Two feet forward

18 May 2020 By Una Galani Follow @ugalani

The five-part, $277 bln plan includes jobs for fleeing migrants and relaxed rules on debt defaults. A privatisation push is one of many longer-term vows. Upfront spending is sparing, however, and bailouts absent. Growth will take a bigger hit before it has a chance to roar back.

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Indian officials said on May 17 the government would privatise state-run companies in non-strategic sectors and stop fresh bankruptcy proceedings for one year as it unveiled the final contours of an economic support plan.

Details have been announced daily by the finance ministry since Prime Minister Narendra Modi’s May 12 promise of a package worth 20 trillion rupees ($264 billion), 10% of GDP, in the wake of the coronavirus. The final total amount outlined was 21 trillion rupees.

The country will remain in lockdown until May 31, with some relaxations, the home ministry added on May 17.

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