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India plans stimulus for COVID hit economy

26 May 2021

The government is in the early stages of preparing a fresh Covid-19 economic relief package to tackle the impact of the second wave. The economic package is being prepared with an aim to support key sectors of the economy that have been hit by localised lockdowns during the second Covid-19 wave in the country, according to people quoted in a Bloomberg report. Some sectors that are being focused on are tourism, aviation, and hospitality sectors, along with small and medium-sized companies. The discussions are still in the early stages and no timeline has been shared for the announcement of the economic relief package. It may be noted that the second wave of Covid-19 in India has taken a greater toll on the economy compared to what was expected earlier. While no national lockdown has been announced, at least 98% of the country remains under some form of lockdown. This has had a severe impact on the sectors mentioned above and unemployment has also spiked as a result. Small and medium-sized enterprises have also started facing severe losses due to lack of operations and mobility during the second wave. (India Today)


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