India's second coronavirus outbreak costs the economy $27 billion

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The Reserve Bank of India released its monthly report for June. Second round of the COVID-19 outbreak It could cost India's economic output up to $27.1 billion in fiscal 2021.


The Reserve Bank of India stated that The Indian economy continues to face a difficult situation due to the second wave pgslot of the COVID-19 pandemic. Although the central bank has a rather positive view that the economy will recover. The central bank estimates that The second epidemic had a heavy impact on domestic demand.


“For the years 2021-2022, the Reserve Bank of India predicts that Real gross domestic product (GDP) growth will be 9.5% on the assumption that the second wave of the COVID-19 pandemic Real GDP in Q1 is expected to grow 18.5% before slowing to 7.9% in Q2, 7.2% in Q3 and 6.6% in Q3. 4,” the Reserve Bank of India report states.


The report also stated that The Reserve Bank of India pays attention to the economic environment. including bond yield curves and the fiscal framework The central bank has identified the issue of the economic environment that Even the second round of the Covid-19 epidemic has had a heavy impact on domestic demand But there are still positive aspects to see. Overall, the supply situation, agriculture, and contactless service business going in a better direction Meanwhile, industrial production and exports rose compared to last year. Even as India continues to face the epidemic


“Accelerating vaccination and the scale of the vaccination program will help the economy recover. The economy has adjusted well. and when considering the fundamentals The economy has begun to recover from the impact of the epidemic. and can cope with both structural and cyclical barriers,” the report said.


The report, recorded by the Reserve Bank of India's deputy governor, also included an assessment of the Ministry of Finance that India will be able to achieve mass immunization goals and recover again. The goal is to vaccinate 700 million people by September. 2021 and needs to receive 1.13 million doses of the vaccine. India will have to vaccinate about 9.3 million people/day.