Modi announces $266 billion economic package for India

FILE PHOTO: India Prime Minister Narendra Modi.
FILE PHOTO: India Prime Minister Narendra Modi.

INDIAN prime minister Narendra Modi announced a $266 billion support package for India’s economy on Tuesday (12) to help mitigate the damage caused by the novel coronavirus and the lockdown it has triggered.

Finance Minister Nirmala Sitharaman will announce further details on the package, equivalent to around 10 per cent of India’s GDP, in the coming days, Modi said in an address to the nation.

There is unprecedented crisis but India will neither get tired nor give up the fight against coronavirus, Modi said.

He asserted that “we have to protect ourselves and move ahead as well”.

Special economic package is for our labourers, farmers, honest tax payers, MSMEs and cottage industry, the prime minister said.   India is standing on five pillars –economy, infrastructure, governing systems, vibrant democracy and supply chain.

Modi also hinted that the lockdown will not be lifted fully. The third phase of the nationwide lockdown will end on May 17.

Meanwhile, the number of coronavirus cases in the country has reached 70,756 while the death toll is now at 2,293.