Indian Prime Minister Announces $265 Billion Economic Package

The country has been under lockdown since late March, devastating the economy.

Indian Prime Minister Announces $265 Billion Economic Package
AP / Mahesh Kumar A

Indian Prime Minister Narendra Modi announced Tuesday a $265 billion economic package to rescue the economy from the effects of its coronavirus lockdown.

Modi said in a televised address the package will support farmers and small businesses, and that it amounts to about 10% of the country's GDP. Further details are expected in the coming days.

The nation was put under lockdown in late March, and the restrictions have been extended through May. Essential services — like utilities, grocery stores and health care facilities — have still been open, but schools, places of worship and nonessential businesses shut down. Public transportation was suspended. This month, the government loosened up its lockdown. Now the virus seems to be spreading more rapidly.

While the lockdown has been detrimental to the nation's economy, the number of infections hasn't been high compared to other countries with fewer people. So far it's seen around 75,000 cases — ranking behind 10 vastly less populated countries.