Even as India is putting all its efforts in fighting the second wave of the Coronavirus pandemic, the need of the hour to ensure the economy is not disrupted, it needs to simultaneously prepare post-Covid 19 economic universe. Most inter-country relationships are likely to undergo major changes and India must find its rightful position in the new world economic order, EY’s Economy Watch said.
India needs to be ready to compete with China, US, and the EU for attracting investment. “The Atmanirbhar strategy has been well-conceived and is quite timely. All efforts should be made to attract investment into India so that India can play a major role in the global supply chains,” the study pointed out.
The report also said the country must focus on containing health and the economic dimensions of the second wave. “It may be recognized that the longer the second wave lasts, the more severe would be the adverse impact on the economy. There would be a race between the pace of Covid-19 vaccination vis-à-vis. the speed at which COVID-19 including its new mutants spread,” it said.
India’s projected growth rate -- expected to be in double digits -- for the current financial year is noticeably higher than other major economies of the world, with China at the second position. However, these growth projections may come under severe challenge if the current second wave is not brought under control quickly, the report added.