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Vaccination cheapest cost to economic normalisation
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SME Times News Bureau | 15 May, 2021
Stepping up the vaccination drive is the cheapest as well as the most
viable policy path to economic normalisation, as per a research report
by Emkay Global Financial Services.
Accordingly, the report cited that this policy path was the best suited one given the strong positive externalities.
"The overall estimated welfare cost of vaccinating universal population
would be 0.6-0.7 per cent of GDP, assuming no wastage and optimal
distribution," Emkay's Lead Economist Madhavi Arora said.
"This
is much lower than the current 0.9-1 per cent loss of monthly output
amid existing soft local lockdowns, clearly implying a successful
vaccine strategy is the cheapest optimal policy path to economic
normalisation."
According to the report, there exists an average
monthly supply gap of 170 million jabs to cover universal population by
CY21-end .
"The vaccination drive is skewed state-wise and has
overall slowed substantially, with current '7 dma rate of 1.9mn shots,
50 per cent below the peak of 3.7mn' in March 21."
"The supply
gap is significant and can only be resolved by production ramp-up. Even
after assuming enhanced supply from July 21 and November 21, as per
Emkay calculations, there will still be a supply gap of 170mn jabs per
month on an average for covering universal population by end of this
calendar year."
The report's base case suggests that by March
2022 and July 2022, 70 per cent and 100 per cent of the universal
population will likely be vaccinated.
Lately, India reported
daily new record increases in coronavirus infections, prompting new
lockdowns as well as restrictive measures to curb the spread of the
pandemic.
The exponential rise in new coronavirus cases in India has been termed as a humanitarian crisis.
It also raises concerns about the country's economic recovery.
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