Economics
India Expands Stimulus to 15% of Economy as Recession Looms
- Total stimulus almost 30 trillion rupees, equals annual budget
- Support steps come as economy slips into technical recession
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India increased stimulus measures to rescue companies and save jobs in an economy clobbered by a sudden lockdown in March to stem the coronavirus pandemic.
The additional stimulus steps amount to about 9 trillion rupees ($120 billion), taking the nation’s total virus relief to almost 30 trillion rupees, or 15% of gross domestic product, Finance Minister Nirmala Sitharaman told reporters in New Delhi Thursday. That equals the total spending envisaged in the government’s budget for the year to March.