The Indian economy was going through an unprecedented slowdown that was exacerbated by the first wave of the COVID-19 pandemic and resultant national lockdown. Just as the economy was showing signs of recovery, the country has been hit by the virulent second wave. With multiple localised lockdowns, a halt on mobility and economic activity and an unprecedented health crisis, this time, the ravages of the pandemic are being felt across the nation, even rural areas.
What has been the impact of the second wave on India’s economy and how does it differ from the first wave? In this episode of India Speak, Yamini Aiyar (President and Chief Executive, CPR) speaks to Pranjul Bhandari (Managing Director and Chief India Economist, HSBC). Bhandari sheds light on the state of India’s economy before the second wave hit, the implications of the second wave particularly for the informal sector and why it needs a special focus and what a policy response to the economic crisis from the Centre and states should look like.
About the Series
The second wave of the COVID-19 pandemic poses serious challenges that need immediate attention. The collapse of an already strained health system, vaccine supply shortage, an unprecedented economic crisis and sharpening inequality, are factors that raise crucial concerns. How must India confront this crisis? The Centre for Policy Research (CPR) brings leading experts to discuss what the country’s response should look like in a new podcast series, India and the Pandemic.