India announce $264bm rescue package

World

New Dehli – Prime Minister Narendra Modi has announced a 20 trillion Rupee ($264bn) economic package to help the country cope with its prolonged coronavirus lockdown.

Modi said, in a televised address on Tuesday, the package, which is equivalent to 10% of India’s gross domestic product, will help people who have lost their jobs and businesses hit by the lockdown.

“The package will also focus on land, labour, liquidity and laws. It will cater to various sections including cottage industry, medium and small enterprises, labourers, middle class, industries, among others,” said Modi.

Finance Minister Nirmal Sitharaman is expected to announce further details at a press briefing later on Wednesday.

India has over 70,000 confirmed cases among its 1.3bn population and is expected to pass China’s total number of infections within a week.

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