Indian PM Modi: Introducing 20 trillion rupees economic stimulus package

Indian Prime Minister Modi announced on Tuesday that they prepared a 20 trillion INR ($265 billion) economic stimulus package that will focus on land, labour, small and medium-sized business.

"India wants a quantum jump in the economy, wants a strong infrastructure," Modi said in his address to the nation. "India needs to strengthen the supply chain to boost demand."

Market reaction

The USD/INR pair edged slightly lower on this announcement and was last seen losing 0.85% on a daily basis at 75.21.