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Finance Minister Nirmala Sitharaman sees signs of eco rejuvenation
Finance Minister Nirmala Sitharaman
Will take all measures to eliminate use of crypto-assets: Finance Minister
New Delhi: The Union Finance Ministry on Tuesday said the economic impact of the second wave of the Covid-19 pandemic is likely to be muted and there are visible signs of economic rejuvenation.
According to the latest Monthly Economic Review released by the finance ministry, the robust recovery in tax collections cushions the fiscal situation towards meeting the budgeted support to the economy.
The recent sero-prevalence results signify that India can reduce the likelihood of severe illness due to Covid-19, if the country sustains the momentum of the vaccination programme.
"Having antibodies reduces the probability of acquiring serious illnesses, as is borne by studies. So, any subsequent waves are expected to be mild in terms of severity of disease," the ministry said in the report.
Further, the government said it will take all measures to eliminate the use crypto-assets in funding illegitimate activities or as part of the payment system.
In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary also said the government will explore the use of block chain technology proactively for ushering in digital economy.
"The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system," he said.
However, it is imperative that Covid-appropriate behaviour and due protocol is followed. At this juncture, it said, the economy and society are at a crucial inflection point where sustenance of economic recovery, vaccination progress and Covid-19 appropriate behavioural strategies are needed in close synergy with each other. With the second wave abating in most parts of the country and state governments lifting the restrictions in phases, there are visible signs of economic rejuvenation since the second half of May, it said.
"This resonates with the economic impact of the second wave expected to be muted," the report added. Noting that inflation has remained above the band of six per cent in May and June, the report said these pressures are likely to smoothen out in the coming months, with easing of restrictions, progress of southwest monsoon, and recent supply-side policy interventions in pulses and oilseeds market.
