COVID-19 vaccination of at least half the population in India is key for revival of the economy, NITI Aayog Vice Chairman Rajiv Kumar said.
"We have the capability of vaccinating them in the next few months," Kumar was quoted as saying by The Times of India.
If the economy grows at 10-11 percent per year for the next few decades, the per capita income can be $16,000 by 2050, Kumar said at a webinar organised by industry body MCCI.
He listed five conditions for India to achieve this growth rate:
> India should increase its rate of investment from below 30 percent of Gross Domestic Product (GDP) to 35-40 percent of GDP.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
> India must raise the share of exports in GDP
> Share of manufacturing in GDP must increase
> Modernisation of agriculture
> The government will continue to remove regulatory hurdles for ease of doing business, and the private sector must demonstrate self-regulation to evolve as a responsible growth partner.
In India, healthcare workers, frontline workers and individuals aged 45 and above are currently eligible for vaccination. Everyone aged 18 and above will be eligible for vaccination from May 1.As of 7 am on April 29, 2.58 crore beneficiaries have taken their second shots of COVID-19 vaccines since the drive began, according to Union health ministry data.