you are here: HomeNewsBusiness

Govt working on financial package for all sectors, says official

Aramane was speaking during an interaction with members of SIAM (Society of Indian Automobile Manufacturers) Institute via video conferencing.

May 07, 2020 / 04:49 PM IST

The government is working on a comprehensive financial package not only for MSMEs but for all sectors of the economy, a top official said on Thursday. "Government of India, Prime Minister's Office and the Department of Economic Affairs are already working on a package, which includes not only the MSME but also the entire industry. All sectors of the economy being taken care of by a comprehensive package, being worked out in the government," said Giridhar Aramane, Secretary in the Ministry of Road Transport and Highways.

He was speaking during an interaction with members of SIAM (Society of Indian Automobile Manufacturers) Institute via video conferencing.

Participating in the same meeting, Union Minister for MSME and Road Transport and Highways Nitin Gadkari also said "a package is going to be declared".

The demand for a package to stimulate the economy has been growing from various quarters, including industry bodies and MSME sector experts.

India's micro, small and medium enterprises (MSMEs), which contributes 29 per cent to the country's growth and 48 per cent to exports, is a major employment generator.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

However, the sector is facing a huge crisis amid coronavirus pandemic, with millions of units staring at losses and the prospect of job cuts as they struggle to survive.

Follow our full coverage of the coronavirus pandemic here.
PTI
first published: May 7, 2020 04:45 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark