, Columnist
Modi's India Is Hurting. It Needs a Roosevelt
A $39 billion aid program for small businesses could be the first step toward a new deal for suffering migrant workers.
The long walk home.
Photographer: NOAH SEELAM/AFP/Getty Images
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Small Indian companies getting decimated by the world’s harshest coronavirus lockdown finally see a ray of hope.
Details are still sketchy, but the Indian government plans to backstop banks if they increase overdraft limits by 20%, providing 3 trillion rupees ($39 billion) of new working capital to smaller enterprises, Bloomberg News has reported. A state-sponsored fund will absorb losses.