The majority of the money will go toward providing collateral-free loans until October 31, Indian Finance Minister Nirmala Sitharaman said today during a press conference.
The finance minister also announced that in order to help local industries, foreign companies will be prevented from tendering for contracts worth up to $26.5 million.
“This will reduce competition for local industries,” the minister said.
Some background: Modi in March announced an unprecedented three-week shutdown for the country's 1.3 billion people that required everything to shut except for health services, grocery stores and other essential services.
The lockdown has been extended a few times since then. The current, third phase — which eased some aspects of the lockdown, allowing the limited reopening of construction sites and private offices — will last until May 17. The next phase will include more adjustments, which Modi said will be announced in the coming days.