India Clears Loan Guarantee Plan as War Hurts Firms, Airlines

India’s federal cabinet on Tuesday approved a credit guarantee plan with capital allocation of 181 billion rupees ($1.9 billion) to help businesses and airlines cushion the impact of the war in Iran.

The government will provide sovereign guarantees to lenders that extend additional loans to eligible borrowers, according to a statement. The program is expected to “help businesses maintain their operations, protect jobs, and sustain supply chains,” it said.