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India's overall economic activity remains strong, says RBI article

India’s overall economic activity remains strong, driven by an upbeat consumer confidence and uptick in bank credit, and expectations that Omicron may turn out to be a "flash flood rather than a wave" have further brightened the prospects, according to a RBI article.

"On the vaccination front, India has made rapid strides. On the Omicron variant, the recent data from the UK and South Africa suggest that such infections are 66 to 80 percent less severe, with a lower need for hospitalisation,” the article on the state of economy published in the RBI Bulletin said on Monday.

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