India Moves To Lockdown, Economic Stimulus In A Phased Manner
In a frenzy as nations worldover are rolling out economy support packages in the wake of the pandemic crippling business and national economies, India is also joined the bandwagon as it started its 21 day lock-in period from March 25 going up to April 14.
Further, the charismatic PM Narendra Modi who was able to rally the whole country to shut themselves off for 24 hours and come out celebrating the working class at 5pm sharp, is contemplating releasing an economy boost package by the end of this week.
The financial payout will be going into the accounts of the under-privileged and poor of approximately 100 million families and will support business enterprises severely hit by the corona virus led Convid-19 disease.
Sources have confirmed that India is likely to agree an economic stimulus package of more than ₹1.5 lakh crore ($19.6 billion) to fight the pandemic driven downturn. The lockdown of a population of 1.3 billion people is being termed as the most ambitious plan to curb the widespread pandemic from claiming anymore lives.
India has identified 562 confirmed cases of the disease. The spread has been reportedly more in some states than the others. The capital city of New Delhi has reported in the arrest of spread till yesterday night.
The government also has plans, to increase its borrowing plan for the fiscal year 2020/21, which starts from April 1, from the current planned gross borrowing of 7.8 trillion rupees. Defying all possible fears, the government is also asking the Central Bank to buy some of the government securities being issued, a move not undertaken by the Indian central bank in decades, due to fears of inflation spiking.
Indeed, Modi’s leadership sets an example for other nations in lessons about sound wisdom, timely action, courage and compassion in running a nation; something Donald Trump could learn and accept.