Too early to say 2nd wave has peaked; vaccine availability “national bottleneck”: Crisil

By: |
May 17, 2021 3:40 PM

Even as new COVID-19 infections have shown a declining trend, credit rating agency Crisil on Monday said it is too early to say that the second wave of the pandemic has peaked and flagged concerns over the vaccination drive.

covid, vaccineThe ministry added that daily Covid-19 positive cases in the country remained below the three-lakh-level for the third consecutive day on Saturday. However, the number of daily deaths continued to stay above the 4,000-mark.

Even as new COVID-19 infections have shown a declining trend, credit rating agency Crisil on Monday said it is too early to say that the second wave of the pandemic has peaked and flagged concerns over the vaccination drive. After opening up the vaccination for all adults, the drive has suffered because availability of vaccines has become a national bottleneck, the rating agency said in a report.

It said new cases touched 4.14 lakh on May 6, and have now declined to an average of 3.6 lakh a day for the week ended May 16. The decline in new cases offers some respite, but, it’s too early to call a peak, the report noted.
It also acknowledged that the new cases have fallen without a dip in testing numbers. India’s COVID-19 affliction curve has turned for the first time since the second wave began, with daily cases in the week ended May 16 falling 15 per cent sequentially, it said.

While vaccination was opened to all adults two weeks back to battle the fierce second wave, vaccine availability has become a national bottleneck, it said. As a result of this, some states have announced a temporary halt to their vaccination drive for the 18-44 age group and prioritised those in the 45 plus bracket, especially the second doses, it added. On the economic front, the agency said high-frequency indicators have continued to soften and the mobility indicators, in particular, have fallen to June 2020 level.

Meanwhile, in a note, American brokerage Morgan Stanley said the COVID-19 flare-ups in India are a temporary speed bump, not a permanent roadblock. The brokerage said it expects the Reserve Bank to cut rates by 25 basis points in December quarter. Even if the pace of vaccination in India is slower than developed markets, it would nudge Asia towards recovery, it said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Delta variant of coronavirus more transmissible, more dangerous, says US Surgeon General Dr Vivek Murthy
2Coronavirus pandemic: Centre classifies Delta Plus as variant of concern, issues advisory to affected states
3Mask compliance still remains low in India despite most lethal COVID-19 wave: Survey