Since the pandemic the US has only exported 3mm vaccine doses, only about 1% of its total production. Other countries have shared much more China exported (42%), India(35%) and the EU(28%). US President Joe Biden said 20mm doses of Moderna, Pfizer and Johnson & Johnson would be shared with other countries. US has also pledged to export 60mm doses of Astra Zeneca. The Rserve Bank of India (RBI) has estimated that the second wave may result in a Rs 2 lakh-crore loss in output during the current fiscal, in what is the first such exercise conducted by the central bank or the government. A loss of economic output may not have a direct corelation with the GDP, but points to some loss in the value-addition across the economy. Already, several agencies, including projections for the year. The RBI's output loss is factored into its revised GDP forecast in the latest monetary policy estimates, where it slashed growth projections from 10.5% to 9.5%. The state of the economy report released on Wednesday said the projection was on the assumption that result GDP will grow by 18.5% in the first quarter, which is on a much lower base given the contraction last year. Providing more details on the economic impact of the second wave, the RBI said the rate of decline in deposits has been higher, indicating that household savings have dropped in sharp contrast to the first wave. "Additionally, currency holding with the public has also decelerated significantly to 1.7% during April 2021 in comparison to the growth of 3.5% a year ago, implying heavy outgo towards Covid-induced medical expenditure. It said the second wave's toll is higher due to thei mpact on domestic demand as several aspects of aggregate supply, such as agriculture and contactless services, are holding, while industrial production and exports have surged amid pandemic protocols.
