lagging due to slow access to vaccine and binding constraints on policy support. multilateralism will lose credibility if it fails to ensure equitable access to vaccine across countries. if we can secure the health and immunity of the poor, we would have made a great leap towards inclusive growth. global co - operation remains vital for rapid progress on this front. 19. needless to add that inclusive growth in the post pandemic world will require cooperation and participation of all stake holders. in india, collaborative effort of various stakeholders is helping accomplish a seemingly difficult task of accelerating the pace of vaccination. the private sector is developing and manufacturing the vaccines ; the union government is centrally procuring and supplying it ; and the state governments are delivering and administering it in every nook and corner of the country. india is now administering a record of about one crore doses of the vaccine every day across all segments of the population. 20. a major challenge to inclusiveness in the post pandemic world would come from the fillip to automation provided by the pandemic itself. greater automation would lead to overall productivity gain, but it may also lead to slack in the labour market. such a scenario calls for significant skilling / training of our workforce. we also need to guard against any emergence of “ digital divide ” as digitisation gains speed after the pandemic. further, the need for professional human resources trained in science, technology, engineering and mathematics ( stem ) is rising briskly. major technology - based firms have expressed their intention to hire many new professionals with skills in these areas. in the short - term, the supply of such a workforce cannot be increased by the traditional educational system, and thus there is a need for close involvement of corporates in the design and implementation of courses suitable to the changing industrial landscape. 21. as we recover, we must deal with the legacies of the crisis and create conditions for strong, inclusive and sustainable growth. limiting the damage that the crisis inflicted was just the first step ; our endeavour should be to ensure durable and sustainable growth in the post - pandemic future. restoring durability of private consumption, which has remained historically the mainstay of aggregate demand, will be crucial going forward. more importantly, sustainable growth should entail building on macro fundamentals via medium term investments, sound financial systems and structural reforms. towards this objective, a big push to investment in healthcare, education, innovation, physical and digital infrastructure will be required.

##s over recent decades ; growth differentials may partly be reflecting these improvements. as is evident in the right - hand chart, the relationship between the growth differential and capital inflows to emes seems to be quite strong. in particular, the rise in capital flows following the global financial crisis coincided with stronger relative growth performance in emes. and in 2011, capital inflows diminished along with the growth differential. another key driver of eme capital flows is global attitude toward risk. swings in sentiment between “ risk - on ” and “ risk - off ” have led investors to reposition across asset classes, resulting in corresponding movements in capital flows. 8 indeed, as shown in chart 3, the most common measure of uncertainty and the market price of volatility – the vix – is strongly correlated with net inflows into emes. although the causes of movements in global risk sentiment are uncertain, the ebb and flow of potential crises and policy responses, such as we experienced during the european crisis, are clearly important. of course, movements in risk sentiment may not be fully independent of monetary policy. an interesting line of research has begun to consider how changes in monetary policy itself may affect risk sentiment. for example, some studies indicate that an easing of u. s. monetary policy tends to lower volatility ( as measured by the vix ), increase leverage of financial intermediaries, and boost eme capital inflows and currencies. 9 see, for example, ahmed and zlate ( 2013 ), bluedorn and others ( 2013 ), fratzcher and others ( 2013 ), ghosh and others ( 2012 ), and imf ( 2011 ). see chen and others ( 2012 ), fratzscher and others ( 2013 ), hausman and wongswan ( 2011 ), imf ( 2013b ), and moore and others ( 2013 ). see ahmed and zlate ( 2013 ), forbes and warnock ( 2012 ), fratzcher and others ( 2013 ), and ghosh and others ( 2012 ). see ahmed and zlate ( 2013 ), bluedorn and others ( 2013 ), forbes and warnock ( 2012 ), and imf ( 2011 ). see bruno and shin ( 2013 ) and rey ( 2013 ). bis central bankers ’ speeches a second point to bear in mind when assessing monetary policy spillovers is that expansionary policies in the advanced economies are not beggar - thy