Based on the the documentation for Packaging Python Projects, __init__.py should be empty. I want to know why? because I'm placing certain objects in the __init__.py file that are used in every module in the Package. On checking bunch of __init.py__ files in my local environments for standard packages like importlib, multiprocessing etc. All of them have a bunch of code in the file.
The sole purpose of __init__.py is to indicate that the folder containing this file is a package, and to treat this folder as package, that's why it is recommended to leave it empty.
Consider following hierarchy:
foo
__init__.py
bar.py
When you use from foo import bar or import foo.bar, Python interpreter will look for __init__.py in foo folder, if it finds it, the bar module will be imported else it won't; however, this behavior has changed over the time, and it may be able to successfully import the modules/packages even if __init__.py is missing, but remember Zen of Python: Explicit is better than implicit, so it's always safe to have it.
But in case, if you need some package level variables to be defined, you can do it inside the __init__.py file, and all the modules inside the package will be able to use it.
And in fact, if you look at PEP 257, it mentions that the __init__.py can also contain the documentation for package level information.
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