Economic Impact of COVID-19 Second Wave Minimal So Far: Crisil Research

According to Crisil Research, the economic impact of the second wave of novel coronavirus has remained minimal so far in India with less stringent restrictions. "Few countries have escaped a second wave of the Covid-19 pandemic and it is India's turn now, with daily cases crossing the previous peak of September 2020. And this wave is spreading faster than the first, though with a lower fatality ratio," Crisil said in a statement.

"Initially concentrated in Maharashtra, new cases are slowly dispersing to other states, which have seen some dip in mobility towards end-March. So far, though, the economic impact remains minimal, with localised restrictions. Maharashtra, the worst impacted state, has introduced somewhat stringent restrictions that will temper mobility and contact-based services," it added.

The statement added that mobility at the all-India level has remained nearly unaffected ever since a boom in cases since mid-February. However, mobility in Maharashtra is beginning to weaken.

From March 29 to April 4, the covid cases surged from 68,000 to over 1 lakh. Of the total cases during the same period, Maharashtra accounted for 55 percent of new covid-19 cases. Even though Gujarat, Chhattisgarh, Madhya Pradesh and Punjab accounted for fewer share, these states witnessed the highest growth rate in new news cases after Maharashtra.