Govt likely to unveil $20 bn stimulus for coronavirus downturn: Report

Government likely to agree on more than 1.5 trillion rupees ($ 19.6 billion) in economic stimulus package to tackle recession in the country, which is currently locked in to stem the spread of the coronavirus, two sources familiar with the matter told Reuters.

The government has not yet finalized the package and discussions are underway between Prime Minister Narendra Modi’s office, the Ministry of Finance and the Reserve Bank of India (RBI), said the two sources, who asked not to not be named because the matter was still under discussion. .

One of the sources, a senior government official, said that the stimulus package could reach 2.3 trillion rupees, but that the final figures were still under discussion.

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The package could be announced by the end of the week, the two sources added.

Finance Minister Nirmala Sitharaman on Tuesday announced a series of regulatory and compliance measures across all sectors to ease the challenges faced by various sectors as the country enters an unprecedented lockdown due to the pandemic from Covid-19. Sitharaman also said that a larger economic package will be announced soon.

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