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Home Economy

How is rapid acceleration in vaccination coverage going to help the Indian Economy to cross 5 trillion by 2024-2025?

Government and its claims.

Fatima Jamali by Fatima Jamali
March 10, 2022
in Economy
Reading Time: 2 mins read
How is rapid acceleration in vaccination coverage going to help the Indian Economy to cross 5 trillion by 2024-2025?
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India hits the 100-crore Covid-19 Vaccine milestone on Thursday. India is the second country after China to have hit this huge milestone and now is a part of that exclusive club of countries that has administrated 100 crores of Covid-19 vaccines.

Vaccination displays of developing countries with large populations such as the United States, Brazil, and Indonesia have been a straight line from the very beginning but India has moved quite slowly but steadily. According to Government data, almost 75% of the eligible population has administered at least the first dose of the vaccine. Eight Indian states and Union territories have shown a complete vaccination of 100% of its first dose. Four states and UTs have achieved more than 90% of their first dose.

India took 85 days to administer the first 10 crores of million and the next 10 crores in 28 days and took 76 days to hit the 100 crore mark. A landmark record of 2.5 vaccinations was observed on September 17, 2021. 76 days were taken to hit this 100 crore benchmark.

How is rapid acceleration in vaccination coverage going to help the Indian Economy to cross 5 trillion by 2024-2025?
image source: knocksense

While addressing the nation on Friday, Prime Minister Narendra Modi congratulated and hailed the mutual efforts of everyone in achieving this target and said how the post-pandemic economy of a country is bouncing at a high pace.

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He said, “Experts and many international agencies have given a positive forecast of the Indian Economy, not only India is getting record investment, but it is also creating new job avenues for the youth.” He highlighted upon buying local and helping the local and domestic manufactures to grow which will help the economy to grow. He emphasized buying from local sellers and promoting “Made in India’’ which will directly play a part in boosting the economy.

How is rapid acceleration in vaccination coverage going to help the Indian Economy to cross 5 trillion by 2024-2025?
image source: indiatimes

The Narendra Modi-led government set the target to take the economy to USD 5 trillion by the year 2024-25. This looked inconceivably ambitious by seeing the conditions of the current economy to Eminent Economist R. Nagaraj of the Institute of Development Research (IGIDR). India’s GDP growth has not been seen in a worthy condition in a few years. It is seen dipping to 11 years low of 5 per cent in the current fiscal. India’s export to GDP has declined very tremendously since the 2010s. “So I don’t see any signs of reversal of trends he mentioned.”

This claim of boosting the economy to 5 USD trillion looks quite dubious. The ruling BJP government has to work rigidly to make this claim into reality. Just making statements and claims is not going to help the conditions of people living below the poverty line and those surviving on less to no resources.

 

Also Read:  India aims at double-digit economic growth in 2021: Nirmala Sitharaman

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