The Union Health Minister Mandaviya says, the campaign of COVID-19 saved more than 3.4 Million lives and it creates a positive impact on our economy. On 24 February 2024, Dr Mandaviya released a paper that says, after recording accounts of the COVID-19 vaccination campaign, It benefitted $15.42 Billion of net worth. The paper was released by Stanford University and Institute for competitiveness, named Healing the Economy: Estimating Economic Impact of Vaccination and Related Measures authored by, the lecturer of Stanford University, Dr Amit Kapoor and Director of US Asia Technology, Dr Richard Dasher.
Dr Mansukh Mandaviya also said that adopting an effective support strategy for efficient and effective management of COVID-19 is helping India to adopt the whole Government and public in a proactive and graded manner.
The paper also discusses the role of preventing the spread of coronavirus and it gave prominence to India which saved more than 3.4 million lives through the COVID-19 vaccination campaign on a very large scale. It resulted in a positive impact on the economy of India and the campaign prevented a loss of $18.3 billion but a net benefit of $ 15.42 billion which was recorded after the cost of the vaccination campaign. India began its vaccination drive in January 2021 and it has preceded over 2 billion doses till December 2, 2022, including first, second and booster shots.
The Union Health Minister further said the government is focusing on improving the health infrastructure in terms of COVID-19 such as drugs, beds other equipment like PPE kits, N-95 masks and medical oxygen. They are working to upskill the human resources through centres of excellence and utilising digital solutions like Aarogya Setu, COVID-19 India portal etc.
As per the Standing University report, The development of COVAXIN and Covisheiled helped the country to fight this dangerous virus and the vaccination tolled up to $21.5 billion which decreased the pressure on hospitals and the government.
According to the International Monetary fund, India spent $280 billion directly and indirectly on COVID resulted in a positive impact on the economy.
Dr Mandaviya added that the schemes which were launched helped to encourage the MSME sector and nearly 10.28 million were provided assistance which resulted in a great impact on the economy of US $ 100.26 Billion which is 4.90%of our GDP.
Schemes like Pradhan Mantri Garib Kalyan Ann Yojana ( PMGKAY) provided free food grains to over 800 million people which impacted the best economy by approximately $26.24 billion according to the ministry of health and family welfare. Also under PM, Garib Kalyan Rozgar Abhiyan nearly four Million beneficiaries were employed people which created an overall benefit to the economy of $ 4.81 billion.
How coronavirus vaccine benefits India?
The COVID-19 vaccine has the potential to provide several benefits to the Indian economy. Here are a few ways in which the vaccine could positively impact India’s economy:
With more people getting vaccinated, there could be a boost in economic activity. People will feel more confident about going out to shops, restaurants, and other public places, leading to an increase in consumer spending. This could lead to an increase in economic growth and job creation.
The COVID-19 vaccine can help reduce the burden on India’s healthcare system. By reducing the number of COVID-19 cases, hospitalizations, and deaths, the vaccine could reduce the overall healthcare costs in the country.
The availability of a vaccine could help improve investor confidence in the Indian economy. Investors will feel more confident about investing in India, leading to an increase in foreign direct investment (FDI) and domestic investment. Increased global trade: India is a major exporter of generic medicines and vaccines. The development and distribution of the COVID-19 vaccine could boost India’s global trade and export potential.
The COVID-19 pandemic has had a significant impact on people’s mental health and well-being. The availability of a vaccine could improve public sentiment and help people feel more positive about the future. This could lead to an increase in consumer spending and economic activity.
Overall, the COVID-19 vaccine has the potential to provide several benefits to the Indian economy, including a boost in economic activity, reduction in healthcare costs, improved investor confidence, increased global trade, and improved public sentiment.
