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LATEST NEWS UPDATES | Blunting the Economic Impact of the Second Wave of COVID-19 With a 3, 6, 9-Month Plan -Deepanshu Mohan

Blunting the Economic Impact of the Second Wave of COVID-19 With a 3, 6, 9-Month Plan -Deepanshu Mohan

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published Published on Apr 19, 2021   modified Modified on Apr 20, 2021

-TheWire.in

A three to six-month fiscal plan has to be chalked out to make vaccines and drugs available to people of all ages across the states by bringing in the private sector. An income support scheme has to be rolled out for nine months at least.

India reported a new high of 2 lakh fresh coronavirus positive cases for the first time last week, and the last few days continue to see the country posting higher and higher numbers.

Healthcare infrastructure in badly affected states appears to be crumbling under the weight of new infections, reportedly from a double-mutant virus that appears responsible for the sharp rise.

At the moment, tough questions are being asked as to how the Centre and state governments could have been better prepared, having learnt hard lessons from the first wave.

As economic commentator Mihir Sharma, in a recent column, aptly put it: “As is typical in India, official arrogance, hyper-nationalism, populism and an ample dose of bureaucratic incompetence have combined to create a crisis. Worse, Indians aren’t the only ones who will pay the price. Developing nations that had been counting on the ‘pharmacy of the world’ will now have to wait longer for their jabs, even as the new variants continue to spread.”

While the economic impact of this massive second wave remains uncertain at best – particularly because we are seeing only localised curfews that still allow some activity – there still remains the question of how to keep the current economic recovery chugging along.

Over the last six months, there has been a restoration of construction activity and manufacturing and perhaps a more limited restoration of services-led businesses.

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TheWire.in, 19 April, 2021, https://thewire.in/economy/blunting-the-economic-impact-of-covid-19-second-wave-with-a-3-6-9-month-plan


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