India well prepared to tackle risk posed by fresh covid wave: Finance Ministery

“At the onset of the second wave, India is prepared to combat the scourge of the virus. It is well-equipped with adequate testing and health infrastructure and economic activity has adapted to the pandemic. This prospect is further bolstered by the fast rollout of vaccination,” the latest Monthly Economic Review released by the department of economic affairs said.

India registered more than a lakh coronavirus cases on Sunday, surpassing even the peak of the first wave of the pandemic, with almost 50% of the cases being reported from Maharashtra. The state imposed a partial lockdown on Sunday, closing down malls, theatres, hotels, restaurants and imposing a statewide night curfew to curb the transmission of the virus.

The finance ministry, however, mentioned India is well-equipped to fight the consequences of the virus. “Instrumental in this resilience will be a strong revival in investment growth supported by the Atmanirbhar Bharat Mission and an enormous enhance to infrastructure and capital expenditure provided for in the Union budget for 2021-22. The wheels of India’s capex cycle have been set into movement, signs of which were imminent in the second half of the year. With the end of a challenging FY21, the crest of a brighter and self-reliant FY22 awaits India,” it mentioned.

The prospect of economic revival is further bolstered by the fast rollout of the vaccination programme, the finance ministry mentioned. “India is emphasizing on a five-fold strategy, together with an exponential improve in testing, effective isolation and contact tracing of those infected, re-invigoration of public and private healthcare resources, ensuring of covid-appropriate behaviour, and a targeted approach to vaccination in districts reporting large numbers of covid cases,” it stated.

The vaccine doses administered so far has touched 78.8 million, based on the health ministry. Ratingagency Crisil Ltd stated in a report on Monday that vaccination has been progressing slowly, with only 5.5 doses administered per 100 people in India against the world average of 8.3 doses. “Butit’sexpectedto pick up pace in April with inoculation opening up for people aged 45 years and above,” it stated.

India’s Purchasing Managers’ Index (PMI) for the manufacturing sector fell to a seven-month low in March as demand growth was constrained by the escalation of the covid-19 pandemic.

However, the finance ministry quoted a slew of high-frequency indicators for March, such as GST collection, rail freight traffic, merchandise exports and digital funds to conclude that the economy is poised to build back better and stronger after battling a historic pandemic in FY21.