– In a major shot in the arm for the global fight against the Coronavirus pandemic, India’s Finance Minister Nirmala Sitharman today announced a grant of $121 million (Indian Rupees 900 crore) for the development of a COVID-19 vaccine.
The grant is being given to the Indian government’s Department of Biotechnology for vaccine research.
Sitharman said the grant does not cover the actual cost of vaccine and distribution expenses, which will be made separately as and when the vaccine is available. Along with many other countries and research institutions the world over, India’s scientists are also contributing to the search for a COVID-19 vaccine.
The grant for vaccine research is part of a $35.14 billion package announced today to stimulate the economy affected by the Coronavirus pandemic. The stimulus will be used to create jobs, increase manufacturing output, spur consumer demand, boost agriculture and augment exports.
With today’s announcement, the total stimulus announced by the government and the Central Bank since the outbreak of COVID-19 will together add up to 15 percent of India's gross domestic product.
Source: WAM - Emirates News Agency