Millions of Indians to get Diwali loans to boost battered economy
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Covid collateral
Over the past six months, India’s economy has taken a beating - along with every other economy in the world - thanks to the coronavirus pandemic, while many are slowly bouncing back, many are in need of a booster to get back.
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Reanimating the economy
To help the economy get back on its feet, India’s government has announced a stimulus worth Rs one lakh crore targeted at increasing demand from citizens.
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Loans, loans, loans
Central government staff will get loans of upto Rs 10,000 free of interest, while states get Rs 12,000 crore in interest free, fifty-year loans that are expected to boost capital expenditure.
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LTC offers
The government is also offering its employees the opportunity to use their leave and travel concession for purchasing goods, a move that could end up creating Rs 19,000 crore in demand.
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Footing the bill
To make all of these possible, the government themselves are spending about Rs 47,000 crore, while the private sector is expected to chip in Rs 28,000 and states will foot the rest.