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Indian Prime Minister Modi Announces $266 Billion Economic Support Package Amid COVID-19

CC0 / / India shopping centre
India shopping centre - Sputnik International
NEW DELHI (Sputnik) - The Indian economy will receive a support package worth 20 trillion rupees ($266 billion) to offset the disruption caused by the ongoing COVID-19 pandemic, Indian Prime Minister Narendra Modi said during a televised address on Tuesday.
"The latest decisions of our government and the decisions of our Central Bank were merged in today’s announcement of a financial assistance package of 20 trillion rupees – almost 10 percent of our country’s GDP. This support will strengthen our country’s economy," Modi said.

The prime minister specified that the funds will be primarily diverted to offer support to workers in industry and agriculture, as well as the country’s middle class.

"This economic package is intended for those workers, for those farmers, who work day and night for the benefit of their compatriots in all situations and all seasons. This economic package is also designed for our country’s middle-class citizens, who pay their taxes honestly and contribute to our country’s development," Modi stated.

Several financial analysts and experts have predicted that India, for the first time in 40 years, will slip into recession due to the economic disruption caused by the ongoing epidemiological crisis.

Modi added that the country’s new lockdown measures would be announced on Monday. It is expected that the prime minister will announce the lifting of certain restrictions as the country seeks to resume economic activity.

The Indian Ministry of Health and Family Welfare on Tuesday confirmed 3,604 new cases of COVID-19 over the past 24 hours, down from the record high of 4,213 on Monday. The overall case total now stands at 70,756 with 2,293 deaths, according to the ministry.

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