Narendra Modi Anil Agarwal India covid-19 outbreak vaccine Coronavirus Narendra Modi Anil Agarwal India

Markets may rally on govt's economic booster package

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Indian stock markets are expected to rise on Wednesday, riding on the economic stimulus package announced by Prime Minister Narendra Modi last night.

Rally in SGX Nifty indicate that Indian benchmark indices may see a strong opening. Modi on Tuesday announced a ₹20 trillion ($265 billion) stimulus package which is about 10% of gross domestic product (GDP) to soften the devastating fallout of covid-19 lockdown across the country.

The Union finance ministry on Tuesday said that public sector banks (PSBs) sanctioned ₹5.95 trillion in loans to small businesses, retail, agriculture and corporate sectors between 1 March and 8 May.

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