The Indian government announced a stimulus package of INR 20 lakh crore (approximately USD 265 billion) in May 2020, which was designed to support the economy during the COVID-19 pandemic. The key components of the package include:
INR 3.7 lakh crore to support MSMEs (micro, small and medium-sized enterprises), such as collateral-free loans, liquidity injection, and a credit guarantee scheme
INR 75,000 crore to support non-banking financial companies (NBFCs) and microfinance institutions (MFIs)
INR 20,000 crore to support stressed housing projects and middle-income households
INR 50,000 crore for rural employment through the Mahatma Gandhi National Rural Employment Guarantee Act
INR 15,000 crore to support the healthcare system, including the development of COVID-19 testing facilities and pandemic-related research
INR 30,000 crore for emergency working capital funding for agriculture and allied activities
INR 8,100 crore for the distribution of free food grains to migrant workers and the needy
Overall, the package was designed to provide immediate relief to those impacted by the pandemic while also supporting the economy's recovery.