Governments around the world are acting decisively to protect their businesses and people

from the economic disruption being caused by the COVID-19 virus pandemic. The central
government of India extended a scheme for providing interest-free loans to states for capital
expenditure to FY2021/22 (150 billion rupees) and expedited the release of Disaster
Response Fund to state governments (from June to May). Finally, customs duties and other
taxes on vaccines, oxygen and oxygen-related equipment were waived to boost their
availability.  Banks were allowed to use the countercyclical provision buffers to make specific
provisions for non-performing loans until end-March 2022. In late May, the RBI extended the
timeline prescribed for compliance with various payment system requirements and the
ECLGS scheme till September 30, 2021. Foreign direct investment policy has been adjusted
requiring that an entity of a country that shares a land border with India can invest only after
receiving the government approval and a lot more Government has done to help us tackle
this very unprecedented pandemic situation. Overall, we received a very positive response
and strength and support from our government.

According to me, there are some areas that need special attention are financial and
economic front. Whether through tax cuts, investment incentives or changes to filing
deadlines, tax systems will play a significant part in helping to alleviate the financial and
economic turmoil that is now occurring.