Is the worst over? India may have crossed Covid peak in September, says finance ministry
New Delhi | Jagran Business Desk: India may have seen the peak of its covid-19 caseload in September, setting stage for eocnomic recovery, suggests finance ministry's monthly economic outlook report released on Sunday. The report said data for the 14-day period from September 17 to 30 suggests that India may have crossed the peak of COVID-19 caseload.
"During this period, the seven-day moving average of daily positive cases has steadily declined from about 93,000 to 83,000, while the seven-day moving average of daily tests have risen from about 1,15,000 to 1,24,000," it added. Citing different parameters, the report noted that the implementation of Aatmanirbhar Bharat package and unlocking of the economy have ensured that India's economic recovery gained momentum, even as the pandemic poses a downside risk to short-term and medium-term growth rate.
"Economic indicators allude to a steady recovery in almost all sectors, with some sectors shooting above their previous-year levels as well. This is despite headwinds of increasing covid cases in non-metro cities and rural areas and rising food prices..."the report said.
The report, however, cautioned that the pandemic is far from over and urged all stakeholders to push for economic recovery. It also stressed the need for a greater focus on “self-protection with more due precautions” than “social distancing” alone.
India’s economy contracted at a record 23.9% in the June quarter of FY21, underlining the extent of economic damage inflicted by the pandemic. Most economists now expect Indian economy to contract in double digits in FY21.
The coronavirus cases in India surpassed 65 lakh cases, after the country reported 75,829 new infections on Saturday, taking the overall COVID-19 caseload in the country to 65,49,374. The death toll in the country reached 1,01,782 after 940 new fatalities were reported from across the country, the Union Health Ministry's data showed on Sunday.
Posted By: Rakesh Kumar Jha