India unveils $40 billion credit line for small businesses
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WEDNESDAY, AUGUST 17, 2022
India unveils $40 billion credit line for small businesses

South Asia

Reuters
13 May, 2020, 06:30 pm
Last modified: 13 May, 2020, 06:33 pm

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India unveils $40 billion credit line for small businesses

Under the plan, the government will provide a credit guarantee to businesses to avail collateral-free loans from banks

Reuters
13 May, 2020, 06:30 pm
Last modified: 13 May, 2020, 06:33 pm
India's Finance Minister Nirmala Sitharaman attends a joint news conference with U.S. Treasury Secretary Steven Mnuchin in New Delhi, November 1, 2019. REUTERS/Adnan Abidi/Files
India's Finance Minister Nirmala Sitharaman attends a joint news conference with U.S. Treasury Secretary Steven Mnuchin in New Delhi, November 1, 2019. REUTERS/Adnan Abidi/Files

India will offer bank loans amounting to 3 trillion rupees ($39.85 billion) to small businesses, Finance Minister Nirmala Sitharaman said on Wednesday, as part of measures to combat the damage caused by the coronavirus outbreak.

Under the plan, the government will provide a credit guarantee to businesses to avail collateral-free loans from banks, aiming to help 4.5 million businesses by October 2020, she said.

The allocation is part of a 20 trillion rupee ($266 billion) fiscal and monetary package to support the economy that has been battered by a weeks-long lockdown.

India has more than 74,000 cases among its 1.3 billion population and is set to surpass China, the origin of the outbreak, in next few days.

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India

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