The Reserve Bank Of India (RBI) noted in a latest update that signs of the ebbing of the second wave of the pandemic are cautiously becoming evident. In fact, the data suggest that the second wave is rolling back almost as fast as it rolled in. The pandemic is a real shock with real consequences. Hence, there is a need to ensure that the recovery is built on a solid foundation of business investment and productivity growth. Life- and work-style transformation such as increased remote work and online shopping may likely endure. When patterns of demand shift, some firms may face closure. Some industries may become permanently smaller. At the same time, existing firms in industries experiencing increased demand may expand and new ones will emerge.
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