According to one study, the cost of vaccinating all Indians over the age of 18 against Covid-19 will be less than one percent of the country’s annual GDP.
The estimate was released at a time when the center and states are arguing over the price gap for Covid-19 vaccines. However, if the center and states work together to vaccinate all Indians over the age of 18 – estimated at 84.2 crore from 133 crore – it would cost Rs 671.93 billion.
The Indian Ratings study estimates that the cost of vaccinating 84 million people will cost central government Rs 208.70 billion, while state governments combined will have to spend Rs 463.23 billion.
The estimate shared in the study is based on the vaccine price formula announced on Wednesday.
0.36% of GDP
According to India Ratings, $ 671.93 billion is just 0.36 percent of the country’s annual GDP and isn’t a huge amount.
If the cost burden were shared between the center and their respective state governments, the tax impact on the center’s budget would be 0.12 percent of GDP and 0.264 percent on state budgets, according to Indian Ratings.
“Given the scale of the problem and the economic cost that the second wave of the Covid-19 pandemic is likely to inflict on the economy, it is too small,” India Ratings said.
According to the study, the maximum impact on the gross domestic product (GSDP) of Bihar will be 0.60 percent, followed by Uttar Pradesh (0.47 percent), Jharkhand (0.37 percent), Manipur (0.36 percent) and Assam (0.35 percent), Madhya Pradesh (0.30 percent) and Odisha (0.30 percent).
“Out of the total vaccine requirement, Rs 50.90 billion has already been spent on obtaining 214 million doses, and the remaining amount to procure 1,554 million doses would be an additional Rs. 621.03 billion,” the study said.
However, the study found that it would be a recurring expense for the center and state households, as the antibodies generated by Covid-19 vaccines are expected to last 12 to 18 months.
It should be noted that the study takes into account the fact that many states such as Kerala, Chhattisgarh, Bihar and Madhya Pradesh have already announced that they will bear the cost of vaccinating people over the age of 18.
The study also suggests that vaccination by large corporate groups will further ease pressure on state and central budgets.
MUST FAST VACCINATION
The Indian Ratings study also highlights that the decisive factor in the fight against Covid-19 depends on how quickly the desired level of vaccination can be achieved.
The decision of the central government to allow the use of the Russian vaccine Sputnik-V and other vaccines approved by the US, the European Union (EU) and the World Health Organization (WHO) in an emergency is “a step in the right direction”.
Following the second wave of Covid-19 that is sweeping the country at an alarming rate, the central government has announced a liberalized and accelerated phase 3 strategy for Covid-19 vaccination.
As part of this strategy Everyone over the age of 18 is entitled to the Covid-19 vaccine Doses dated May 1, 2021. The government has announced that this system will provide flexibility in the pricing, procurement, eligibility and delivery of coronavirus vaccines.
While the vaccination campaign continues as before, and high-priority populations such as healthcare workers, frontline workers and populations over 45 years of age will be vaccinated for free, Union states and territories have been allowed to purchase additional doses of Covid-19 vaccine directly from manufacturers and suppliers open vaccination for people over 18 years of age.
As a result of this policy, Indian vaccine manufacturers would now supply 50 percent of their production to the central government and the government The remaining 50 percent would be available for procurement by the state governments and the free market.
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