• India's economy will be minimally impacted if another COVID wave hits the country: Principal Economi

    National
    Digital Desk: On Monday, hours after delivering a news conference on the Economic Survey 2022, Sanjeev Sanyal, Principal Economic Advisor, stated India may not impose another lockdown since the chances of doing so are low. He also stated that if another COVID outbreak occurs, the country's general economy will be minimally impacted. "The probability of another lockdown is less. There is worldwide inflation currently, even in developed nations like the USA, Argentina, and Turkey, so India tends to be impacted. If another COVID-wave hits India, overall economic impact will be less," Sanjeev Sanyal, the Principal Economic Advisor, stated.  Also Read: Kerala renowed snake catcher Vava Suresh bitten by cobra; condition critical Earlier in the day, Sanyal said during a press conference that these have been difficult times for the global economy, noting that it's not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also about the longer-term uncertainty about the post-Covid world due to accelerated shifts in technology, consumer behaviour, supply chains, geopolitics, climate change, and a host of other factors. Sanyal added that large employment losses during the epidemic posed a severe challenge to the government thus, a safety net approach was implemented to help the seriously damaged job economy recover. "With the various government schemes, the Centre is hopeful to bounce back in the employment market," he said in the economic survey. The economic assessment, which uses data in the form of maps, focuses on the country's newly expanding startup ecosystem. "You can see the startup culture in 2016-17 in India and in December, 2021, there is a sea change, as just a few years back we had few startups pockets in India, mostly around the metro cities, but now we have strong presence of startups innovation in states like Bihar, north-east," Sanjeev Sanyal said when asked about how government counters the negative sentiments in the employment market. "The most hopeful aspect is the central government's and many state governments' capital expenditures, notably in infrastructure development, which has a big potential to create large jobs, and this is how we can easily manage this difficulty." When questioned about the roadmap for job creation in the post-pandemic period, the senior economic advisor responded, "The good rise in exports is an indication that our industry sector is getting back on track."

    Weather Forecast