Finmin pins hope on vaccine drive for robust recovery in services sector

The Finance Ministry on Tuesday said that the mega vaccination drive against Covid-19 is supporting the economic recovery process, as it pinned hopes of a robust comeback in the worst affected-services sector. It also underlined that the estimated contraction of output to 7.7 per cent of growth domestic product (GDP) in FY21 is much smaller than originally apprehended. It further said that India has been able to avoid the second wave of the pandemic and limit the fatality rate to one of the lowest globally. 

The finance ministry’s Department of Economic Affairs (DEA) in its Economic Review for January said,