Indian Medical Infrastructure is well Prepared to combat possible Third Wave of Covid-19, says Nirmala Seetharaman

By: WE Staff | Friday, 2 July 2021

India has ramped up its medical infrastructure and is well prepared to deal with the situation if there is a third wave of COVID-19, Finance Minister Nirmala Sitharaman said, adding that enhanced revenue collection would help in meeting the challenges.

Speaking at the India Global Forum, she also said with economic activity picking up, the government's planned CPSE privatisation drive is on course.

"No one wishes a third wave but on the infrastructure, medical infrastructure, I think we have given that kind of attention... we have announced different measures to improve on the medical infrastructure, in tier II, tier III cities and not just those in metropolitan towns.

"The ramping up of medical infrastructure, looking at different segments of the population, looking at children, is happening at good speed. God forbid, if there is a third wave, we are medical infrastructure wise well prepared," she said.

Sitharaman announced new stimulus measures earlier this week, saying that states would receive additional funding of Rs 23,220 crore for the establishment of paediatric care and hospital beds.

As part of the measures to revive the economy battered by a severe second wave of COVID-19, a Rs 50,000 crore credit guarantee scheme for the establishment of medical or health infrastructure by private hospitals in cities other than the eight metropolitan cities was also announced.

The minister went on to say that 45-50 lakh people are vaccinated every day, and that a total of 33 crore people have been vaccinated.

"The way in which we are moving towards greater coverage in vaccination, I hope we would able to keep most of the vulnerable population from the attack of the virus," Sitharaman said.

She also stated that GST revenues have remained consistent over the last eight months, surpassing Rs 1 lakh crore.

"I hope that will be sustaining because now there is no national level lockdown, economic activity is happening and its picking pace. So revenue generation, I think, will give us a bit more leeway to be able to keep some resources for meeting up with the challenge."

In dealing with both waves of the pandemic, the minister also stated that the government used the "maximum possible leverage" it had in terms of access to ordinary people.

In terms of privatisation, Sitharaman stated that it aids in the efficiency of the private sector. She noted that due to the pandemic, there were few share sale offers in 2020.

The government expects to earn Rs 1.75 lakh crore from minority stake sales and privatisation in the current fiscal year.

Of the Rs 1.75 lakh crore, Rs 1 lakh crore will be generated by the sale of the government's stake in public sector banks and financial institutions, while Rs 75,000 crore will be generated by CPSE disinvestment receipts.