India rolls out massive 20T stimulus package 10%
Of the country’s GDP pledged as economic stimulus package
dubai — India on Tuesday declared a massive economic stimulus package of Rs20 trillion ($267 billion), which is 10 per cent of its gross domestic product, in a show of resolve to fight back the deep downturn inflicted by the Covid-19 pandemic.
Prime Minister Narendra Modi, in a televised address to the nation, said the total lockdown, declared on March 24, would be further extended with certain relaxations when the third phase ends on May 17.
Modi said the stimulus package, seeking to make the nation ‘self-reliant’, would cover all economic sectors to ensure a holistic recovery at the earliest. Details of the package will be announced by Finance Minister Nirmala Sitharaman today.
new delhi — Prime Minister Narendra Modi unveiled on Tuesday a Rs20 trillion ($270 billion) stimulus package for labourers and small businesses to boost flagging growth as the country grapples with the impact of the coronavirus and weekslong lockdown.
The package — worth about 10 per cent of India’s GDP — came as the country was set to mark its 50th day in the world’s biggest lockdown as the number of virus cases topped 70,000 with over 2,200 deaths.
“This economic package is for India’s self-reliant movement. It is for the cottage, small and medium scale industries,” Modi said in a televised address.
The funding includes a $2 billion relief package announced at the start of the lockdown in late March and stimulus efforts by the central bank, Modi said.
Finance Minister Nirmala Sitharaman would unveil further details in the next few days, he added.
The government credits its strict shutdown of almost all activity in the country of 1.3 billion people for limiting the number of virus cases and deaths.
But the livelihoods of tens of millions of people have been badly hit, particularly the poor and migrant workers, many of whom have lost their jobs. “Day labourers, migrant workers have suffered much in this period. It is our duty now to do something for them,” the prime minister said.
PM Modi said the next stage of the lockdown, which is due to be lifted on May 18 after being extended > The Delhi government will provide Rs10 million to the family of the contract teacher who was working with the Municipal Corporation of Delhi and died due to Covid-19.
> Karnataka will not ease lockdown restrictions in containment zones even after May 17. However, the state will lift them in other areas, which are free from the infection.
> A group of men, including some bank employees, who were allegedly having a booze party at a dhaba violating social distancing norms in Muzaffarnagar, UP, were arrested, police said on Tuesday.
Day labourers, migrant workers have suffered much in this period. It is our duty now to do something for them
twice, “will be different in many ways”.
“It will be based on suggestions received from states,” he said, adding that an announcement would be also made in coming days. It is believed there is likely to be more relaxation in public movement to be given in the forthcoming lockdown with adherence
Narendra Modi Prime Minister
to norms of social distancing and personal hygiene.
During his address, Modi emphasised self-reliance and said that humanity will not accept defeat from coronavirus.
“The only way forward is self-reliance. India’s self-reliance addresses concerns about world’s happiness and peace”, PM Modi said.
The prime minister said that even though the situation in the country is unprecedented, humanity will not accept defeat from the pandemic.
“The humankind will not deter. We will have to further firm up our resolve, protect ourselves and march forward,” he added. —