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Coronavirus impact | Govt working on economic package for affected industries; may provide tax relief: Report

Finance Minister Nirmala Sitharaman had on March 26 announced a Rs 1.7 lakh crore economic relief package for poor and migrant workers.

March 31, 2020 / 10:59 AM IST

India is preparing an economic relief package that may include tax concessions for industries hit by the coronavirus outbreak, according to a report by The Economic Times.

The government is in talks with the World Bank for a package to boost the healthcare infrastructure required to tackle the coronavirus outbreak and provide support to affected economic sectors.

“It is being worked will be announced shortly,” an official reportedly told the paper.

The government is considering measures such as a moratorium on select tax payments for some sectors, reduction in import and export duties, relaxation in payment of dues and fees and additional interest subvention for exports.

Moneycontrol could not independently verify the story.

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Some conditions on performance-linked incentives for exports might be relaxed, an official told ET.

The finance ministry, stakeholder ministries and the Prime Minister’s Office (PMO) are discussing the subject, the official added.

Several industries have been hurt after non-essential services and items have been prohibited during the nationwide lockdown expected to end on April 14.

Finance Minister Nirmala Sitharaman had on March 26 announced a Rs 1.7 lakh crore economic relief package for poor and migrant workers.

The Reserve Bank of India (RBI), too, had announced various measures on March 27, including a three-month moratorium on loan repayments and a 75 basis points cut in the repo rate.

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first published: Mar 31, 2020 10:59 am