12:20 GMT18 January 2021
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    Indian Prime Minister Narendra Modi promised a $266 billion stimulus package in May this year to pull the economy out of the COVID-19 blues. The Reserve Bank of India (RBI) has also pumped in $125 billion ever since the pandemic began.

    An application filed under the Right To Information (RTI) Act has revealed that the government has been able to disburse less than 10 percent of the $266 billion economic stimulus announced by Prime Minister Narendra Modi. 

    The stimulus was announced to bail out Indian businesses and the economy from the effects of the pandemic. 

    The information, under the RTI, has revealed that the Indian government has disbursed only $16.43 billion under the emergency credit guarantee under the stimulus plan.

    The information was shared by the Indian government in response to an RTI application filed by businessman Prafull Sharda who is based in India's Pune city.

    After a rise in gross domestic product of 3.1 percent in January-March this year, the country's economic growth has contracted by 7.5 percent in July - September. However, this is an improvement on the second quarter (April-June), when the economy contracted by a whopping 23.9 percent

    Indian Finance Minister Nirmala Sitharaman announced on 12 November additional measures worth $35.81 billion to help the economy recover from the pandemic. While unveiling the package, Sitharaman also said that economic recovery is in sight.

    Related:

    India’s Economy Set to Contract by 9.6% in 2020-21, says World Bank, Hinting at Worse Time Ahead
    Government Working on Next COVID-Stimulus to Support Economy - India's Economic Affairs Secretary
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    recession, economic growth, finance, Economy, India
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