India has so far registered 33 cases of the new Omron variant
The new Omicron version of COVID-19 could pose a new risk to the ongoing global recovery. However, preliminary evidence suggests that the omicron variant is expected to be less severe in India with increasing pace of vaccination, the finance ministry said in its monthly economic report for November 2021.
India’s economic recovery is expected to strengthen in the remaining quarters of the fiscal on the back of upbeat market sentiments, rapid vaccination coverage, strong external demand and continued policy support by the Reserve Bank of India (RBI) and the government. to report.
The country’s real Gross Domestic Product (GDP) grew by 8.4 per cent year-on-year in the second quarter of the current financial year, recovering more than 100 per cent of the pre-pandemic output in the same quarter of the financial year 2019 – 20. Finance Ministry report India expects to do so not only with its pre-pandemic output for the second quarter, but for the full year, according to the US.
India is also among the few countries that registered growth for four consecutive quarters (3rd and 4th quarters of 2020-21 and 1st and 2nd quarters of 2021-22) amid the pandemic. The recovery was driven by a revival in services, a complete recovery in manufacturing and continued growth in the agriculture sector.
On the demand side, exports and investment constituted the macro drivers with growth of 17 per cent and 1.5 per cent respectively over their pre-pandemic levels. The recovery in private consumption also increased from 88 per cent in the first quarter to 96 per cent in the second quarter – becoming an emerging macro growth driver.
On the supply side, while real Gross Value Added (GVA) in agriculture remained above its pre-pandemic levels, the manufacturing and construction sectors also surpassed their pre-pandemic levels to emerge as key drivers of growth .
Meanwhile, Delhi today reported its second case of Omicron as a passenger who returned from Zimbabwe tested positive. With the latest case, India has recorded 33 cases of the new variant so far which has created new concern across the world.
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