FM sees signs of eco rejuvenation

The Union Finance Ministry on Tuesday said the economic impact of the second wave of the Covid-19 pandemic is likely to be muted and there are visible signs of economic rejuvenation.

According to the latest Monthly Economic Review released by the finance ministry, the robust recovery in tax collections cushions the fiscal situation towards meeting the budgeted support to the economy

The recent sero-prevalence results signify that India can reduce the likelihood of severe illness due to Covid-19, if the country sustains the momentum of the vaccination programme.

"Having antibodies reduces the probability of acquiring serious illnesses, as is borne by studies. So, any subsequent waves are expected to be mild in terms of severity of disease," the ministry said in the report.

Further, the government said it will take all measures to eliminate the use crypto-assets in funding illegitimate activities or as part of the payment system.

In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary also said the government will explore the use of block chain technology proactively for ushering in digital economy.

"The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system," he said.