|25 March, 2020

India likely to unveil $20bln-plus stimulus package to tackle coronavirus downturn -sources

The package could be announced by the end of the week

India's Prime Minister Narendra Modi waits to receive Brazil's President Jair Bolsonaro during a ceremonial reception at the forecourt of India's Rashtrapati Bhavan Presidential Palace in New Delhi, India, January 25, 2020.

India's Prime Minister Narendra Modi waits to receive Brazil's President Jair Bolsonaro during a ceremonial reception at the forecourt of India's Rashtrapati Bhavan Presidential Palace in New Delhi, India, January 25, 2020.

REUTERS/Altaf Hussain

NEW DELHI - India is likely to agree an economic stimulus package of more than 1.5 trillion rupees ($19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, two sources familiar with the matter told Reuters.

The Indian government has not yet finalised the package and discussions are ongoing between Prime Minister Narendra Modi's office, the finance ministry, and Reserve Bank of India (RBI), said both the sources, who asked not to be named as the matter was still under discussion.

One of the sources, a senior government official, said the stimulus plan could be as large as 2.3 trillion rupees, but final numbers were still in discussion.

The package could be announced by the end of the week, both sources added.

($1 = 76.3690 Indian rupees)

(Reporting by Aftab Ahmed and Manoj Kumar; Editing by Euan Rocha and Toby Chopra) ((Aftab.Ahmed@thomsonreuters.com; +911149548060;))

More From Global