Part and parcel of the nationwide lockdown announced to combat the spread of Covid-19 is that most industrial units are either shut or operating at a fraction of their capacity. One consequence is that demand for electricity has fallen sharply, hitting a five-month low on just the first day of the national lockdown. Industrial demand, together with the offtake from Indian Railways — passenger services of which have also been suspended — constitutes 40 per cent of national power demand. The other issue is that the industrial segment of the market is the paying section, which helps cross-subsidise domestic and