After a lot of speculations, discussions, and concerns, The omicron effect on the economy is low and over! says the Finance Ministry. Adding to which India is on a path of strong growth and recovery.
According to Finance Ministries’ latest review of the Indian Economy. India is one of the very few countries in the world that will see future economic growth in the aftermath of the deadly corona pandemic.
In a recent development of the pandemic, A new variant namely Omicron has emerged to be a dominating strain of Corona Virus in many countries globally. It is being said that the impact of the Omicron variant will be minimal in domestic Indian Markets.
As per the latest economic review by the Finance Ministry, the rapid vaccination drive that has been carried out across the country will help to curb the impact of the omicron variant.
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Such promising predictions come in the wake of the global financial crisis of the previous fiscal year(2020-21) which was primarily caused by the Covid-19 Pandemic.
As per the monthly review estimates of the Finance Ministry. The real GDP of India jumped to 8.4 percent in Q2 (July-September) this fiscal year. Such promising figures are double the growth figures that were prevailing in pre-covid times i.e. in the 2019-20 fiscal year.
In the wake of the covid-19 pandemic, India has emerged as one of the fastest-growing economies in the world for straight four consecutive quarters. Which include the Last fiscal year Q3 and Q4 (2020-21) quarters.
Along with the current fiscal’s Q1 and Q2 quarters. Some major sectors that contributed to such positive recovery are the services sector, manufacturing sector, and sustainable growth in the Agri sector.
Such a positive recovery was even supported by a massive vaccination drive, effective financial management, and crucial stimulation of macro and microeconomic conditions.
With such positive numbers and estimates, the country’s economy is expected to strengthen further for the rest of the remaining financial year, According to a recent review by the Finance Ministry.
The Finance Ministry further explained in its review that – ‘The newly emerged Omicron variant is throwing up the latest challenges to global recovery. Preliminary illustrations, however, are expected to have the least impact domestically. Rapid vaccination is the reason for this’.
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