India preps COVID-19 stimulus package
The Indian government is currently working on proposals for a COVID-19 stimulus package, covering sectors worst-hit by the pandemic, according to people familiar with the matter, Bloomberg reports.
In a bid to support an economy struggling with lockdowns and soaring COVID-19 cases, the Finance Ministry is working on proposals to boost the hospitality, tourism, and aviation industries, as well as SMEs.
So far, the discussions are still in its early stages, and no timeline for an announcement has been set, the sources said.
The country is reporting almost 200,000 COVID-19 cases per day, causing many local governments to impose curbs to control the spread of the coronavirus.
In April, the Finance Ministry eased rules for capital expenditure by government departments, in hopes that it could boost spending in the economy.
Some 5kg of free food was also allocated to the poor per month, as migrant labourers moved back to their rural homes from urban areas.
The COVID-19 variant first detected in India has now been officially recorded in 53 territories, according to a recent World Health Organisation report.