Restoring economic normalcy

06 JUN,2021 | MEDC


 

The impact of the second wave seems to be ebbing judged by the fact that the government of Maharashtra is gradually removing restrictions from the once stringent lockdown imposed all over the state. However, with the constant discovery of new mutants, the pandemic’s trajectory remains uncertain, and caution is important. Investment activity revived to a seven quarter high and demand recovered to a five quarter high in the fourth quarter of FY21. However, this may not sustain itself due to the impact of the second wave on rural demand and corporate spending. The OECD has cut India’s growth forecast but we can prove them wrong by enhancing the pace and efficacy of vaccination, so that the oncoming festivals in the following months can be used to boost consumer and investment spending owing to strong pent-up demand, without posing any health hazard to people. Along with vaccination, fiscal and monetary support will also be key in long-term restoration of economic normalcy. 

*Photo Credit: Google

 

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