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Corona: Trump Admin, Senators nod to a USD 2 trillion package; India to follow

  • America to announce stimulus worth USD 2 trillion
  • India to follow suit.
  • India announces Rs.15k cr corona combat plan
  • 21-day corona lockdown kicks in across India
A month later: US President Donald Trump with Indian PM Narendra Modi in Ahmedabad, India, before their countries were hit by Covid-19.

New Delhi: To combat the worst global crisis since the World War II ended in 1945, the Donald Trump Administration and US Congress Senators have reached a USD 2 trillion relief package to support the plummeting economy and financial crisis wrought by the novel coronavirus, which has claimed nearly 19,000 lives and infected 423,000 others globally.

India reported 11 deaths and over 580 infections so far, with its equity markets washing in bloodbath due to the exit of droves of investors.

A White House spokesman said on Wednesday that the deal, to be made public soon, aimed at aiding various services and sectors that have been left in turmoil.

Hobbled stock markets in the USA and elsewhere are expected to surge again. In India, Sensex surged by nearly 1,500 points on Wednesday morning.

India has announced a Rs.15,000 crore plan to combat coronavirus, relaxed tax-filing and took other measures to boost sentiments in various sectors. New Delhi is expected to provide an economic relief package soon. A multi-layered team of financial experts is finalizing the plan before its formal announcement by Union Finance Minister Nirmala Sitharaman. It could provide the much-needed oxygen to many businesses that are, and will be in the next three weeks, struggling to stay afloat.

The US move to fight the threat posed by the Covid-19 pandemic could be a game-changer not only for stock market investors globally but also for businesses who have lost significant revenue during the period and risk losing more. In India, the cost of the ongoing 21-day nationwide lockdown is estimated at USD 120 billion as all businesses, including online, have come to a standstill at least until April 14.

Governments, including China, have released economic stimulus packages to calm down anxious businessmen and traders who were forced to shut down due to the outbreak of the pandemic.

Written by Virendra Pandit

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