New Delhi, March 19: As the Indian economy is battling adverse effects of the global coronavirus outbreak, the government is mulling giving easier loan repayment terms and tax breaks for small and medium-scale companies, according to a report by Bloomberg. In a bid to give some relief to small and medium-scale companies, the Ministry of Finance may announce a slew of measures, including an extension of loan tenors. Coronavirus Outbreak Live News Updates.

The report comes days after Minister of State for Finance Anurag Singh Thakur said that there had been no adverse impact of the coronavirus on the economy. The Ministry of Finance considering soaps such as removal of goods and services tax for hospitality and tourism companies, relaxation in bad loan norms and repayment for commercial vehicle aggregators, and extension in loan payments for small businesses. Coronavirus Outbreak in India: COVID-19 Cases Rise to 169, PM Narendra Modi to Address Nation at 8 PM.

Over 100 million people are employed with micro-, small- and medium-sized businesses. These industries account for 45 percent of factory output and over 40 percent of the nation's exports, show the government data. "We expect the RBI and the ministry of finance to provide support by way of deferred payments and interest dispensation," economist Teresa John was quoted by Bloomberg as saying.

Last week, MoS Anurag Thakur that the latest data "do not suggest any adverse impact on the economy" after the outbreak of coronavirus, officially known as COVID-19. "Additionally, a positive impact on India's economy may arise from a decline in global oil prices triggered by the outbreak of COVID-19," Thakur said in reply to a query raised by lawmaker Vaiko in Rajya Sabha.

The minister said that a Group of Ministers is constantly reviewing the current status, and action for prevention and management of COVID-19 and two meetings of the same were held on March 11. The number of coronavirus cases in India has climbed to 169 on Thursday.

(The above story first appeared on LatestLY on Mar 19, 2020 03:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).