Just like almost all nations are going through what can be called tougher than the tough times, India is also facing the same downhill when it comes to not only the increasing cases of the spread of the virus but also, many important factors that the country depends on for its economic growth like the trade, manufacturing supply chains, tourism sector, etc. In order to aid India with a support package, the Asian Development Bank (ADB) has come forward to help the country with a support package of $2.2 billion to back India in its fight against COVID-19.

Masatsugu Asakawa, the President of ADB on Friday, made an assurance to the finance minister of India, Nirmala Sitharaman to support the country with $2.2 billion which equals to around 16,500 crores in Indian rupees for helping the country to fight against the spread of coronavirus.

Asakawa also praised the efforts made by India to fight the pandemic which includes a national health emergency program, relief measures given to different businesses & relief in tax as well. He also applauded the efforts of the Indian government is offering an economic relief package worth 1.7 lakh crore to help the poor, daily wagers & women affected by the 21-day nationwide lockdown to help them with immediate consumption support & income. Talking on the same Asakawa said, “ADB is committed to supporting India’s emergency needs. We are now preparing USD 2.2 billion in immediate assistance to the health sector and to help alleviate the economic impact of the pandemic on the poor; informal workers; micro, small, and medium-sized enterprises; and the financial sector.”

Assuring to support India, the bank president said that they would assist the country further if needed. Based on India's needs, they will also consider all financial options that they have, including policy-based loans, emergency assistance & also budget support for carrying out proper disbursement of their funds.

Many micro, small & medium-sized enterprises have suffered because of the disruptions in India's tourism sector, manufacturing supply chains & trade, which has led to the weakening of the economy. And, many people's livelihood has been strained because of the current unfortunate conditions. To support India & many other developing member countries in these trying times, ADB on March, 18 had even announced an initial package of about $6.5 billion for looking after their immediate needs & provide them with financial assistance & policy advice whenever needed.