Third Wave Of Corona May Hit India In August, Peak Expected In September: SBI Report

It has also been said in the report that due to the second wave of the pandemic, this ratio of debt may increase further in the current financial year.

New Delhi: Amidst the weakening wave of corona in the country, different things are being said about its third wave. Some experts say that the third wave of corona in the country will be severe 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 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 the last 24 hours, 34 thousand 703 new cases of corona have been reported in India. Significantly, after 111 days, few cases have been reported in the country. 

Families suffer due to increasing debts

Frightening news has come to the fore in the pandemic. A report by SBI Research has revealed that the families of India are burdened with debt. The corona pandemic has had a huge impact on the income and economic condition of the people, increasing the debt at the family level.

This report of SBI Research says that in the financial year 2020-21, the debt on the family has reached 37.3 percent of the GDP as against 32.5 percent in the last financial year of 2019-20.

It has also been said in the report that due to the second wave of the pandemic, this ratio of debt may increase further in the current financial year.  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 level of debt on households has increased by 7.20 percent in the four years from 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 jumped to 37.3 percent in 2020-21.

However, the family debt to GDP ratio in India is less as compared to other countries. It is 90 percent in Britain, 79.5 in America, 65.3 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 decreased due to increased consumption and spending on health.