Mounts on Modi Govt to Impose Nationwide Lockdown; Oppn Says Total Shutdown 'Inevitable' 

The development comes after PM Modi on Tuesday announced a special economic package, and said the recent decisions by the government, the decisions by the RBI combined with Tuesday’s financial package announcement come to about Rs 20 lakh crore – nearly 10 per cent of India’s GDP.

He said that the special economic package is for the labourers, farmers, honest taxpayers, MSMEs and cottage industry.

“I announce a special economic package today. This will play an important role in the ‘Atmanirbhar Bharat Abhiyan’. The announcements made by the government over COVID-19, decisions of RBI and today’s package totals to Rs 20 Lakh Crores. This is 10% of India’s GDP,” PM Modi said.

He also added that the economic package will have an emphasis on land, labour, liquidity and laws.

“India’s self-reliance will be based on five pillars such as economy, infrastructure, technology-driven system, vibrant demography and demand,” he said.

He further added that the time has taught all to make ‘local’ the mantra of lives. “Global brands that are there today were once local too but when people there started supporting them they became global. That is why from today, every Indian must become vocal for our local,” he added.