India

(i) 27 March 2020, The RBI reduced the repo and reverse repo rates by 75 and 90 basis points (bps) to 4.4% and 4.0%, respectively; (ii) 17-20 April 2020: The RBI reduced the reverse repo by 25 bps to 3.75%; (iii) 22 May 2020, the RBI reduced the repo and reverse repo rates further by 40 bps each to 4.0% and 3.35% respectively, and reduced the marginal standing facility and bank rates from 4.65% to 4.25%; (iv) 7 April 2021, The RBI's Monetary Policy Committee has decided to keep the interest rates on hold - at 3.35% for the reverse repo rate and at 4% for the repo rate; (v) 8 October 2021, The RBI has again kept the interest rates on hold.

No amount/estimate: (i) RBI provided regulatory forbearance on asset classification of loans to micro, small, and medium enterprises (MSMEs) and real estate developers and introduced regulatory measures to promote credit flows to the retail sector and MSMEs; (ii) The Securities and Exchange Board of India temporarily relaxed the norms related to debt default on rated instrument and delayed the implementation of the net stable funding ratio and the last stage of the phased-in implementation of the capital conservation buffers by 6 months; (iii) The limit for foreign portfolio investment (FPI) in corporate bonds has been increased to 15% of outstanding stock for FY 2020/21 and restriction on nonresident investment in specified securities issued by the Central Government was removed; (iv) Announced a standstill on asset classifications during the 3-month loan moratorium period with 10% provisioning requirement and an extension of the time period for resolution timeline of large accounts under default by 90 days; (v) Restriction on banks from making dividend payouts; (vi) 22 May 2020, Authorities have also increased the large exposure limit from 25% to 30% of bank capital. Under the extant guidelines on the Large Exposures Framework, the exposure of a bank to a group of connected counterparties shall not be higher than 25% of the bank’s eligible capital base at all times; (vii) 21 June 2020, the RBI directed banks to assign zero % risk weight on the credit facilities extended under the emergency credit line guarantee scheme (ECLGS). As of the first week of November, the Government extended the ECLGS until 30 November 2020, and then further until 31 March 2021. As of end-March 2021, this has further been extended to 30 September 2021; (viii) 6 August 2020, the RBI permitted banks to restructure existing loans to MSMEs classified as "standard” as of March 1, 2020 without a downgrade in the asset classification. Banks are required to maintain additional provision of 5% over and above the provision already held by them for accounts restructured; (ix) 6 August 2020, the RBI also permitted lenders to implement a resolution plan in respect of eligible corporate exposures as well as personal loans, keeping the ownership unchanged, and without classifying them as non-performing loans. 10% provisioning is required; (x) Extant limit for investments that can be held in HTM category is 25% of total investment. Banks are allowed to exceed this limit provided the excess is invested in SLR securities within an overall limit of 19.5% of NDTL only. On 31 August 2020, banks were allowed to hold fresh acquisitions of SLR securities acquired from 1 September 2020 under held-to-maturity up to an overall limit of 22% through 31 March 2021; (xi) 9 May 2021, The central bank reintroduced a plan to restructure existing loans without a downgrade in the asset classification as part of its prudential framework to resolve stressed assets. This is also presented in Measure 3B.

(i) No amount/estimate: Several measures to ease the tax compliance burden across a range of sectors have also been announced, including postponing some tax filing and other compliance deadlines.

(ii) 12 June 2020, the GST Council provided waiver of late fees and interest as well as reduced the 18% per annum rate to 9% per annum for late furnishing of tax returns for small tax payers.

(i) 26 March 2020, Finance Minister Sitharaman announced a stimulus package valued at approximately 0.8% of GDP. The key elements of the package are (a) in-kind (food, cooking gas) and cash transfers to lower-income households; (b) insurance coverage for workers in the health-care sector; and (c) wage support to low-wage workers (in some cases for those still working, and in other cases by easing the criteria for receiving benefits in the event of job loss); (ii) Numerous state governments have also announced measures to support the health and well-being of lower-income households, primarily in the form of direct transfers (free food rations and cash transfers)-the magnitude of these measures varies by state, but on aggregate measures thus far amount to approximately 0.2% of India’s GDP; (iii) 17 May 2020, an additional INR400 billion was allocated to provide employment boost; (iv) No amount/estimate: 20 May 2020, approved the extension of Pradhan MantriVayaVandanaYojana, a social security scheme for senior citizens, for three additional years until March 2023; (v) 23 June 2020, a sum of INR1 billion has been allocated from the PM Cares Trust Fund for the welfare of migrant laborers; (vi) On 30 June 2020, Prime Minister Modi announced that the provision of food rations to vulnerable households would be extended through end-November (0.4 percent of GDP); (vii) 3 October 2020, The Indian Government will waive “interest on interest" charges for loans of up to INR20 million during its six-month repayment moratorium because of the pandemic. The Government will bear the burden of the money lost by banks because of the waiver, the finance ministry said in the affidavit; (viii) The State Bank of India, a public sector bank with the Government as its biggest shareholder, has announced an interest concession of 0.25% on home loans of above INR7.5 million; (ix) The Indian government's plan to pay out USD670 for every coronavirus death in the country as compensation to the next of kin of the deceased has been approved, totalling about USD300 million in payments based on India's current death toll.

(i) The more recent measures that were announced in October and November include support schemes targeting certain sectors such as a Production Linked Incentive scheme targeting 13 priority sectors (0.8% of GDP over 5 years), a fertilizer subsidy allocation benefiting the agriculture sector (0.3% of GDP)

(i) The more recent measures that were announced in October and November include additional public investment (0.2% of GDP) and support for urban housing construction (0.1% of GDP).

(i) Three measures have already been announced as direct support to income/revenue. The second, focusing on nonhealth initiatives, totalled around INR2 trillion. This is on top of the specific measures listed below.

(i) 7 April 2020, USD0.07 million as a technical assistance under the Regional Project Development Support for the South Asia Subregional Economic Cooperation Operational Plan, 2016–2025; (ii) 22 April 2020, USD1 million under the Strengthening Capacity of the National Urban Health Mission (Supplementary); (iii) 28 April 2020, USD2 million under the Building Capacity for Improved Implementation of Government’s COVID-19 Response and Pro-Poor Economic Package; (iv) 28 April 2020, USD1.5 billion under the COVID-19 Active Response and Expenditure Support Program; (v) USD3 million under the TA 9950: Regional Support to Address the Outbreak of COVID-19. As of 30 January 2021, this has been increased to USD4.5 million. As of 8 October 2021, this has again been increased to USD4.56 million; (vi) 14 May 2020, USD0.2 million funding from the ADB and the Republic of Korea e-Asia and Knowledge Partnership Fund under the following project: Strengthening Universal Health Coverage in India: Supporting the Implementation of Pradhan Mantri Jan Arogya Yojan; (vii) 20 May 2020, USD0.12 million as support to address the outbreak of the Coronavirus disease, and to strengthen the health systems preparedness for South Asia; (viii) 20 May 2020, USD22.38 million guarantee from the ADB as part of the Microfinance Risk Participation and Guarantee Program, with another USD22.38 million cofinanced by other institutions. As of 17 June 2020, this amount has been increased to USD24.36 million each. As of 4 July 2020, this amount was again increased to a total of USD29.82 million each. Further, as of 14 August 2020, this amount increased to a total of USD31.79 million each. As of September 2020, the amount has been increased to a total of USD35.28 million each. Finally, as of October 2020, the amount has been increased to a total of USD73.42 million each; (ix) 9 June 2020, additional USD15 million loan to India for sustaining poultry farmer income and food security; (x) 29 June 2020, USD2.5 million under the Regional Program, Planning for Economic Recovery of South Asia from COVID-19; (xi) 23 July 2020, USD3 million funding under the COVID-19 Emergency Response; (xii) 29 July 2020, USD50 million loan under the ReNew Power COVID-19 Liquidity Support Project; (xiii) 6 August 2020, USD20 million Debt Financing to Global Health Private Limited for the COVID-19 Hospital Service Delivery Project; (xiv) 10 August 2020, USD20 million Debt Financing to Apollo Hospitals Enterprise Limited for the COVID-19 Hospital Capital Support Project; (xv) 6 October 2020, USD0.02 million as part of the Capacity Development for the Supply Chain Finance Program (Phase 2) (Subproject 3); (xvi) 20 October 2020, USD22 million loan approved under the COVID-19 Liquidity Support Project; (xvii) 5 November 2020, USD0.09 million under the Creating Investable Cities in Post-COVID-19 Asia-Pacific: Enhancing Competitiveness and Resilience through Quality Infrastructure project of the ADB; (xviii) 6 November 2020, USD50 million in loans under the COVID-19 Livelihood Support Project; (xix) 4 December 2020, USD5.43 million under the COVID-19 Diagnostic Services Project; (xx) 8 December 2020, USD300 million under the Strengthening Comprehensive Primary Health Care in Urban Areas in India Project; (xxi) 18 December 2020, USD1 million under the project, Strengthening Micro, Small, and Medium-sized Enterprise Ecosystem Development; (xxii) January 2021, USD18.03 million under the project Microfinance Risk Participation and Guarantee Program (Additional Financing) with another USD18.03 co-financed. As of 13 February 2021, this has been reduced to USD15.77 million each. As of May 2021, this has been increased to USD81.42 million for ADB, and USD87.63 million co-financed. As of June 2021, this has been increased to USD84.32 million and USD90.53 million respectively. Finally, as of July 2021, this has been increased to USD87.23 million and USD93.44 million respectively; (xxiii) 22 January 2021, USD3 million under the COVID19 Emergency Response project; (xxiv) 12 February 2021, USD14 million under the COVID-19 Hospital Service Delivery Project; (xxv) 15 February 2021, USD5.49 million under the COVID-19 Diagnostic Services Project; (xxvi) 7 June 2021, USD2 million under the Supporting COVID-19 Response and Vaccination Program, with another USD5 million cofinanced; (xxvii) 6 August 2021, USD34.27 million under the project Maharashtra Rural Connectivity Improvement Project - Additional Financing; (xviii) 29 October 2021, USD250 million under the project Industrial Corridor Development Program (Subprogram 1). [update]

(i) 2 April 2020, USD1 billion in funding from the World Bank group dedicated towards the country's national health system; (ii) 8 May 2020, USD500 million in funding from the Asian Infrastructure and Investment Bank to support India's efforts against the COVID-19 pandemic, mainly by strengthening the country's national health system; (iii) 14 May 2020, USD1 billion in support from the World Bank to protect India's poorest sectors from the impacts of COVID-19; (iv) 20 May 2020, USD2 million in support from the United Nations Development Group from the UN COVID-19 Response & Recover fund; (v) USD5.9 million in health assistance to help slow down the spread of the pandemic, from the U.S. Agency for International Development (USAID); (vi) 17 June 2020, Asian Infrastructure Investment Bank (AIIB) has approved a USD750 million loan to India to assist the government to strengthen its response to the adverse impacts of the COVID-19 pandemic on millions of poor and vulnerable households; this is co-financed with the Asian Development Bank; (vii) 30 June 2020, USD750 million Micro, Small, and Medium Enterprises Response Program form the World Bank to support increased flow of finance into the hands of MSMEs severely impacted by the COVID-19 crisis; (viii) 19 November 2020, USD120 million loan from the International Bank for Reconstruction and Development (IBRD) approved by the World Bank's Board of Executive Directors to improve and modernize the transport sector of Meghalaya, a hill state located in the north east of India. It aims to support the revival and boosting of development activities affected due to COVID-19 pandemic; (ix) 8 December 2020, USD2 million co-financing from the JFPR under the Asian Development Bank's Strengthening Capacity for Comprehensive Primary Health Care in Urban Areas project; (x) 15 December 2020, USD100 million from the World Bank to support nutrition-supportive agriculture in a tribal-dominated area, with the COVID-19 pandemic and associated response disruspting access to economic opportunities, especially in rural and tribal areas; (xi) 15 December 2020, USD68 million from the World Bank to improve quality of school education in Nagaland, India. The COVID-19 pandemic has further accentuated challenges in India's education system and created additional stress and disruptions; (xii) 16 December 2020, USD400 million from the World Bank as part of a project to protect India’s poor and vulnerable from the impact of COVID-19; (xiii) 9 March 2021, USD105 million from the World Bank to strengthen solid waste management systems in Kerala, India; (ix) 24 March 2021, USD500 million funding from the World Bank for the Outcomes for Accelerated Learning Program (GOAL) to improve education outcomes for children across the state of Gujarat; (x) 31 March 2021, USD32 million from the World Bank dedicated to the Mizoram Health Systems Strengthening Project. This project aims to improve management capacity and quality of health services in Mizoram, situated in the North East region of India; (xi) 31 March 2021, The World Bank approved a USD105 million project called the Punjab Municipal Services Improvement Project to strengthen urban services in Amritsar and Ludhiana, the two largest cities in Punjab, India; (xii) 25 April 2021, The United Kingdom sends more than 600 pieces of vital medical equipment to India to support the country in its fight against COVID-19; (xiii) 27 April 2021, India will receive emergency medical supplies from Austrlia, containing, among others, non-invasive ventilators, package of personal protective equipment (PPE), including masks, gowns, goggles and face shields. The Australian government has also agreed to commence procurement of 100 oxygen concentrators, along with tanks and consumables; (xiv) 28 April 2021, India will receive antiviral drugs worth EUR2 million from Austria to aid in its fight against the COVID-19 pandemic; (xv) 28 April 2021, The United States deployed the first of several emergency COVID-19 relief shipments to India, which includes oxygen cylinders and regulators, rapid tests, and masks, among others; (xvi) 11 May 2021, Egypt sends 30 tonnes of medical supplies to India, including 300 oxygen cylinders, 50 oxygen concentrators and 8,000 vials of Remdesivir; (xvii) 4 June 2021, The World Bank’s Board of Executive Directors approved a USD500 million program supporting the government's initiatives to revitalize the MSME sector; (xviii) 24 June 2021, The World Bank has again approved USD125 million for a program designed to support a green and resilient Kerala, India; (xix) 29 June 2021, The World Bank has approved a USD500 million program to protect India’s informal sector workers.