India Will Launch The 20 Trillion Economic Stimulus Plan And Extend The National Blockade Measures
India Prime Minister Modi made a televised speech on the evening of 12 local time, saying that India will launch a total package of 20 trillion rupees (about 267 billion U.S. dollars) package of economic stimulus plans, and will again extend the national blockade measures. Modi said that the specific details and measures of the 20 trillion rupee stimulus plan will be announced and implemented by the Ministry of finance.
In order to prevent the spread of the epidemic, India has implemented the national blockade for nearly 50 days, which has brought great impact to the economy. Modi also announced in his speech that India will continue to extend the national blockade measures, and the specific requirements will be announced before May 18th. India embargoes the national blockade measure in March 25th and has been extended two times. The current period is May 17th.
The International Monetary Fund (IMF) recently released the latest world economic outlook report, which predicts that India's economic growth this year will be 1.9%. Fitch has lowered its economic growth forecast for the current fiscal year of April 2020 (from April 2020 to March 2021) to 2% from the previous 5.1%, while Moodie is expected to cut it from 5.3% to 2.5%.
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