India's government said on Wednesday it will offer nearly $60 billion of loan guarantees for small businesses, shadow banks and power companies as part of measures to combat the economic damage caused by the coronavirus pandemic.
NEW DELHI - India’s government said on Wednesday it will offer nearly $60 billion of loan guarantees for small businesses, shadow banks and power companies as part of measures to combat the economic damage caused by the coronavirus pandemic.
Finance Minister Nirmala Sitharaman told reporters the government aims to help 4.5 million businesses by October by providing credit guarantees to help them access collateral-free loans from banks. Real estate companies will be able to claim relief from regulatory penalties for up to six months when completion of projects is delayed because of the coronavirus, Sitharaman said.“The measures announced by the finance minister are very well-targeted and meet the immediate as well as longer-term requirements,” top industry body the Confederation of Indian Industries said in a statement.
In an address to the nation on Monday, Modi said the package was equivalent to 10% of India’s gross domestic product, and was aimed at the multitudes out of work and businesses reeling from the impact of the prolonged shutdown.
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