India’s growth would still be in double digits despite second Covid wave: SBI

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As various states imposed partial lockdowns and night curfews to contain the Covid 19 spread, State Bank of India (SBI) revised India’s growth rate from 10.4 percent in the current financial year from an earlier 11 per cent.</p>
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An SBI report said that the stringent lockdown in Maharashtra which is economically the biggest state will have a substantial impact on growth SBI has estimated the loss owing to the lockdown to be around Rs 82,000 crore in the state. However, it could further increase if restrictions are further tightened.</p>
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According to SBI’s projections based on experience in other countries, India’s Covid 19 peak will happen around the third week of May.</p>
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“Our model suggests that the estimated peak time is 96 days from 15 February, indicating the peak happening in the third week of May. It may be noted that we are incrementally adding around 15,000 more cases over the peak of the previous day as of today, though such numbers are difficult to predict,” the report said.</p>
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Earlier in another report, SBI noted that a mass vaccination drive is the need of the hour. “Localised lockdowns/restrictions have not resulted in controlling the spread of infection. This is visible in case of many states including Maharashtra and Punjab,” the study said, adding that the loss arising of such restrictions and lockdowns in terms of livelihood loss and hunger and disease is much severe.</p>