Indian Prime Minister Narendra Modi on Tuesday unveiled a coronavirus economic relief package amounting to $265 billion (20 trillion rupees), which makes nearly 10 percent of the country's GDP. The package will help the economy get back on its feet after weeks of nationwide lockdown. "The package's main aim is to build a self-reliant India," Modi said in a televised address to the nation without giving details. "It it will help the country compete globally, Modi added. The figure announced by Modi will include more than 5.5 trillion rupees of measures already announced by the government and the central bank. He said Finance Minister Nirmala Sitharaman would announce further details in the next few days. The lockdown in India that began on March 25 entered its sixth week on Tuesday, pushing an already weakened economy before the pandemic to the brink of collapse. A new phase in the lockdown will begin May 18, when the current phase is set to end, Modi said. "Coronavirus is going to be part of our lives for a long time. But we can't let our lives revolve around it," he said. The spending plan coupled with proposed tax breaks for new plants, and incentives for overseas companies is an attempt by Modi's administration to lure investors and stop the coronavirus pandemic from battering the economy. India is moving toward its first full-year contraction in four decades. An estimated 122 million people lost their jobs in April while consumer demand has evaporated. — Agencies
