According to a recent report released by the Union health minister, Mansukh Mandaviya, on Friday, India saved at least 3.4 million lives by implementing a nationwide Covid-19 vaccination campaign on an unprecedented scale. The vaccination campaign also had a positive economic impact by trying to avert a loss of $18.3 billion.
Moreover, the vaccination campaign produced a net gain of $15.42 billion (after taking into consideration the cost of the vaccination campaign).
India launched its Covid vaccination drive on January 16, 2021, and within a year, at least 90% of the population had received at least one shot, making it one of the biggest and most effective Covid vaccination drives ever.
India systematically tackled Covid-19 using a strategy based on three cornerstones-Containment
“India systematically tackled Covid-19 using a strategy based on three cornerstones-Containment, Vaccination, and a comprehensive yet targeted Relief Package. The uniqueness of each of the three approaches is in the manner in which they were implemented. The calibrated approach used by India in formulating a relief package, as opposed to a front-loaded stimulus package, played a major role in bringing a resilient post-pandemic trajectory,” wrote the authors.
17% of the world’s population lives in India.
Richard Dasher, director of the US-Asia Technology Management Center at Stanford University, and Amit Kapoor, honorary chairman of the Institute for Competitiveness India and lecturer at Stanford University, are the writers of the paper, Healing the Economy: Estimating the Economic Impact of India’s Vaccination and Related Measures.
The paper was presented at The India Dialog, a two-day conference held at Stanford University.
The $280 billion (per IMF) spent through direct and indirect support, according to the study, also had a positive effect on the economy. Free food grains were given out to 800 million people as part of the Pradhan Mantri Garib Kalyan Yojana, which the authors estimate had a $ 26.24 billion economic impact. 4 million beneficiaries of the PM Garib Kalyan Rozgar Abhiyan were given jobs, which had a total economic impact of US$4.81 billion.
“India under the leadership of honourable Prime Minister Narendra Modi ji adopted a ‘Whole of Government’ and ‘Whole of Society’ approach in a proactive, preemptive and graded manner, thus adopting a holistic response strategy for effective management of Covid-19,” said Mandaviya while delivering the keynote address virtually in the conference.
“. a constant coordination among stakeholders at the centre, state, and district levels, was observed which not only helped mitigating the adverse effects of COVID-19 but also provided an impetus to the economic activities. The relief package by the government catered to the welfare needs of the vulnerable groups, old age population, farmers, MSMEs, women entrepreneurs amongst others and also ensuring support for their livelihoods,” added the health minister.
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