No one could have predicted that situation during wave II would be so bad that so many people would lose their lives without getting proper medical care and attention. There is huge shortage of life saving medicines, oxygen cylinders, ICU and ventilators. News are coming that people are dying outside the hospitals in the ambulances as there is no bed available in the hospitals.
Medical and para medical personnel are under huge pressure as they are on duty to serve the large number of infected patients.
Govt. is trying its best to cope up with the situation but as the number is increasing day by day, things are looking out of control and only almighty can save this world.
In this critical situation if we talk about banking industry in India, it is really under pressure and as the O2 level of Covid infected people is coming down banks should also be warry of its saturation level.
State of Indian Economy and Banking-A Data Story: To understand the impact of Covid pandemic on the Banking it is important to analyze some of the key data related to Economy and Banking in India.
A. GDP Growth Forecast: GDP growth projection by some of the international agencies are as below:
Even after the outbreak of Covid 19 wave 2, different rating agencies has revised the FY22 GDP forecast like Moody revises to 9.% , crisil to 8.2%, Fitch 9.5% S & P 9.8% which shows that still the GDP growth will be around 9%.
The above projection shows that there is nothing more to worry regarding overall economic activity in India.
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