There have been some points of good news for the Indian macro-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 data point is the figure for the advance 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, advance tax collection grew almost 150 per cent. But it might be premature to give in to optimism. The pandemic is far from over,