India to Cap Stimulus Package at $60 Billion to Protect Credit Rating

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The Indian government is likely to cap its overall spending on coronavirus-related relief at around Rs4.5 trillion ($60 billion, Dh220 billion), due to concerns that excess spending could trigger a sovereign rating downgrade, two senior government officials said.

The stimulus plans yet to be outlined are likely to be aimed at helping people who have lost their jobs, as well as both small and large companies, via tax holidays and other measures, said both officials. They did not wish to be named as the matter is still under discussion.

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