The Indian economy is showing signs of recovery from the debilitating impact of the pandemic’s second wave, bolstered by targeted fiscal relief, monetary policy measures, and a rapid vaccination drive, the finance ministry said on Friday. The Union cabinet on Thursday approved a ₹23,123 crore package to prevent a repeat of the devastating second wave that claimed thousands of lives and exposed India’s creaky healthcare infrastructure. Patients struggled to find hospital beds, oxygen and medicines as the second wave raged from March till May. On rising inflation, the finance ministry said localized lockdowns due to the second wave could have led to some supply-side disruptions, contributing to price pressures. However, rising global commodity prices, especially of crude and logistics costs, pose upside risks to the inflation outlook," it added.

Source: Mint July 09, 2021 10:32 UTC