Economy

COVID-19 Costs India $15 Billion in One Month

COVID-19 Costs India $15 Billion in One Month

Preliminary government data showed today, Sunday, that India's trade deficit reached $15.24 billion in April. According to the figures, merchandise exports increased to $30.21 billion in that month from $10.17 billion a year ago, while imports rose to $45.45 billion from $17.09 billion. India underwent a strict nationwide lockdown last year to contain the outbreak of the coronavirus, which led to a significant drop in foreign trade volumes.

Meanwhile, White House medical advisor Anthony Fauci, in media statements on Sunday, indicated that India may need to impose a lockdown for several weeks to contain the sharp rise in COVID-19 infections and its variants. The government of Prime Minister Narendra Modi has so far resisted enforcing a nationwide lockdown to avoid repeating last year's experience, which caused suffering for many and dealt a blow to the economy.

The "Indian Express" newspaper quoted Fauci in an interview saying: "I think the most important thing right now is to get oxygen, equipment, medicines, personal protective equipment, and so forth." He added: "But among other things that must be done immediately is to issue an order for a nationwide lockdown." Fauci commented, "If a lockdown is imposed, it doesn’t need to last six months. A temporary lockdown can be implemented to curb the transmission cycle." He emphasized that "no one likes countrywide lockdowns... but if you do it for just a few weeks, it can have important effects on the dynamics of virus transmission."

Data from the Indian health ministry on Sunday recorded 392,488 new COVID-19 cases and 3,689 deaths in the past 24 hours. The total number of infections in India now stands at 19.56 million, along with 215,542 deaths attributed to the virus. Several states have imposed restrictions, particularly in Maharashtra (west) and the capital, New Delhi, where hospitals are on the brink of collapse. Authorities in New Delhi extended the lockdown for an additional week on Saturday.

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