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Prime Minister Modi

India announces $266bn stimulus; stress on self-reliance

NEW DELHI, May 13, 2020

Indian Prime Minister Narendra Modi has announced a massive stimulus package of Rupees 20 trillion (about $266 billion) to combat the economic fallout of the Covid-19 crisis.
 
In a televised address to his nation, he said the stimulus outlay amounts to 10 per cent India’s Gross Domestic Product. 
 
Modi said the aim of the package was to make India self-reliant. 
 
Economists and India’s industry leaders immediately welcomed the stimulus. They have been arguing for several weeks for an enhanced spending package to help the economy tide over the fallout of Coronavirus.
 
India has been in a state of lockdown for a month and a half. The current and third phase of the lockdown is to end on May 17.
 
The Prime Minister made it clear that the lockdown will continue into its next phase which "will be completely new in form and rules. Information regarding lockdown 4.0 will be given before May 18 after taking into consideration recommendations" by Chief Ministers of Indian states, he said.
 
The total number of Covid-19 infections in India reached 74,281. Of these 24,386 patients have been cured and 2,415 people have died from the disease.



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