The current crisis has hit the poor and corroded their savings. It is crucial to provide relief to the poor not only because of the intrinsic value of alleviating the effects of poverty but also because of their high spending propensity. A demand deficiency existed even before the COVID-19 pandemic which has only worsened.
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Having just tided over the Second Wave of COVID-19 and after going through prolonged lockdowns, the Third Wave must be prevented as much as possible. The effects of which may drive India’s double crisis to further extremes. However, looking at the vaccination effort and the sluggish attitude towards the procurement of vaccines, the situation looks grim.
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Although the vaccination effort is being sped up, it may not be enough to prevent a third wave as the shortage of vaccines themselves remains an issue. Despite halting all vaccine exports since April and reporting record-high numbers of vaccines administered in a day on June 24th (8.616 million), India is still behind on its goals and may have to deal with a deadly third wave.
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Imported inflation is a greater concern in such countries as the prices of imported goods and goods that need to be imported (because of low production) are both expected to rise and feed on each other. In India, the wholesale price index touched an 8 year high of 7.39% driven by global fuel and manufactured product price rise.
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