Mapping recovery

India needs a new medium-term economic road map

The deadly second wave of the pandemic has upended the recovery process and output is likely to have contracted sequentially in the April-June quarter, compared to the preceding one. The IHS Markit India Manufacturing Purchasing Managers’ Index, for instance, showed a contraction for the first time in 11 months in June. Analysts noted that companies were getting worried, which resulted in a lower output projection. The eight-industry core sector showed an expansion of 16.8 per cent, year-on-year, in May because of a lower base. However, output contracted by 3.75 per cent on a sequential basis. A decline in core sector