Vaccination is the only option if India has to mitigate the impact of the possible third wave of Coronavirus infection, which is expected to reach its peak in the second week of August 2021, chief economic adviser of the State Bank of India (SBI), Soumya Kanti Ghosh told NDTV.
Discussing the major aspects of SBI's report titled ‘Covid-19: The Race To Finishing Line' which had released on July 5, Mr Ghosh said, “the peak of the third wave will depend on how far we are able to vaccinate. We are hoping that the number of cases in the third wave would be lower than the first wave.”
He also added that the seriousness of the infection spread through the Delta variant needs to be looked into.
“We need to focus on vaccinating more people to bring down the impact of infections,” Mr Ghosh said.
The SBI report had stated that third wave peak is going to be 1.7 times than the peak of second wave of pandemic.
According to the report, household debt jumped sharply to 37.3 per cent of the GDP during the pandemic affected year of 2020-21 compared to 32.5 per cent in 2019-20.
On this Mr Ghosh said, “rising household debt to GDP ratio is a point of concern. At the same time though, it is among the lowest compared to other nations.”
He expressed optimism that at some point of time it may decline.
On the huge deposit outflows at the beginning of the second wave of the pandemic, the SBI chief economic adviser said that if cases come down then deposit outflows rate will also improve.