India announces $264bn economic rescue package

Addis Ababa, May 13, 2020 (FBC) -India has announced a $264 billion economic package to help the country cope with its prolonged coronavirus lockdown.

In a televised address Prime Minister Narendra Modi said the measures would support farmers and small businesses.

India has more than 70,000 cases among its 1.3bn population and is expected to pass China’s numbers within a week.

Mr Modi said the package, which is equivalent to 10% of India’s gross domestic product, aimed to help people who have lost their jobs and businesses hit by the shutdown.

He also said that strict stay-at-home orders would be extended beyond 17 May with a new set of rules, according to BBC.