Indian PM Narendra Modi's stimulus package almost equal to Pakistan's annual GDP

WION Noida May 13, 2020, 01.06 PM(IST)

Narendra Modi Photograph:( ANI )

Story highlights

The stimulus value in dollar terms is almost equivalent to Pakistan's annual GDP of $284 billion. It is higher than the GDP of 149 countries including Vietnam, Portugal, Greece, New Zealand and Romania.

Indian Prime Minister Narendra Modi announced a Rs 20 lakh crore ($266 billion) support package for India's economy on Tuesday to help mitigate the damage caused by the coronavirus.

The stimulus value in dollar terms is almost equivalent to Pakistan's annual GDP of $284 billion. It is higher than the GDP of 149 countries including Vietnam, Portugal, Greece, New Zealand and Romania.

The package is worth double the enterprise value of India's most valued company, Reliance Industries. The stimulus amount is five times the personal wealth of Mukesh Ambani.

India's economic package is twice the wealth of 10 top billionaires. as per Bloomberg billionaire's index, the 10 top wealthiest Indians own wealth of $147 billion. The stimulus announced is 1.8 times bigger than that. 

Also read: Key highlights of PM Modi's address to the nation 

The stimulus is also equal to market capital of JP Morgan and Mastercard, the two finance sector giants. It also surpasses the market cap of other global companies such as Intel, Verizon, Coca-Cola and Pfizer.

It is also around 20 per cent of the market value of all the stocks listed on the Bombay Stock Exchange. BSE's total market cap is at around Rs 121 lakh crore.

Apart from the RBI assistance, the government had last month announced Rs 1.74 lakh crore to provide benefits to the poor, including cash transfers, Rs 50 lakh insurance cover and steps to ensure food security.

(With inputs from agencies)

Read in App