New Delhi/Bengaluru: Prime Minister Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore.

Since then, reactions have been pouring in from across all quarters and leaders have said this bold move will only empower India and overcome challenges posed by the pandemic.

Vice President M Venkaiah Naidu on Wednesday welcomed the Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi to revive the COVID-hit economy, saying it will go a long way in overcoming challenges posed by the pandemic.

"Bold reforms are the need of the hour to realise the dream of Atmanirbhar Bharat (self-reliant India)," Naidu wrote on Twitter.

The Vice President said he is sure that the "timely economic package will go long way in overcoming challenges posed by the unprecedented COVID-19 pandemic”.

BJP national president, Jagat Prakash Nadda said, "The historic economic package announced by Prime Minister Narendra Modi under Atma Nirbhar Bharat Abhiyan is not only to fight against Covid-19 but also to make the country strong and self-reliant."

Meanwhile, according to a Bloomberg Quint report, Naushad Forbes, past president of CII was quoted saying, "Will be concerned about any reversal in our open economy & going back to the "bad old days" of the 1970s."

Replying to which, Rajya Sabha MP Rajeev Chandrasekhar tweeted saying AtmaNirbar Bharat was more of empowering India by creating a global competitive India that produces for the world in itself.

"The #AtmaNirbharBharat vision of @narendramodi is not abt protectionism. Instead its abt creating a globally competitive India that produces for the world n itself. Its a vibrant, energetic idea that mobilizes our best. #NewIndia @PMOIndia," the MP tweeted.