India Announced A Third Package To Mitigate The Effects Of The Corona Crisis

India Announced A Third Package To Mitigate The Effects Of The Corona Crisis

India announced a third package of fiscal stimulus to mitigate the effects of the corona crisis. Finance Minister Nirmala Sitharaman said the new $ 35.5 billion (€ 30.17 billion) package would support job creation, consumption, production and exports. With the new package, India's total fiscal stimulus to fight the aftermath of the new coronavirus pandemic has climbed to nearly $ 400 billion, or 15% of gross domestic product (GDP), the minister told reporters. Asia's third largest economy is likely to have recessed for the first time in history, as the Bank of India (RBI) estimates GDP fell 8.6% in the three months from July to September after falling by 23.9% in the previous three months. According to Sitharaman, the Indian economy will recover significantly and positive growth will be recorded again in the current quarter. The central bank is also counting on the recovery.