How India's $266 Bn stimulus compares with economic packages announced by other countries

In his fifth such national address to the nation, PM Narendra Modi announced a Rs 20 lakh crore stimulus package to boost the economy. The Prime Minister said “Land, labour, liquidity and laws” will all be the focus of this package.

The Prime Minister said the economic package would combine the measures so far announced by the RBI and Central government alongside upcoming measures which are going to be announced by the Finance Minister Nirmala Sitharam at 4 PM on Tuesday.

The 'Aatmanirbhar Bharat Abhiyan Yojna' is pegged to be 10% of India’s GDP, and is equivalent to about $266 Billion. 

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Here’s a list of the economic packages & stimulus announced by some other countries and blocs 

• EUROPEAN COMMISSION: According to the IMF, the European Commission's economic package of €540 billion is worth 4% of EU27’s GDP. 
• CHINA: China’s economic package of RMB 2.6 trillion is worth 2.5% of its GDP. Of this economic package, an estimated 1.2% of GDP worth measures have already been implemented. 
• GERMANY: Germany adopted a  supplementary budget. This supplementary budget adopted by Germany is worth €156 billion which totals to 4.9% of the country’s GDP. 
• CANADA: Canada’s government announced a fiscal stimulus $82 billion which makes up 3.5% of the country’s GDP 
• AUSTRALIA: The Australian government announced a $17.6bn stimulus package on 12 March. This was followed by a $90 billion package by the Reserve Bank of Australia. Interestingly, towards the end of March, the federal government also announced two economic rescue packages worth $66 billion and $130 billion worth each towards job keeper payments.

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