NEW DELHI: India's Prime Minister Narendra Modi unveiled on Tuesday (May 12) a stimulus package worth 10 per cent of the country's GDP to boost ...
NEW DELHI: India's Prime Minister Narendra Modi unveiled on Tuesday a stimulus package worth 10 per cent of the country's GDP to boost labourers and small businesses as the economy reels from the coronavirus pandemic and a weeks-long lockdown.
The funding announcement includes a smaller relief package announced at the start of the lockdown in late March and stimulus efforts by the central bank, Modi said.The Indian leader stressed the need for the country to be self-reliant, and for people to buy local products to help the economy. Some 122 million Indians lost their jobs last month, data from Mumbai-based think tank Centre for Monitoring Indian Economy showed, with small traders and daily wage earners accounting for the bulk of losses.Efforts to re-start activity in several industries as the lockdown was gradually eased have meanwhile stumbled amid a shortage of labour.
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