India gives employees loans to stimulate consumption

India announced today, ahead of the start of the holiday season in the country, new measures, including loans to employees, to stimulate consumption and revive the economy, which has been severely affected by the repercussions of the "Covid-19" epidemic.

Indian Finance Minister Nirmala Sitharaman said the expected impact of these measures aimed at stimulating consumption and investment should, in total, lead to an additional demand of 730 billion rupees ($ 10 million) by the end of the year.

She added that "the holidays are about to come during the next six weeks. Spend money on buying things that your families need," referring to "Docera" on October 25 and "Diwali" on November 14, in addition to Christmas.

The measures include funding to support consumption of about 360 billion rupees (5 billion dollars), including loans to employees and the possibility of transferring goods and services unused transport fees due to the epidemic.

And the spending must be done digitally at certified shops and the goal is to get Indians to use their savings.

Among the announced measures are interest-free 50-year loans, worth $ 1.6 billion, granted to states to re-construct roads and establish infrastructure facilities by March.

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