Some bright spots

There are still a number of risks to durable economic recovery

There have been some points of good news for the Indian economy in recent days, suggesting that the impact of the second wave of the pandemic on economic output and activity has not been as great as was initially feared. One important such data point is the figure for the advanced collection of personal income tax and corporation tax in the first quarter of the current fiscal year. Compared to the equivalent quarter of the previous year — the one in which the initial nationwide lockdown had really begun to bite — advance tax collection grew almost 150 per cent,