The Tamil Nadu government has constituted a high-level committee, headed by Dr C Rangarajan, former RBI Governor, to assess the overall immediate and medium-term impact of coronavirus on the state's economy, including the impact of the lockdown imposed to prevent spread of the deadly virus .
The committee will also assess "additional costs and implications due to social distancing and other precautionary measures."
It will asses the opportunities and threats in the short-term and medium-term, apart from seeking measures to help the important sections of the economy to overcome the impact of the pandemic.
The high-level committee will also "identify specific reform measures to be taken by the state government to support and promote the growth of important sectors of the economy and assess the impact of the crisis on the state government's fiscal situation and way forward to improve the fiscal position, including increasing the tax-GDP ratio and diversifying revenue sources and re-prioritizing expenditure."
It has also been asked to identify possible sources of financing and funding for different sectors.
The Additional Chief Secretary to the Tamil Nadu government, Finance Department will act as the coordinator of the newly formed committee.
The committee has been asked to submit its report to the state government within three months and also submit an interim report.
Earlier today, the Tamil Nadu government had announced major relaxations during the lockdown which will come into effect from May 11.
Tamil Nadu, with 6,009 COVID-19 cases, is one of the worst-affected states in the country.