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Economy

India offers 20% wage subsidy to counter coronavirus job losses

New $35bn stimulus also offers help for migrant workers, farmers and exporters

TOKYO -- India will cover up to 20% of pay for newly employed workers as part of a 2.65 trillion rupee ($35.8 billion) stimulus package announced Thursday aimed at kick-starting an economy struggling to overcome the coronavirus pandemic.

The job program, announced by Finance Minister Nirmala Sitharaman, will cover jobs that pay up to about $200 per month, at small businesses that hire at least two new employees and larger companies that bring on at least five between last month and next June. The subsidy will last for two years.

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