Need economic plan to counter COVID-19 second wave catastrophe
Blanket lockdowns, of the sort that have been imposed in Delhi and Karnataka, will kill the economy if they continue for any length of time beyond the initial couple of weeks
April 28, 2021 / 08:33 AM IST
A man walks with his bicycle in front of the Brihanmumbai Municipal Corporation (BMC) building and the Chhatrapati Shivaji Maharaj Terminus (CSMT) during a weekend lockdown to limit the spread of COVID-19 in Mumbai, Maharashtra on April 10, 2021. (Image: Reuters/Francis Mascarenhas)
The second wave in coronavirus infections appears to be leading the country towards severe economic catastrophe. This is particularly because all official hope had centred around a robust 11 per cent recovery in the current year which would go a long way in making up for the 7.7 per cent economic contraction that had occurred last year.
As things stand, we may well have two successive years of contraction or near contraction in an economy which had not fully recovered...