Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ News / India/  Govt to monitor Covid data for 6 weeks to decide on economic intervention: Sanjeev Sanyal
BackBack

Govt to monitor Covid data for 6 weeks to decide on economic intervention: Sanjeev Sanyal

Sanyal made the statement amid criticism of the government for its alleged poor planning which led to hardship to people and the economy

Sanjeev Sanyal. (ANI Photo)Premium
Sanjeev Sanyal. (ANI Photo)

The Centre will closely monitor Covid-19 infection data for six weeks to chart the path it needs to walk for economic intervention, rather than making announcements based on projections of the third wave of the pandemic, Principal Economic Advisor to the finance ministry, Sanjeev Sanyal said.

Sanyal made the statement amid criticism of the government for its alleged poor planning which led to hardship to people and the economy.

"We are dealing with uncertainty. Third wave may happen but we don't know how it will unfold. We need to take some steps against the third wave as a policymaker, and we will carry monetary and fiscal interventions if required.

"But we need to watch carefully the high-frequency data for six weeks and monitor the testing rather than prejudge how it will behave," he said at an interactive session with MCCI.

On the possible interventions in wake of the third wave threat to the economy, the economist said, "Our response is partly contingent on how exactly things span out."

Sanyal said that fresh interventions could be targeted at sectors based on actual situations rather than generalised ones.

"With the steps already taken on the demand side, some sectors are already redhot, but some sectors like tourism and hospitality are not. If generalised interventions are done, the demand and the growth will spurt but will have the problem of inflation," he said.

Sanyal said that the government would like to respond quickly based on actual data instead of assumptions.

He said that planning and forecasting will work in case of vaccination, which is the only solution to get out of the "switch on and switch off (lockdowns)" mode and the nation does not want to go back to a "blunt" nationwide lockdown.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 24 Jun 2021, 08:53 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App