Prime Minister Narendra Modi's announcement of propelling 10% of the nation's GDP to resuscitate the ailing economy injured by the Coronavirus pandemic has become one of the mega stimulus packages rolled out by India as a lubricant to put the economy back on its path. It's indeed the biggest package but how efficient it would be and has it got perfect remedies to fix the crisis? 

Modi's announcement of making the country self-reliable might be fresh but the entire stimulus isn't. The package includes the large portion that has already been propelled as the relief measures by the Central government and the Reserve Bank of India. The financial mechanisms have been applying antidotes to avoid further deterioration of the economy and the latest relief package has been offered with the hope of stimulating the economy. 

During his fifth address to the nation on Tuesday concerning the outbreak, Narendra Modi has announced Rs 20 lakh crore and said that this package is inclusive of the earlier packages announced by the government and RBI. India's Central Bank has been unveiling the stimulus to keep the grounds of liquidity. RBI has announced Rs 3.74 lakh crore as its first package in March and Rs 1.5 lakh crore as its second package in April. Besides these stimuli, Finance Minister Nirmala Sitharaman has announced Rs 1.7 crore revival package from the Central government. 

These already proposed and delivered packages put together to Rs 7 lakh crore and it has occupied nearly 40% of Rs 20 lakh crore through which it can learned that the Center has the way to spend the rest of Rs 13 lakh crore. The already proposed liquidity measures had offered the assistance to the worst-hit economical corridors including the poor section and the people who are enduring the economic instability due to the lockdown. The Center's first package of Rs 1.7 lakh crore concentrated on providing the essentials and relief measures to the poor, elderly, and women. 

How the second package of Rs 13 lakh crore will pour fresh blood to the paralyzed portions of the economy? The mega stimulus can be seen as the enhanced mechanism to contain the proliferation of the COVID-19 cases. How will it reach the pockets? The package would largely increase the liquidity and aid the industries to revive back through funding. 

Although the economists claim the fresh package as a big surety, the government would aim to propel the package into the economy by providing tax relief for small, micro, and medium enterprises and incentives to the domestic manufacturing units to revive the production. It also aims to attract the investment.

The Center would announce full tax exemption to the companies that make new investments on the medical sectors and investments in the infrastructure would also be one of the ingredients to the package.

The government has been burdened to outline the road map of balancing the fiscal deficits. The Center has recently announced that it would obtain the additional debt of Rs 4.2 lakh crore and amid the soaring deficits both on the grounds of fiscal and current accounts, its unclear that how the government would overhaul the trajectory to tackle the Himalayan deficit which would probably arise after pumping the fresh stimulus into the economy. 

The package would testify the revival grounds of the world's fifth-largest economy and pumping 10% of GDP at one shot would be a mammoth task for the government and if it goes without the proper mechanisms and  channels to the needy sectors, the nation would ought to pay its price at the global stage and it would add huge risk to the economy which is already been deteriorating with desperate need for the cure.

The Center must counter the challenges of liquidity, demand, inflation, and economic depression and it must ensure that it won't put the pain on the shoulders of people.