The second Covid-19 wave, which was at one point of time considered to be less severe, has taken more than 100,000 lives in India during the three months since February. While only a handful states had strict lockdowns, with others experimenting with weekend and night curfews, lockdowns have expanded both geographically and in intensity.
Last year’s nationwide lockdown had chipped away a fourth of the quarterly GDP. Though the lockdowns led by states aren't as severe, Nomura’s Business Resumption Index points to deteriorating economic activity sequentially from February to May.
It is thus a given that jobs and incomes will

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