Narendra Modi Nirmala Sitharaman city New Delhi India Germany economy Government Coronavirus Narendra Modi Nirmala Sitharaman city New Delhi India Germany

Government set to announce stimulus package soon

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NEW DELHI : Finance minister Nirmala Sitharaman is set to announce a long-awaited stimulus package for businesses and workers to soften the devastating blow from the coronavirus lockdown that has pushed many companies to the brink of bankruptcy with revenues and cash flows disappearing overnight.

Sitharaman met Prime Minister Narendra Modi on Thursday to finalize the measures and an announcement is expected soon, two government officials said on condition of anonymity.

One of the measures being considered is to subsidize wages, based on a German model that gave people short-time work or Kurzarbeit, helping Europe’s largest economy emerge from the 2009 recession faster than others.

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