India's Covid surge is an early hint of a fourth wave of pandemic, a Japanese brokerage said Friday, adding that the rising cases, however, do not pose a risk to growth in near-term.
However from a medium-term perspective, there are headwinds for growth like high inflation, weak private capex and slower global growth, Nomura said in a report.
India logged 3,377 new Covid-19 cases taking the country's total tally of cases to 4,30,72,176, while the active cases rose to 17,801, according to the Union Health Ministry data updated on Friday.
The death toll climbed to 5,23,753 with 60 fresh fatalities. The active cases comprise 0.04% of the total infections, while the national Covid-19 recovery rate was recorded at 98.74%. "Near-term growth should be supported by continued normalisation as services catch up and due to lagged effects of easy monetary policy and government capex.