264 Billion USD rescue package for India

15 January 2021

Prime Minister Modi announced measures would help alleviate impact on farmers and small businesses.   India has more than 70,000 cases among its 1.3bn population and is expected to pass China's numbers within a week.

Worth about 10% India’s GDP the money will help those who have lost their jobs or had businesses affected by the shutdown. Mr Modi said  "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,"The country's very strict lockdown, which started on 25 March, has had a huge economic impact, with tens of millions of poorer Indians and migrant workers hit hardest.

In March, India said it would provide around 1.7 trillion rupees in direct cash transfers and food security measures, mainly for the poor. However, Mr Modi's administration had been accused in some quarters of not having done enough.

It comes as governments and central banks in other countries around the world have provided unprecedented levels of support for their economies to tackle the crisis.

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