The Delta variant started to ebb away its constraints, and a fresh threat has emerged. The Omicron variant of Covid-19, first discovered in South Africa, has infected several nations.
The data to trace the long-term impact of the strain is still insufficient. As the scientists work in haste to study and derive the threat, some facts are apparent . World Health Organization has cleared that the transmissibility of the new variant is twice that of the Delta variant.
Eventually, making it worse and more severe than the Delta variant. Delta variant was a dominant variant, causing high hospitalisation rates, but Omicron is anticipated to take over the dominance.
The Indian Health Ministry has confirmed 101 active Omicron cases across 11 states. The vaccines are partially efficient against the new variant. Amidst the new Omicron scare, the Centre has advised practising Covid appropriate behaviour more than ever now.
Through the pandemic, global economies have hit the bedrock. As the Indian economy hoped for better economic growth, the Omicron variant has posed a new risk.
Vulnerability Factor: Omicron v/s Inflation
Pre-eminent Central banks made it certain that global economies may survive Omicron but not inflation. For the past two years, the economies could not withstand the pressures brought by the pandemic.
The lockdowns caused a major shock to the markets. The inflation rates have surged as a consequence of setbacks in the economic machinery . The Omicron variant won’t spare the global economies, but inflation should cause more tumult and adversities.
The economic recovery of India could be more immune to the financial setbacks anticipated. The speeding pace of vaccinations in the nation might delay or prevent the harm of Omicron to the Indian economy, but there is no certainty.
The unemployment, inflation, and lowering GDP records of India before the pandemic only added to the turmoil. As the national economy is recovering from the clutch of Delta variant, it remains prone to the risk of Omicron and Inflation.
The Finance Ministry report conveys that India’s economic recovery might further strengthen, but the fresh variant will remain insecure to the recovery momentum.
Inflation in India
The report released by the RBI projects that the new variant calls for caution. On the other hand, inflation has spiked tremendously for the past few months. Food and fuel prices have seen enormous escalation. All of it has added up the inflationary pressures.
The wholesale prices peaked at 12.54% in October to 14.23% in November. The chief economist of ICRA, Aditi Nayar, stated that the inflation rate has been exceptionally steep.
The most significant rise was seen in the index of vegetables, which rose from 185.3 in October 2021 to 199.1 in November 2021, according to data released by the ministry of statistics and programme implementation.
The rapid outset of Omicron and rising inflation will dismantle the economies worldwide. With the new variant infecting people at a double rate, there barely seems to be any light as we proceed through the tunnel.
Despite adaptation to the lifestyle introduced by the pandemic, there is uncertainty and threat over the horizon yet again. The public and policymakers need to take control of the situation before another wave of distress takes over to avoid the crisis.
The inflation needs to be put under control as it has been on a benchmark spike. Besides this, the new variant needs to be given much attention before it wide spreads, hurting the people, healthcare infrastructure and economy.
