‘Omicron hit on GDP to be not over 5-10 bps’

The authorities expects that the Covid wave introduced on by the unfold of the Omicron variant of coronavirus is not going to have a destructive influence on financial progress of greater than 5-10 foundation factors, Anurag Jain Secretary, Department of Promotion of Industry and Internal Trade (DPIIT) stated on Thursday.
“We are reasonably confident that in the most probable case, a small blip which may give a 5-10 basis point difference in growth but otherwise we do not expect a lot of problems due to Omicron on the economic front,” he stated.
The DPIIT additionally introduced it has restarted monitoring supply of important commodities as states have began imposing restrictions on motion of individuals and items to limt the unfold of Covid.
Jain additionally famous that DPIIT was set to come back out with a revision in international direct funding (FDI) coverage to facilitate the disinvestment of Life Insurance Corporation of India (LIC). “The way our policy reads as of now, there will be problems in completing the disinvestment process for prospective investors,” he stated, noting that the DPIIT was within the technique of drafting required modifications in FDI coverage. —ENS