Gujarat Exclusive > National-World > Rs1.5 lakh crore economic stimulus package likely to fight coronavirus downturn

Rs1.5 lakh crore economic stimulus package likely to fight coronavirus downturn

0
505

Prime Minister Narendra Modi-led NDA government is likely to agree to an economic stimulus package of more than Rs1.5 lakh crore ($19.6 billion) to fight a downturn in the country that is currently locked down to contain the spread of coronavirus, two sources familiar with the matter told news agency Reuters.

The government has not yet finalised the package and discussions are ongoing between the Prime Minister’s Office, the Finance Ministry, and Reserve Bank of India (RBI), said both the sources, who asked not to be named as the matter was still under discussion.

One of the sources, a senior government official, said the stimulus plan could be as large as Rs2.3 lakh crore, but final numbers were still in discussion.

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

Notably, finance minister Nirmala Sitharaman had earlier announced that the government will come up with a stimulus package soon to fightback the downturn in the Indian economy due to the spread of coronavirus. She, however, has not provided any date when the package will be announced.

Coronavirus cases in India reach 562, 9 deaths reported