New Delhi: In the midst of the weakening wave of Corona in the country, various things are happening about its third wave. Some experts say that the third wave of corona in the country will be more serious than before. At the same time, some say that there is nothing to worry about in the third wave. Meanwhile, SBI’s research report has made a big prediction about the third wave.
SBI’s research report has predicted a third wave in August. It has also been said that its peak will be in September. This research of SBI has been published under the name ‘Covid-19: The Race to the Finish Line’.
It has been said in the report that in the second week of July, the number of new patients will increase to 10 thousand. In India, 34 thousand 703 new cases of corona have been reported in the last 24 hours. Significantly, after 111 days, fewer cases have been reported in the country.
Family suffering due to rising debt
Amidst the pandemic, a scary news has come to the fore. A report by SBI Research has revealed that households in India are burdened with debt. The corona epidemic has had a huge impact on the income and economic condition of the people, due to which the debt has increased at the family level.
In this report of SBI Research, it has been said that in the financial year 2020-21, the debt on the family has reached 37.3 percent of GDP, as compared to 32.5 percent in the last financial year 2019-20.
The report also said that this debt ratio may increase further in the current financial year due to the second wave of the pandemic. However, the level of family debt has been increasing since the implementation of GST in July 2017. Earlier, demonetisation was implemented in November 2016.
According to the report, the debt level on households has increased by 7.20 percent in the four years since the financial year 2017-18. It was 30.1 percent in the financial year 2017-18, which increased to 31.7 percent in 2018-19, 32.5 percent in 2019-20 and 37.3 percent in 2020-21.
However, the household debt to GDP ratio in India is low as compared to other countries. It is 90 percent in Britain, 79.5 percent in America, 65.3 percent in Japan, 61.7 percent in China. Whereas Mexico has the lowest family debt to GDP ratio at 17.4 percent. Rising household debt means that the savings rate has come down due to increased consumption and health spending.
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