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After lumbering along for close to two months, India’s vaccination drive has picked up pace, and how! The Union Health Ministry said 2 million COVID-19 vaccination shots were administered between Monday and Tuesday.
That’s all the more impressive, considering that India has inoculated only 23 million people since the vaccination drive began on January 16. If this pace is maintained, India will be able to meet its target of inoculating 300 million citizens by the end of July, something which the Prime Minister had mentioned.
Unlike health workers, who were initially hesitant about getting the shot (as there was not enough clarity about the safety and efficacy of some vaccines at the time of approval, despite government assurances), the public has enthusiastically taken to the vaccines.
The vaccines’ acceptance has been boosted by the political class and celebrities from the film world to business getting the jab over the past few days. Its distribution has been enhanced by allowing private hospitals to administer the shot. Moreover, some of the biggest firms in the nation said they will bear the cost of vaccination for employees and their dependants.
A quick and efficient distribution of the vaccination is imperative to prevent a second wave and allow the economy to operate normally.
Already cases in India are rising. Some states such as Maharashtra have imposed localised lockdowns in several areas due to an alarming surge in fresh COVID cases. This might also be the reason why urban consumer confidence has taken a hit since February, as our economic recovery tracker shows. Moreover, there is a dip in the consumption of big-ticket items as well.
Now that the vaccine drive is accelerating, what more can be done?
One, as businessman and philanthropist Azim Premji suggested, allow the private sector – and not just private hospitals - to distribute the vaccine. Premji said that as many as 500 million Indians can be vaccinated in 60 days. After all, National Health Authority’s CEO RS Sharma said in an interview today, supply is adequate and states should plan better.
Second, should the government increase its vaccination focus on those states which are seeing the maximum surge in infections? Maharashtra, Kerala, Karnataka, Tamil Nadu, Gujarat and Punjab account for as much as 86 percent of new infections. Would this prevent a second wave from becoming a reality?
Here are today’s investment insights from our research team:
Oil prices: Decoding the forces and uncertainties driving crude
Praj Industries: Taking the lead in a growing space
CCL Products: Perfect blend to SIP
Hyderabad Industries – The re-rating has to go further
What else are we reading today?
Why Indian pharma wants more growth from its home market
Why companies are making a beeline for the government’s stake in BEML
Tyres: Demand holds up, but soaring input costs spook industry
Rise of the retail army: the amateur traders transforming markets (republished from the FT)
Technical picks: Shriram Transport Finance, Poly Medicure, L&T and Tata Power (These are published every trading day before the markets open and can be read on the app.)
Cheers,
Ravi Krishnan
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