Govt Working on Economic Stimulus for Sectors Worst-Affected by COVID-19: Report

File photo of finance minister Nirmala Sitharaman Finance ministry is working on proposals to bolster tourism, aviation and hospitality industries, along with small-to-medium enterprises, according to reports The Centre is preparing a stimulus package for the sectors severely affected by the second wave of coronavirus pandemic, news agency Bloomberg reported on Tuesday. Finance ministry is

File photo of finance minister Nirmala Sitharaman

Finance ministry is working on proposals to bolster tourism, aviation and hospitality industries, along with small-to-medium enterprises, according to reports

The Centre is preparing a stimulus package for the sectors severely affected by the second wave of coronavirus pandemic, news agency Bloomberg reported on Tuesday. Finance ministry is working on proposals to bolster tourism, aviation and hospitality industries, along with small-to-medium enterprises, the news agency said.

Earlier this month, industry chamber PHDCCI urged the government to announce a “substantial” stimulus package to support economic growth battered by the second wave of COVID-19. It has submitted 17 recommendations to finance minister Nirmala Sitharaman on financial and structural support to micro, small and medium enterprises (MSMEs) such as extending the moratorium period and offering concessional rates of interest on borrowings.

It has asked for unhindered operations of all business and industrial operations across the value chain as any disruption could cause severe economic hardships including reverse migration of labour.

“The second wave of pandemic COVID-19 is spreading faster than the first wave and affecting almost every household in India. The industry body has recommended a substantial stimulus package to support the economy, trade, and industry in this extremely difficult time,” the chamber said in a statement.

In 2020, the Centre announced a host of economic stimulus packages to restart the economy after months of strict nationwide lockdown. During the re-emergence of COVID-19 this year, the central government announced steps to ease imports of oxygen and medical equipment. The finance ministry also extended the emergency credit line facility to stressed companies earlier.

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