India will roll out an economic stimulus package worth 20 trillion rupees ($267 billion) and extend the nationwide lockdown again, prime minister narendra modi said in a televised speech on Tuesday evening.

Modi said the central government will launch a 20 trillion rupee stimulus package, the details of which will be announced and implemented by the finance ministry.

India's rescue package of 1.7 trillion rupees ($23 billion) announced on March 26 is being implemented. The 20 trillion rupee plan announced by modi this time includes the 1.7 trillion rupee.

India has imposed a nationwide lockdown for nearly 50 days to prevent the spread of the disease, which has taken a huge toll on the economy. International agencies are forecasting close to zero growth this fiscal year and are facing the possibility of a sovereign rating downgrade.

In his speech, modi also announced that India would continue to extend the nationwide lockdown, with specific requirements to be announced by May 18.

India imposed a nationwide lockdown on March 25, which has been extended twice, and the current deadline is May 17.