The surge in COVID-19 cases in India associated with the Omicron variant may delay the recovery in micro, small and medium enterprises (MSMEs) and microfinance lending, adding to asset-quality risks for Indian non-bank financial institutions (NBFIs), Fitch Ratings said in a statement. India added over 2.64 lakh new COVID cases in the last 24 hours. 5,753 cases of the Omicron variant has been detected in the country so far.

During April-December 2021-22, exports rose 49.66 percent to USD 301.38 billion. Imports during the period surged 68.91 percent to USD 443.82 billion, leaving a trade deficit of USD 142.44 billion, the data showed.

Indian billionaires saw their combined fortunes more than double during the COVID19 pandemic, and their count shot up by 39 per cent to 142, while the wealth of the ten richest is enough to fund school and higher education of children in the country for 25 years, a new study showed on Monday. In its annual inequality survey released on the first day of the World Economic Forum's online Davos Agenda summit, Oxfam India further said that an additional one per cent tax on the richest 10 per cent can provide the country with nearly 17.7 lakh extra oxygen cylinders, while a similar wealth tax on the 98 richest billionaire families would finance Ayushman Bharat, the world's largest health insurance scheme, for more than seven years.

Noting that manufacturing and several categories of services remain in expansion, the RBI article said, "Overall economic activity in India remains strong, with upbeat consumer and business confidence and upticks in several incoming high-frequency indicators". "Expectations that Omicron may turn out to be more of a flash flood than a wave have brightened near-term prospects," it said.