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April 8, 2021

How Covid second wave will stall India’s economic recovery

By Paul Dennis

8 April

Christophe Barraud, an economist, tweeted on a new double mutant variant of the SARS-CoV-2 virus having been detected in India and how amidst a second wave of the Covid-19 crisis, events such as the months-long Kumbh Mela took place.

Citing a 1.1% drop in the Indian rupee to 74.2201 per USD, Barraud claims that it is the weakest since 23 November 2020.

Barraud refers to a Goldman Sachs projection which downgrades India’s growth forecast as Covid cases spike.

The investment bank lowered the country’s growth forecast for the second quarter of 2021 from 34% year-on-year to 31.3%.

India reported over 100,000 new coronavirus infections over a 24-hour period on Monday, surpassing peak numbers reported in September last year.

The country registered more than 96,000 infected individuals on the following day.

The second wave of Covid-19 infections is expected to slow India’s pandemic-induced economic recovery, with states and federal governments ramping up local restrictions and curfews and allowing only essential services to remain open to battle the new outbreak.

State authorities are also worried about the shortage of beds in hospitals and doctors.

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