Indian economy to recover very fast: HDFC Bank CEO Aditya Puri

It can be noted that the economy is widely expected to contract in FY21, with some analysts pegging the GDP to decline by 5 percent. The entire first quarter has been a washout due to the continuing lockdowns with only essential services being allowed to operate.

PTI

June 18, 2020 / 04:54 PM IST

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HDFC Bank MD and CEO Aditya Puri has said Indian GDP will recover "very fast" and pointed out that it is essential to get the growth rate back to the pre-COVID levels.

The largest lender in the private sector will emerge from the COVID-19 pandemic "way way stronger" than it ever was, Puri said in an e-mail to the bank's employees earlier this month.

It can be noted that the economy is widely expected to contract in FY21, with some analysts pegging the GDP to decline by 5 percent. The entire first quarter has been a washout due to the continuing lockdowns with only essential services being allowed to operate.

Coronavirus India News LIVE Updates

Earlier on Thursday, worries over growth led global agency Fitch to revise down its outlook on the sovereign to "negative" while affirming the rating.

COVID-19 Vaccine

Frequently Asked Questions

How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

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There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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