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As India completes the third edition of the lockdown and the prime minister and the finance minister announce a Rs 20 trillion cumulative package, a few things are apparent. First, India did the right thing by enforcing the lockdown. A logical corollary is the dilemma that we are facing in making an informed exit. We believe with proper design and implementation, the Rs 20 trillion package can strongly support our sovereign ratings, even though India has limited fiscal space.
First, the administrative part. Contrary to public perception, India has tested 2.03 million samples, more than Canada and France and almost as many as the UK. At this rate, India is likely to test more than that by Spain and match
