This week has brought some much-needed good news for India’s beleaguered economy. Activity data for September released over the past few days have been encouraging, while there has been a further drop in new recorded COVID-19 cases. But plenty of caution is still warranted. After all, new cases in India remain – by far – the highest in the world, and containment measures are likely to stay in place for a long time yet. And the experience of other economies suggests that domestic demand will continue to struggle even after restrictions are eased in earnest.
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