In the midst of the second wave of Kovid, the country should be prepared for greater uncertainty about consumer and investor sentiment, NITI Aayog vice president Rajiv Kumar said. Kumar said on Sunday that the government would take financial measures if needed to deal with the situation. Kumar acknowledges that the current situation is more difficult than in the past due to the increasing number of infections. However, he hoped the country’s economy would grow at a rate of 11 per cent for the fiscal year ending March 31, 2022.

The number of deaths due to infection is increasing

Covid-19 cases are increasing rapidly in the country. Also, the number of deaths due to infection is increasing. Because of this, many state governments are blocking the movement of people. Kumar said India was close to defeating the epidemic, but the situation is now more difficult due to new types of viruses from Britain and other countries.

Experts say the stock market is moving this week amid rising Covidi cases

NITI Aayog vice-president told PTI, “This will have a direct impact on some sectors such as service. The second wave will cause uncertainty about the economic climate. Asked whether the government is considering it, Kumar said the question can only be answered if the Ministry of Finance determines the direct and indirect impact of Kovid’s second wave.

The government has issued a package of Rs 27.1 lakh crore

“You have seen the response of the Reserve Bank in this regard,” Kumar said. I am confident that the government will take financial measures when needed. Earlier this month, the central bank hiked the main policy rate by four per cent. At the same time, the Reserve Bank has also continued its soft stance. In 2020, the central government announced the ‘Self-reliance India Package’ to revive the economy suffering from the epidemic. In total, the package value is Rs 27.1 trillion, which is more than 13 per cent of the Gross Domestic Product (GDP).

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Kumar said in various estimates of the current fiscal year growth it is up 11 per cent. In the last financial review, the Reserve Bank anticipated a growth rate of 10.5% for the current fiscal year. In an economic review tabled in parliament this year, the growth rate is estimated at 11 percent. According to official estimates, the economy will fall eight percent by 2020-21.