Finance Ministry plans stimulus package for sectors hit by second Covid wave: Report
Finance Ministry plans stimulus package for sectors hit by second Covid wave: Report

India is preparing a stimulus package for sectors worst affected by a deadly Covdi-19 wave, aiming to support an economy struggling with a slew of localized lockdowns, as per reports.

The finance ministry is working on proposals to boost the tourism, aviation and hospitality industries, along with small and medium-sized companies, the report said, asking not to be identified as the deliberations are private. The discussions are at an early stage and no timeline for an announcement has been decided, they said. A finance ministry spokesman declined to comment.

The latest wave of Covid-19 infections has made India the global hotspot for the pandemic and has decimated travel since the second wave picked up in March even though Prime Minister Narendra Modi has refused to implement a strict nationwide lockdown like last year’s. With nearly 200,000 daily cases daily many local governments (including Maharashtra and Tamil Nadu, India’s most industrialized states) have imposed curbs against the spread of the virus.

That’s prompted many economists to cut their forecasts for the financial year that began April 1, as rising unemployment and dwindling savings among consumers dim the chances for double-digit growth. While the International Monetary Fund expects India’s economy to expand 12.5percent this year to March,  and will be revisiting the forecast in July,  the country’s central bank projects 10.5percent growth.

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