NEW DELHI, May 13 ― Prime Minister Narendra Modi said yesterday that India would provide 20 trillion rupees (RM1.15 trillion) in fiscal and monetary measures to support an economy battered by a sweeping weeks-long lockdown to fight the novel coronavirus. India has more than 70,000 cases among its...
A woman walks along a near-empty street during a lockdown amid a coronavirus disease outbreak in New Delhi March 25, 2020. ― Reuters pic
In an address to the nation, he said the package was equivalent to 10 per cent 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.”
“It doesn't match the gross borrowing details of the government so we need to look at details. Headline number should, however, excite the markets near-term.” Some commentators said it was too early to say how effective the package would prove to be. “Very often, when the government has made these huge, very big announcements ... the figures have often been fudged,” Yogendra Yadav, founder of the opposition party Swaraj India, told a television channel.Modi said the reforms of the land and labour markets were intended to make India more competitive and a big player in global supply chains, some of which could shift away from China after the pandemic.
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