Rating agencies have revised growth predictions as a result of the second wave, which has hampered economic recovery and raised the danger of long-term damage.
Climate change, in addition to the epidemic, is a huge threat that humankind faces, according to Prime Minister Narendra Modi.
According to Prime Minister Narendra Modi, the economic impact of the Covid-19 outbreak is “enormous,” and the globe would not be the same until the virus has passed.
According to the prime minister, the once-in-a-lifetime pandemic has brought misery and pain to many people. “Every country has been affected by the pandemic. While delivering the keynote presentation at the Vesak Global celebrations, he noted, “The economic impact is tremendous as well.”
The prime minister’s comments came as numerous rating agencies lowered their growth predictions for India, citing the second wave of the Covid-19 outbreak as having a significant impact on economic recovery and increasing the danger of long-term scarring. The International Monetary Fund (IMF) recently stated that it will review India’s and the world economy’s growth forecasts in July.
High-frequency indicators like mobility trends, auto sales, and rising unemployment rates signal that the economic consequences of the second wave of the pandemic will be severe.
Modi further stated that incidents would be remembered as either pre- or post-Covid in the future. However, several changes in the last year, such as vaccine development and a greater understanding of the coronavirus, have strengthened the plan to combat and eradicate the virus, he said.
“The fact that vaccinations were developed within a year of the Covid outbreak demonstrates the strength of human determination and tenacity,” he said.
Climate change, in addition to the Covid-19 pandemic, is a big challenge that humankind faces, according to Modi, who added that India is one of the few significant economies on track to reach its Paris Agreement commitments.
