Goldman Sachs commits $10M more to support COVID-19 relief efforts in India

Global financial services giant Goldman Sachs on Thursday announced an additional $10 million in support to help India fight the second surge in COVID-19 infections and deaths.

The US-headquartered firm will provide support for frontline health facilities in cities such as Bengaluru, Hyderabad, Mumbai, and New Delhi, including ongoing vaccination efforts through the help, an official statement said.

Frontline health facilities include portable COVID-19 care centres, oxygen concentrators and generators, and isolation care units at homes for non-critical patients from low-income communities, it said, adding funds will also be deployed on mental wellbeing to aid a faster economic recovery in communities.

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The company joins a slew of multinationals, including Google, Apple, Microsoft, and Blackstone, who have announced to render help to India after the second wave of the deadly pandemic.

Over the last few days, India has been officially reporting over three lakh new infections and over 2,000 deaths a day due to the pandemic. Medical infrastructure in the country is already under tremendous pressure, and experts say the wave is expected to hit a peak, not before mid-May.

"India is home to three Goldman Sachs offices, and we have a responsibility to respond and provide our firm's support and assistance," its Chairman and Chief Executive David M Solomon said.

The firm has already committed $1 million to India in 202) during the first wave of the pandemic towards the distribution of food and essential supplies to help displaced segments of the population due to the pandemic.

"We are proud to support India in combating this crisis, helping to augment its medical infrastructure and drive vaccination efforts," said Sonjoy Chatterjee, Chairman and Chief Executive Officer — India, Goldman Sachs, said.

In fact, in a show of solidarity, the CEOs of about 40 top American companies have come together to create a global task force to mobilise resources to help India fight the battle against COVID-19.

A collective initiative of the US-India Business Council of the US Chambers of Commerce, and the US-India Strategic and Partnership Forum and Business Roundtable, the task force during its meeting on Monday committed to getting 20,000 oxygen concentrators to India in the next few weeks, Deloitte CEO Punit Renjen said.

(Disclaimer: Additional inputs have been added to this PTI copy)