The second wave of the pandemic has struck India with a devastating impact. With over 3,00,000 new cases and 3,000 deaths across the country each day at present, the total number of deaths has just passed the 2,00,000 mark – that is about one in 16 of all Covid-19 deaths across the world. It is also evident that the India statistics are significant underestimates.
The virulence of the second wave in India seems to be related to a confluence of factors: government complacency driven by poor data collection and being in denial about the reality of the data, a new variant with a hockey-stick shaped growth curve and some very large and unregulated religious and political events.
It is clear that there is now a humanitarian crisis of significant proportions. India is a country of around 140 crore people and makes up a sixth of the world’s population. Here are some ways in which it is also going to affect the world economy: