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The Indian economy is recovering, but the pandemic needs to be fought harder

The Indian economy is recovering, but the pandemic needs to be fought harder

Data shows that the economy of the world is changing the tide, that people now need to show more understanding and take precautions to effect a big drive to reduce the rate of infection.

According to the Indian Ministry of Health, the number of new cases of coronavirus in India increased by approximately 38,772 on Monday. This made it the third straight day that regular cases remained below the intimidating 50,000 threshold. Cnn estimated that India has about 9.43 million cases, the second highest in the world after the United States, but regular cases have been falling after they actually reached a peak in September. The estimated number of deaths on Monday was 137,139.

Now is the time for a last coordinated effort to stop the pace of contamination, and the whole country needs to close ranks together to accomplish this mission.

Prime Minister Narendra Modi’s government has come up with a beautifully formulated proposal to arrest the harmful effects of the virus in the form of a national lockout. The decision saved hundreds of thousands of lives, but it came at the expense of the economy even though there was no other alternative, as global examples have shown. It turned out, in retrospect, to be the correct judgment of the nation.

Medical staff to monitor the temperature of passengers arriving in Mumbai. The society would need to step up and adopt an increased sense of vigilance to stop the harm caused by coronavirus.

People ought to step up

It is hoped that the vaccine will soon be produced and that India will lead this breakthrough with the advantages it has at its disposal, including its global reputation in the medical field. After a tour of the nation’s leading vaccine research and manufacturing sites last Saturday as coronavirus cases continue to rise, Modi said that India’s position in vaccine production was a global positive, and he was pleased with the rapid progress that has been achieved.

Companies are exploring alternatives for home-grown vaccines, as well as focusing on vaccine trials that are being produced abroad. But it is also India’s responsibility to raise awareness and take steps to combat the pandemic domestically, and the citizens of the world need to pursue the tried and tested solutions.

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Global concern does not waver

The economy, having been hit hard by the pandemic, is now battling its way back to make a declaration of intent-India is showing its potential and strength to the world, and this has led to a flattering curiosity on the part of the global business community.

S&P Global Ratings maintained its projection of a 9 per cent decline in India’s economy for the current fiscal year, as well as a 10 per cent increase in FY22. In its caveat, though, it added that the war against the pandemic did not waver.

“We have maintained a pessimistic growth outlook of 9% for fiscal year 2020-2021 and 10% for fiscal year 2021-2022. Although there are upside threats to growth due to a quicker recovery in demographic migration and household consumption, the pandemic is not completely under control,” he said in his Asia-Pacific survey.

India’s economy is coming back to life-information released last week shows that the rebound was quicker than anticipated in the September quarter, driven by a pick-up in manufacturing.

The virus is affecting the economic upsurge

S&P argued that it will wait for further evidence that infections have stabilized or decreased, along with high-frequency activity data for the third quarter of the fiscal year, before adjusting its estimates.

India’s economy is coming back to life-information released last week shows that the rebound was quicker than anticipated in the September quarter, driven by a pick-up in manufacturing. The Gross Domestic Product (GDP) decreased by 7.5 per cent compared to an extraordinary 23.9 percent contraction in the June quarter. The Reserve Bank of India (RBI) said that it expects India’s economy to contract by 9.5 per cent in FY21. As per S&P, the RBI will be restricted from cutting rates and expects the rates to start normalizing upwards from 2021 onwards.

The report also highlighted the fact that India’s manufacturing sector is leading and that production is now above the average of a year earlier, helped by increasing demand for consumer goods.

“Investment recovered better than consumption in the second quarter of the fiscal year, partially due to the resumption of unfinished programs. The private sector has driven the turnaround as expenditures have resumed and households and businesses have turned further towards normalized activity,” he added.

Reform gains need not be wasted

The government has launched a series of reforms and stimulus to thwart the effects of the pandemic. Although India is seen as a light of economic optimism and a precedent in the world, it cannot be conversely seen as having a bad record in the fight against the pandemic. The responsibility for this lies with the common man, as cases of neglect and stupidity abound-especially as prohibitions on lockdowns have been removed and people are under the mistaken assumption that life has returned to normal again.