12:17 GMT30 November 2020
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    Ever since the Covid-19 pandemic hit India, the country's government has worked with the central bank, the Reserve Bank of India (RBI), to come up with fiscal and monetary tools to stimulate the economy. The RBI has pumped $125m liquidity into financial markets since February this year.

    Indian Prime Minister Narendra Modi will hold a review meeting today on the $266 billion Covid-19 economic stimulus package announced by him on 12 May. 

    The package was announced as a measure to help the Indian economy recover from the ravages of the pandemic. 

    A source in the Indian Ministry of Finance told Sputnik on Tuesday that the meeting will be attended by Finance Minister Nirmala Sitharaman and other senior ministers.

    The Prime Minister will review "implementation and progress" of the measures announced in the package, according to the source. 

    The package contained a number of measures such as farm reforms, and collateral free credit availability for micro, small and medium-sized organisations. 

    The government is considering extra stimulus for the Covid-hit economy.

    The review is taking place against a backdrop of 23.9 per cent contraction in India's Gross Domestic Product between April and June this year as a result of the pandemic which has hit almost every sector of the economy, affecting millions of people since lockdown was announced at the end of March.

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    pandemic, COVID-19, economic stimulus, economic growth, GDP, Economy, India
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