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The finance ministry in its monthly economic report has said that ramping the pace and coverage of vaccination of people against Covid-19 is critical for regaining the growth momentum.
This is because the economic activities are inextricably linked to the impact of Covid-19.
The report estimated that nearly 113 crore doses would be needed by September end. It suggested that to achieve 93 lakh vaccinations a day, the government needed to double the shifts and vaccinate 24×7 during August and September, when the vaccine supply is also expected to improve.
The country witnessed a V-shaped economic recovery in the second half of 2020-21. According to the report, India is one of the select few economies that have witnessed positive YoY (Year-on-Year) growth in the last two consecutive quarters.
High-frequency indicators in real and financial sectors like power consumption, e-way bills, and foreign portfolio investment flows witnessed a slight uptick in the second half of May 2021 after enduring the second wave-driven contraction during April and the first half of May.
“As we cautiously recuperate from the second wave, rapidly improving vaccination delivery and frontloading the fiscal measures planned in the Union Budget hold key to invigorating the investment cycle in the coming quarters,” the report said.
PTI contributed to this story.