The Indian economy that had already slowed down before the outbreak of coronavirus, is in for a more difficult period in the coming months with businesses almost coming to a standstill.
Finance Minister Nirmala Sitharaman is likely to announce shortly a comprehensive economic package to deal with the impact of coronavirus outbreak.
The announcement is expected to take place at 1 pm on Thursday, an official said without giving any specific details.
Earlier this week, the Finance Minister had said a package is under works and will be announced.
With the coronavirus lockdown hitting the Indian industry hard and causing job losses, Sitharaman had said an economic package to help tide over the crisis will be announced very soon.
Sitharaman told reporters an announcement on the package would be made sooner than later. Prime Minister Narendra Modi last week had constituted a task force headed by the Finance Minister to work out package for economy hit by coronavirus.
The government has been in consultation with the Reserve bank of India, capital market regulator Securities and Exchange Board of India.