India funds $611 mn for COVID-19 vaccines |
India`s Finance Ministry on 19th April 2021 has approved advance payment of nearly $ 612 million to boost the capacity of the makers of Covid-19 vaccines in India as the country faces a serious second wave of Covid-19 pandemic. Indian government approved approximately $ 402 mn for Pune-based Serum Institute of India which is manufacturing the AstraZeneca COVID-19 vaccine Covishield. The government granted approximately $ 210 mn to Hyderabad-based Bharat Biotech boosting the production of Covaxin. Both the vaccines have been instrumental in India`s vaccination drive and also were the first two vaccines approved by the Indian government for the vaccination drive which began in January. Indian Prime Minister Narendra Modi is also scheduled to meet India`s largest drugmakers on 20th April 2021 to discuss modalities for the vaccination drive after announcing vaccination for above 18 years of age. The next phase of vaccination will begin from 1st of May. The SII, which is the largest vaccine manufacturer in the world, requested funds to boost its vaccine production as demand increased manifold due to rising cases of Covid-19 in India. The company will also manufacture the Novavax vaccine in India. SII is part of GAVI that is Global Alliance for Vaccines and Immunizations, and is scheduled to deliver millions of vaccine doses to poor countries. It is also scheduled to deliver vaccine doses under commercial contracts to several foreign nations as well. India recently approved Russian made Sputnik V and is also planning to give a go ahead to vaccines made by Pfizer, Moderna and Johnson & Johnson. India is fighting a second wave of Covid-19 and reported a record surge in daily Covid-19 cases and deaths. The total tally of Covid-19 cases crossed 15 million on 19th April with 273,810 fresh infections while the death toll rose to 178,769 with a record 1,619 fresh fatalities.
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