It has been said that the pace of Coronavirus epidemic has taken India and the world by surprise. To curb this speed, campaigns have been conducted on a war footing.
Reserve Bank of India
The second wave of COVID-19 Pandemic has affected economic activity in the first half of the first quarter of the current financial year, but has not weakened. However, the number of infected is much more than the former. It has been said in a report by the Reserve Bank of India (RBI). It has been said that the pace of Coronavirus epidemic has taken India and the world by surprise. To curb this speed, campaigns have been conducted on a war footing.
On the state of the economy, RBI Deputy Governor MD Patra and other officials have written in their article, the impact of the second wave on the economy seems to be limited compared to the first wave. Lockdowns, according to the need at the local level, better preparing themselves for the system of working from home, online delivery model, e-commerce and digital payment are examples of this working well.
The lockdown had a minor impact on the economy
The RBI has clarified that the views expressed in the report are those of the authors and there is no need to match the views of the RBI. According to the report, the restrictions imposed in many states to curb the rapid growth in infection cases, in April and May, lightened many indicators of the real economy. The second wave was faster in metros, cities than the first wave. It spreads rapidly in states, regions and rural areas.
The second wave certainly affected economic activity in the first half of the first quarter of 2020-21 but did not weaken it. The aggregate demand situation has been affected, but that effect is not as severe as the first wave.
Less impact than last year
It has been said, however, that the situation has not yet stabilized at this time. But the trend shows that the impact on the pace of the economy is not as severe as it was last year.
According to the article, the biggest impact of the second wave is in the context of the shock of demand – the impact on movement, thoughtful spending and lack of employment. Apart from this, the stock of goods has also been affected. While the impact on aggregate supply has been reduced.
It said that the e-way bill indicating domestic trade has decreased by 17.5 percent on a monthly basis in April 2021. Preliminary figures of petrol and diesel sales also show a moderation in fuel demand in April, due to which there is a ban on movement.
In addition, basic equipment manufacturers of passenger vehicles have reported a decline on a monthly basis in April. There has been a slowdown in the movement of freight and passengers.
Agri and IT sectors stand strong
According to the article, the shape of the English letter U is visible from the transition. It has one agriculture and the other IT which stand firmly in the storm.
It states that in this U there is organized and automated manufacturing on one slope, while on the other slope there are services which can be delivered in remote areas and there is no need for the producers and consumers to move around. .
read this also- Modi government’s brilliant scheme: only 1 rupee is available in the monthly insurance of 2 lakh rupees, this is how work gets in trouble