India approves Rs 4,567 crores funding to Serum Institute of India, Bharat Biotech for COVID-19 vaccine

Union Finance Minister Nirmala Sitharaman approved an advance payment of Rs 4,567.50 crores to both Serum Institute of India and Bharat Biotech.

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New Delhi: Union Finance Minister Nirmala Sitharaman on Monday (April 19, 2021) approved an advance payment of Rs 4,567.50 crores to both Serum Institute of India and Bharat Biotech.

The Finance Ministry has approved Rs 3,000 crores for Serum Institute of India and Rs 1567.50 crores for Bharat Biotech. As per reports, the payment will be released at the earliest.

Earlier, Finance Minister Nirmala Sitharaman said that she had discussed COVID-19 management in the country with various industry chambers the concerns of India Inc. She further, said that the Centre would continue to work with state governments to save lives and livelihood amid the pandemic.

In a tweet, she wrote: “Spoke on telephone with each of the following business/Chamber leaders. Took their inputs on industry/Association related matters. Informed them that GoI at various levels from PMO is responding to COVID management. Working together with states for lives and livelihoods."

Spoke on telephone with each of the following business/Chamber leaders. Took their inputs on industry/Association related matters. Informed them that GoI at various levels from @PMOIndia is responding to #Covid management. Working together with states for lives and livelihoods.

— Nirmala Sitharaman (@nsitharaman) April 19, 2021

The decision by the ministry comes days after SII CEO Adar Poonawalla requested the government for Rs 3,000 crore grant for ramping up capacity of the COVID-19 vaccine beyond 100 million doses a month.

The Pune-based vaccine maker hoped to increase its production capacity by the month of June, 2021.