Stock markets should support the long-awaited stimulus package announced Tuesday by Prime Minister Narendra Maudie. However, the benefit may be limited as investors will wait for more details before raising interest rates.

After the announcement of a package R’s. 20 trillion, the contracts traded on the SGX increased by 5%, while the American Depositary Receipts (ADRs) of Indian companies increased by 3-10%. Experts said the number of headlines was considerably higher than expected, but it is not yet clear to what extent this will be a real fiscal stimulus and to what extent the monetary policy measures taken by the Reserve Bank of India (RBI) will have an impact.

A bag of 20 trillion rupees is more than you think. We have to wait for the details. I don’t think the total amount can be financed from the budget. I’m sure it will largely be a guarantee and other types of concessions that are not a net waste of money. But the intention will be a huge amplifier of emotions, said Giotardjan Jaipuria, founder of Valentis Advisors.

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The SGX Nifty peaked at 9,676 after the announcement. In 9598 they made a profit in trade, 4.6% more than at 10 p.m. in Indian times. NSE Nifty closed at 9,197, a decrease of 0.5% compared to Monday, Tuesday. After an increase of 14% in April, the core indices fell by almost 7% this month. In recent weeks, Indian markets have performed poorly compared to some other world markets. The government and the Reserve Bank of India (RBI) have announced stimulus measures in recent months.

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The headline figures are pretty impressive. But, as they say, the devil is in the details. Only when the small print is ready, we can come to a fair assessment. I think a fairly large part of this package could be in the form of guarantees. The economic stimulus packages announced by foreign governments have put money in the hands of small businesses and provided liquidity to the financial markets. If the Prime Minister’s plan follows a similar approach, it will give the market a huge boost, according to Andrew Holland, CEO of Avendus Capital Alternate Strategies.

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Finance Minister Nirmala Sitaraman is expected to announce detailed plans in the coming days.

The package focuses on a self-sufficient India. My conclusion is that industries such as medical equipment, cars, auxiliary equipment and defence equipment should benefit from this. A package of measures may also provide for subsidised land. The Prime Minister also talked about land and labour reform and liquidity, – said Saudi Mukherjea, founder of Marcellus Investments.

Mr Mukherjea said that while most of the benefits of the package are stimulus measures, the budgetary impact will be modest. There is a risk of reducing India’s sovereignty, but the rest of the world faces the same risk. It’s the least of our risks.