Top UN experts have praised India’s 20 lakh crore rupee stimulus package and described it as “impressive”. Experts say that this is the largest economic relief package ever announced by any developing country to save the economy from the effects of Coronavirus.
Prime Minister Narendra Modi announced a new economic relief package on Tuesday after the measures already taken. He announced a package of 20 lakh crore rupees ($ 260 billion) in total, including the incentives announced earlier.
Incentive package is a very welcome step. In response to a question, Hamid Rashid, head of the Global Economic Monitoring Branch, released the World Economic Situation and Prospects Report on Wednesday, told reporters that the stimulus package announced by the Indian government on Tuesday was “a very welcome move.” He said that the Rs 20 lakh crore package, which is 10 per cent of India’s gross domestic product (GDP), is “by far the largest among developing countries”, as most of the developing countries which are issuing incentive packages are They are between 0.5 percent to one percent of GDP.
He said, “India’s stimulus package is very big. India has a domestic financial market and also has great potential to implement that big stimulus package. ” He said that the impact of the package would depend on the design of incentive measures.