The second wave of COVID has destroyed India's hopes of an economic revival in 2021.In the absence of universal vaccination, we are now staring at another year of economic slowdown, if not a recession.
The second wave of COVID has destroyed India's hopes of an economic revival in 2021.In the absence of universal vaccination, we are now staring at another year of economic slowdown, if not a recession. Last year, a global recession pushed down prices of raw materials and helped India's corporates make record profits even though their sales dropped. This year, a global recovery is pushing up raw material costs and that will put pressure on corporate profits. That means, even those who depend on the corporate sector may face a worse year in 2021.