Modi announces $266 bln economic package

Indian Prime Minister Narendra Modi announced a $266 billion (20 trillion rupee) support package for India's economy on Tuesday (May 12) to help soften the damage caused by the country's lockdown.

Details on the package -- which is equivalent to around 10% of India's GDP, will be revealed in the coming days, Modi said in an address to the nation.

His comments came as India's government is starting to pull back from one of the world's tightest lockdowns of 1.3 billion people, which has left millions out of work.

"All the experts and scientists say that coronavirus is going to be a part of our lives for a long time. However, we can't let our lives revolve around coronavirus either. We will wear masks, follow physical distancing, but we won't let our goals out of sight."

Many economists expect the Indian economy to stagnate, or even shrink this year, putting further pressure on government finances.