India's PM Modi announces a $266 billion stimulus to help mitigate damage caused by coronavirus and lockdown it triggered
Migrant workers wait to board buses in Allahabad, India to reach their hometowns after the government eased a nationwide lockdown as a preventive measure against the Covid-19. May 12, 2020.
In an address to the nation, he said the package was equivalent to 10 percent of India's gross domestic product, and was aimed at the multitudes out of work and the businesses reeling under the prolonged shutdown. "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."Even before the pandemic, India's growth was slowing and public finances were strained because of poor tax collection and higher spending.
"These reforms will promote business, attract investment, and further, strengthen 'Made in India'," Modi said.
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