India’s economic recovery from Covid-19 shocks is V-shaped. The recovery is rapid but it peters out before it is complete. Every shock, it seems, leaves a little transaction cost behind. India can therefore choose to celebrate the rapid recovery from the excruciating pain of lockdowns or bemoan the steady erosion of well-being and growth potential. A balanced view of course, is a better option. There is no doubt that the recovery from the first Covid-19 shock of early-to-mid 2020 was V-shaped. There were reasons to celebrate.
But, it is now becoming increasingly clear that the recovery from that serious setback
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