Federal Reserve cuts interest rates to near zero to support US economy amid coronavirus pandemic impact
Global impact investing platformOmidyar Network on Tuesday announced to invest USD 1 million (Rs 7.5 crore) as rapid response funding to fight the coronavirus pandemic in India.
It has invited proposals that support the lower 60 per cent of India's income distribution in managing and mitigating the challenges that come with Covid-19, according to a statement by Omidyar Network India.
Nine people have died and over 490 have tested positive for the potentially fatal virus in the country.
"We recognise that the slowdown will most impact the vulnerable sections of our population and large swathes of India's ''next half billion'', whom we seek to serve the vendors, daily wage earners, the gig-economy workers, and small businesses.
"We are therefore announcing a rapid response window to fund proposals that support the lower 60 per cent of India's income distribution in managing and mitigating the challenges that come with Covid-19," the statement said.
Omidyar invited proposals ranging from Rs 5 lakh to Rs 2 crore focused on strengthening containment, detection and treatment of the virus, and also supporting crisis management capabilities.
Initiatives that will be considered include data, apps and other technological solutions; community outreach and mobilisation campaigns; proposals that seek to improve economic resilience of NHB workers and small businesses whose livelihoods are impacted due to coronavirus pandemic, among other areas.
It is also willing to fundcommunity outreach and mobilisation campaigns and actionable research, the statement said.
Non-government organisations,research organizations, social entrepreneurs, and for-profit businesses seeking to do this on a no-profit basis are eligible to apply.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)