REOPENING

THE ECONOMY

DECEMBER 5

BATCH A3

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Project report submitted in fulfilment of the requirements for the Degree of

BACHELOR OF TECHNOLOGY

By

AKASH SRIVASTAVA
Enrolment No. 17102206

ADITYA TYAGI
Enrolment No.18102064

ABHILASHA GOEL
Enrolment No. 19102236

SHRUTI JAIN
Enrolment No. 19102088

RITVIK OJHA
Enrolment No. 19102234

Submitted to

Dr. Kanupriya Misra Bakhru

DEPARTMENT OF HUMANITIES AND SOCIAL SCIENCE

JAYPEE INSTITUTE OF INFORMATION TECHNOLOGY

(Declared Deemed to be University U/S 3 of UGC Act)
A-10, SECTOR-62, NOIDA, INDIA

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ABSTRACT
OBJECTIVES: Understanding impact of COVID-19 and efforts at
recovery

Reopening of the economy is synonymous with economic recovery after economic

crisis 2020 (due to COVID-19). The head of the World Health Organization warned
that countries that move too fast to reopen their economies run the real risk of
handicapping their recoveries. In such a scenario, reopening was a tough decision at a
global level; but a necessary step to revive the economies. Even after reopening, the
labor shortages and slack demand, small businesses were living with the threat they
will be shut down for several weeks if a single infection is detected, forcing them to
proceed with caution.
Easing began in May in stages and for some time, economic data was showing
signs of a recovery in business activity. But as the lives-versus-economy dilemma
enters a more critical stage, these signs are now waning. Monetary maneuvers are
also falling short. Despite the widely accommodative monetary policy stance of
reducing reportage by 115 bps, liquidity injections and fresh regulations over the past
few months, RBI's actions have at best been average compared to the policy support
being provided by other central banks.
Even as the government clutches at straws in search of potential game changers,
the gradual easing of lockdowns has sparked hope in some quarters. But what will
come to the economy's rescue after the reopening relief fades, remains entirely
uncertain.

“Mankind does not reflect upon questions of economic

and social organisation until compelled to do so by the
sharp pressure of some practical emergency.”

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The outbreak of COVID-19 has impacted nations in an enormous way, especially the
nationwide lockdowns which have brought social and economic life to a standstill.
A world which forever buzzed with activities has fallen silent and all the resources
have been diverted to meeting the never-experienced-before crisis. There is a multi-
sectoral impact of the virus as the economic activities of nations have slowed down.
What is astonishing and worth noting is an alarm bell which was rung in 2019 by the
World Health Organization (WHO) about the world’s inability to fight a global
pandemic. A 2019 joint report from the WHO and the World Bank estimated the
impact of such a pandemic at 2.2 per cent to 4.8 per cent of global GDP. That
prediction seems to have come true, as we see the world getting engulfed by this
crisis. This COVID-19 pandemic affected the manufacturing and the services sector—
hospitality, tours and travels, healthcare, retail, banks, hotels, real estate,
education, health, IT, recreation, media, and others. The economic stress has started
and will grow rapidly. While lockdown and social distancing result in productivity
loss on the one hand, they cause a sharp decline in demand for goods and services
by the consumers in the market on the other, thus leading to a collapse in economic
activity. However, lockdown and social distancing are the only cost-effective tools
available to prevent the spread of COVID-19. Governments are learning by doing, as
it was in the case of success of containment strategy in Bhilwara district, Rajasthan,
India, the economic risks of closing the economy remain, nonetheless. Similarly,
flattering the caseload curve is critical for the economy at large, but it comes with
an economic cost.

LOCKDOWN V/S REOPENING

PRE - LOCKDOWN PHASE
On 19 March the formation of the COVID-19 Economic Response Task Force was
announced by Prime Minister Narendra Modi during his live address to the nation.
The task force was led by the finance minister Nirmala Sitharaman. Though not
formally constituted or no official date for relief packages being made, the
consultation process with concerned parties had begun immediately. The Ministry
of Finance immediately started consultations with the RBI and ministries to take
stock of most affected sectors like aviation, hospitality, and MSMEs.

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On 21 March 2020, the Union cabinet approved incentives worth ₹40,995 crore
(US$5.7 billion) for electronic manufacturing.

Various state governments announced financial assistance for the poor in the
unorganized sector. On 21 March the Uttar Pradesh government decided to give a
direct money transfer of ₹1,000 (US$14) to all daily wage laborers in the state and
the following day Punjab announced ₹3,000 (US$42) each for all registered
construction workers in the state. On 23 March it was announced that Haryana
laborer’s, street vendors and rickshaw pullers will be provided an assistance of
₹1,000 per week directly deposited into their bank accounts. Below Poverty Line
families would be provided rations (including rice, wheat, mustard oil, sugar) free of
cost for the month of April.

On 24 March in his address to the nation, the Prime Minister announced a ₹15,000
crore (US$2.1 billion) fund for the healthcare sector.

On 24 March the Finance Minister made a number of announcements related to the

economy such as extending last dates for filing GST returns and income tax returns.
The due dates for the Sabha Vishwas (Legacy Dispute Resolution) Scheme 2019,
customs clearances and for compliance matters under the Customs Act and
associated laws was extended to June 2020.

LOCKDOWN PHASE
On 24 March 2020, the Government of India under Prime Minister Narendra Modi
ordered a nationwide lockdown for 21 days, limiting movement of the entire 1.3
billion population of India as a preventive measure against the COVID-19 pandemic
in India. It was ordered after a 14-hour voluntary public curfew on 22 March,
followed by enforcement of a series of regulations in the country's COVID-19
affected regions. The lockdown was placed when the number of confirmed positive
coronavirus cases in India was approximately 500. Observers stated that the
lockdown had slowed the growth rate of the pandemic by 6 April to a rate of
doubling every six days, and by 18 April, to a rate of doubling every eight days. India
had already been experiencing a prolonged economic slowdown. The GDP growth
rate had fallen from 8.2% in January–March 2018 to 3.1% in January–March 2020.
In the first quarter of the financial year 2020-2021, this number went into negative.
The GDP growth rate for April–June 2020 was -23.9%, which happened to be the
worst ever in history. Crucial parameters like manufacturing, construction, trade,
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hotel industry saw a decline and slid into negative. Manufacturing growth at -39.3%,
Mining growth at -23.3%, Construction growth at -50%, Trade & hotel industry
growth at -47%.

BADLY HIT ECONOMIC SECTORS

Nations across the globe have witnessed severe impact of the coronavirus pandemic
on their economy.
A report by the United Nations Department of Economic and Social Affairs has
projected that the world economy is set to lose nearly $8.5 trillion over the next 2
years. COVID-19 is likely to push more than 34 million people into extreme poverty,
the report further said.
Here are five worst-affected sectors:

1- Oil
After nearly two-thirds of the world went into lockdown to contain the spread of
coronavirus, the demand for oil fell by over 30 million barrels per day.
In April 2020, US oil prices collapsed to a historic low, close to minus $37 per
barrel. Oil has recovered as most countries have lifted lockdowns, but oil remains

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on the slippery ground.

2- Automobiles
The pandemic has smashed the automobile sector like never. Global auto
sales are expected to fall by 20 per cent in 2020.
It may also take some time before the car manufacturing units go on full steam
with a full roster of workers.
3- Aviation
The first measure governments adopted to stop the spread of the virus was stopping
air travel. Global air passenger traffic plunged 94 per cent in April.
Airlines across the world have reached out for relief. Leading aircraft makers,
Boeing and Airbus, have cautioned their respective governments that they may
fold up if no help arrives.
4- Tourism
International tourism could decline by 60 to 80 per cent this year, resulting in a
revenue loss of over one trillion dollars.
Many countries are wholly reliant on tourists to drive their economy. It is one of the
most labor-intensive industries in the world and over 100 million jobs are at risk.
5- Luxury Goods
The industry took a major hit after e-commerce platforms deemed luxury goods
deliveries as non-essential.
Nearly 40 per cent of the luxury goods in the world are manufactured in Italy
which was one of the severely affected countries. And thus, fashion brands lost
their manufacturing bases.

IMPACT ON LIVELIHOODS
WHY REOPENING IS NECESSARY

The COVID-19 pandemic has led to a dramatic loss of human life worldwide and
presents an unprecedented challenge to public health, food systems and the world
of work. The economic and social disruption caused by the pandemic is devastating
tens of millions of people are at risk of falling into extreme poverty.
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In India about 91% of the total 465 million workers work in the informal sector.
These groups have irregular incomes and are highly vulnerable to economic
slowdown and health crisis. In the past two years, the Indian economy has been
slowing down and the current COVID-19 pandemic crisis is compounding the impact.
Millions of people now fear losing their jobs due to the extra pressure COVID-19 is
placing on India’s economy.
The crisis is affecting different regions of India disproportionately due to regional
differences in resource endowments, unemployment levels, and agrarian distress.
Notably, in rural areas, seasonal migrants, smallholder farmers, the landless, and
daily wage laborers are being severely affected as most of them depend on
additional income from the informal sector. Many of these workers take on jobs in
construction, as taxi and auto rickshaw drivers, or in petty shops etc. The central and
various state governments have announced relief to support the poor, but the
measures are not adequate. To make matters worse, many of the millions of migrant
laborer’s who returned back to their villages from major cities have not received any
relief at all, and have started competing with local daily wage laborer’s for work
amidst uncertainty of returning back to cities.

Quarantines, bans, restrictions on the movement of goods and people can have
significant socio-economic repercussions on people's livelihoods. While these
restrictions are necessary to limit the spread of a disease, they often lead to
disruption of market chains and trade of agricultural and non-agricultural products,
with significant potential impacts on the populations that depend on them for their
livelihoods and their food and nutrition security.

From day one, India's lockdown came at a huge cost, especially since so many of its
people live on a daily wage or close to it. It put food supply chains at risk, cost
millions their livelihood, and throttled every kind of business - from car
manufacturers to high-end fashion to the corner shop selling tobacco. As the
economy sputtered and unemployment rose, India's growth forecast tumbled to a
30-year-low.

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THE ROAD AHEAD
Global economies are currently facing the most unprecedented shock in post-
war history in the form of the Covid-19 pandemic.

Any improvement in economic data that we may have seen recently is just a
reflection of normalization following extreme lows; it is unlikely that India's
macroeconomic fundamentals have seen any such improvements

Although several nations began opening their economies after infection cases
had plateaued, India reopened its economy while cases were rising. With a
staggered opening of the country, economic activity will increase immediately
— factories and shops will come back to life, and workers will resume work.
However, economic activity will not suddenly bounce back to the pre-crisis
levels as the pandemic has significantly and simultaneously affected both
supply and demand. As the virus is spreading rapidly, consumers will engage in
activities requiring social interaction, with caution, and save more to prepare for
worse times. Businesses will restrain investment expecting low sales and labor
shortages (due to reverse migration), thereby creating a vicious circle of low
demand and supply.

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As the pandemic prolongs, the government will likely undertake calibrated
measures to limit the economic damage by addressing either demand or supply
challenges, and assessing the real situation and existing (and limited) resources.
However, the next steps will be crucial in determining what the future holds
once the crisis is over. Undoubtedly, the fiscal deficit and debt will rise in any
case. The government must implement these measures effectively to ensure
that they do not result in fiscal and credit market imbalances, compromising
India’s growth and prospects.

It is an unfortunate reality of this crisis that not every small business will
recover. But what will be a common characteristic of those who do will be them
ability and desire to take charge of their business’ future, with a sense of optimism
about what lies ahead.

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REOPENING
UNLOCK PHASE
The MHA issued fresh guidelines for the month of June, stating that the phases of
reopening would "have an economic focus". Lockdown restrictions were only to be
imposed in containment zones, while activities were permitted in other zones in a
phased manner. mobile manufacturing incentives were offered by the government
to mobile manufacturers. This included a ₹50,000 crore (US$7.0 billion) production-
linked incentive on goods made locally in India. The Garib Kalyan Rojgar Abhiyaan
was launched to tackle the impact of COVID-19 on migrant workers in India. It is a
rural public works scheme with an initial funding of ₹50,000 crore (US$7.0 billion)
covering 116 districts in 6 states.

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While there were certain relaxations; schools, colleges, gyms, movie halls, metros
etc. will remain closed. the Cabinet of India passed the National Education Policy
2020 aimed at strengthening India's education sector and in turn the economy.

On 1 September new guidelines were announced by the center as well as the states
in the graded re-opening of the economy and society.

On 11 September Delhi Metro resumed normal operations with pre-COVID-19

timings. In October, cinemas reopen as a part of Unlock 5 as India bends the COVID-
19 pandemic curve.

On 12 October, the government announced a ₹73,000 crore (US$10 billion) worth

economic stimulus package, labelled as Atmanirbhar Bharat Abhiyan 2.0. On 12
November, the government announced a ₹2.65 lakh crore (US$37 billion) worth
economic stimulus package, labelled as Atmanirbhar Bharat Abhiyan 3.0.

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TACTICS FOR REOPENING THE
ECONOMY
MIT Connection Science held its annual Sponsors’ Meeting online. In Meeting
discussion on “Reconnecting Society After a Pandemic,” a talk given by Esteban
Moro, visiting professor of Human Dynamics. In his presentation he stated that if
we had done nothing, or just relied on soft mitigation and herd immunity to contain
the spread of the Covid-19 virus, the number of cases and deaths would have gone
up very rapidly— overwhelming healthcare systems around the world. Instead,
many national and state governments adopted two distinct sets of actions, the
hammer and the dance.

The hammer is the somewhat draconian social distancing policies aimed at

containing the spread of the virus, especially in regions like the New York metro area
where the number of cases were escalating at a very rapid pace. The dance starts
once the spread of the virus has been brought under reasonable control — albeit,
at the price of large economic costs and societal disruption. The dance is the longer-
term effort to keep the virus contained until there is an effective vaccine while
reopening the economy and bringing life as close to normal as possible.

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How successful has the social distancing hammer been?
“the number of social contacts in places decreased by 93% from 75 to five,” where
social contact is defined as being within 25 meters (82 feet) of each other for at least
five minutes, and the number of people staying home the whole day increased from
20% to 60%.”

In his “Reconnecting Society” talk, Moro explained the research being pursued by a
team of 14 collaborators from around the world to understand the kinds of dance
policies that will allow restarting the economy and getting back to a more normal
lifestyle.

The research team built a model that allowed them to explore different strategies
for the lifting of social distancing interventions in conjunction with testing, the
isolation of those who test positive, and the tracing and quarantining of their
exposed contacts.

To do so, the team analyzed the impact of various social distancing, testing, contact
tracing and quarantine policies using anonymized, privacy-enhanced data from
mobile devices in the Boston metropolitan area, as well as socio-demographic and
census data.

“We find that enforcing strict social distancing followed by a policy based on a
robust level of testing, contact-tracing and household quarantine, could keep the
disease at a level that does not exceed the capacity of the health care system,”
said the team.

The overriding finding is that gradually removing the restrictions imposed by social
distancing could lead to a second wave with the potential to overwhelm the
healthcare system if not combined with strategies aimed at the prompt testing of
symptomatic infections and the tracing and quarantining of as many of their
contacts as possible.

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These findings are based on the analysis of two distinct scenarios for reopening the
economy.

Lift: Stay-at-home and social distancing policies are lifted after eight weeks by
reopening all work and community places, except for mass gathering locations like
restaurants and theaters whose partial reopening stays enforced for an additional
four weeks. Models show that in this scenario, resurgence of the epidemic and a
second COVID-19 wave are inevitable.

Lift and enhanced tracing: The stay-at-home order is lifted as in the previous
scenario but is now accompanied by a proactive policy of testing and contact tracing.
Those who test positive are isolated at home, and their household members and
contacts are successfully quarantined for two weeks. The models show that such a
proactive policy allows for the gradual reopening of economic activities and
workplaces, with a low COVID-19 incidence in the population and a manageable
impact on the health care system. “Assuming the identification of 50% of the
symptomatic infections, and tracing of 40% of their contacts and households, only
about 9% of the population would be quarantined at any time.”

Recent data from across the country has shown the validity of these findings and
recommendations.

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ARGUMENTS FOR REOPENING THE
ECONOMY - AND WHY EXPERTS SAY
THEY ARE FLAWED
ARGUMENT: Keep the elderly at home, but let young or healthy
people go back to work

Studies suggest 25% to 50% of coronavirus carriers don't have symptoms. But
asymptomatic carriers can still infect others, including the more vulnerable.

There's actually a "huge swath" of young people who have underlying conditions,
such as obesity, respiratory diseases, autoimmune disorders and "unprecedented"

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levels of type 2 diabetes, said Dr. Greg Poland, an infectious disease professor at
Mayo Clinic in Minnesota.
Even young people who are otherwise healthy can suffer severe complications.
Their strong immune systems can overreact to the virus, a phenomenon doctors call
cytokine storm.

"I just hope everybody's responsible, because it's nothing to joke about," the teen
said. "I want everybody to make sure they're following social distancing guidelines
and the group limits. And just listen to all the rules and precautions and stay up to
date with the news and make sure they're informed."

ARGUMENT: We did not shut down the economy for SARS or

swine flu
Unlike SARS and swine flu, the novel coronavirus is both highly contagious and
especially deadly, CNN Chief Medical Correspondent Dr. Sanjay Gupta said.

"SARS was also a coronavirus, and it was a new virus at the time," Gupta said. "In
the end, we know that SARS ended up infecting 8,000 people around the world and
causing around 800 deaths. So very high fatality rate, but it didn't turn out to be very
contagious."

The swine flu, or H1N1, "was very contagious and infected some 60 million people
in the United States alone within a year," Gupta said. "But it was far less lethal than
the flu even — like 1/3 as lethal as the flu."

What makes the novel coronavirus different is that "this is both very contagious ...
and it appears to be far more lethal than the flu as well," Gupta said. "So, both those
things ... are why we're taking this so seriously."

ARGUMENT: The flu kills more people every year, and we do not
shut down the economy for that

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Coronavirus has killed more people in three months than the flu did in six months.
The US death toll from coronavirus this year has exceeded 79,000, according to
Johns Hopkins.
That is more than the high-end estimate for flu deaths from October 1 to April 4,
which is 62,000, according to the Centers for Disease Control and Prevention.
If 62,000 people died from the flu between October 1 and April 4, according to the
CDC's high-end estimate, that means the US had an average of about 331 flu deaths
a day.
The first known coronavirus death was in February, and the death toll as of April 30
was 62,850, according to Johns Hopkins data.
So, from February 6 through April 30, an average of more than 739 people died per
day from coronavirus in the US.

ARGUMENT: Cases are still increasing, so social distancing does

not help anyway

Social distancing has helped decrease the rate of transmission; researchers say. But
letting up too early can backfire, just like it did in other parts of the world.
Without mitigation efforts (like stay-at-home orders), a person with novel
coronavirus infects an average of about 2 to 3 other people.
(By contrast, a person with the flu infects an average of about 1.28 other people,
and there is a vaccine available to help prevent infections.)

"The ultimate goal is the to keep the basic reproduction number under 1," Gu said.
A reproduction number under 1 means fewer and fewer people will get infected,
and the virus will start fading away. But a rate of more than 1 means the outbreak
will get worse, spreading exponentially.

Each person can also help control the outcomes as states start to reopen.
Officials recommend everyone continue staying 6 feet away from others, wear a
cloth face mask outside the home, wash hands frequently and avoid touching the
face.

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According to recent studies, Gu said, "If any state required all residents to wear
masks, the likelihood of a steep increase in infections will decrease."

ARGUMENT: Just let everyone get herd immunity the natural way

Herd immunity happens when most of a certain population -- typically 70% to 90%
-- becomes immune to a disease, either because they have already been infected or
because they have been vaccinated.
At that point, the disease is less likely to hit people who are not immune because
there are not enough infectious carriers to reach them.
But many doctors say lifting all restrictions and letting coronavirus spread rampantly
is a terrible idea.
First, hospitals would likely be overwhelmed, jeopardizing the health of coronavirus
patients as well as non-coronavirus patients.

"The advantage of stretching out the number of cases is that we will not exceed the
capacity of hospitals to care for those who are particularly sick," said Dr. H. Cody
Meissner, chief of pediatric infectious disease at Tufts University Medical School.
Then there is the devastating loss of life. By May 11, more than 79,000 people in the
US have already died, according to data from Johns Hopkins University. That's more
than the number of Americans who died in the Vietnam War.

"This idea that ... so what if we lose a few old people along the way? This is a really
dangerous, dangerous calculation," Ryan said.

GLOBAL APPROACH TO REOPENING

Policy response by developing (CEEMEA) countries

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Some policy response (and measures) taken by Central and Eastern Europe, Middle
East and Africa (CEEMEA) countries as of March 24 in 2020 are shown in table
below

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WHITEHOUSE GUIDELINES FOR REOPENING

ROADMAP TO REOPENING

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ECONOMIC RELIEF MEASURES
TAKEN IN INDIA
The government is considering a series of measures to boost the economy,
including offering up to Rs 3 lakh crore in incentives spread over six years to create
global supply chains in some sectors, tariff protection to key industries, further
relaxation in foreign investment rules, and schemes aimed at the
urban unemployed, four people familiar with the plans said.

Various expert groups in the government are working on specific fiscal incentives
and policy reforms that are expected to take effect from the third quarter (October-
December) of the current financial year to accelerate growth, the people added,
asking not to be identified. India’s gross domestic product (GDP) contracted by a
record 23.9% in the quarter ended June 2020, making the country the worst
performer among major economies that have all been hit by the Covid-19
pandemic.
ANNOUNCEMENT OF THE ECONOMIC PACKAGE FOR ECONOMIC
STRENGTHENING (INDIA)

Finance minister Nirmala Sitharaman unveiled relief and

economic stimulus measures between May 13 and May 17
this year under the Rs 20.97 lakh crore Atamnirbhar Bharat
Abhiyaan package, which also included monetary
measures by the Reserve Bank of India (RBI).

While the government sees a contraction in the current quarter, it’s still predicting
growth for the full 􀂄nancial year, of 2%. Finance Minister Nirmala Sitharaman said
last week the economy was “poised to recover” as state-run banks approve more
loans to small- and mid-sized businesses.

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The government is expected to save about ₹3 lakh crore in the next five to six years
by limiting export incentives under Merchandise Exports from India Scheme (MEIS),
and this money can be used for focused development of global value chains in
sectors such as automobiles, auto components, electronics,
telecommunications, pharmaceuticals, medical devices, textiles, food processing,
white goods and specialty steel.
“The production-linked incentive (PLI) scheme is approved by an empowered group
of secretaries and the matter will soon be placed before the cabinet for its
approval,” added this person, who has direct knowledge of the matter. The
government is phasing out MEIS, an export incentive scheme, as it has ballooned
disproportionately without creating export competitiveness, he said. The scheme
incentivizes large investments and has worked for India in the mobile manufacturing
sector.
The government is also considering providing duty protection to select domestic
industries from imported finished goods, particularly from China. This could,
however, be within the bound rate of the World Trade Organization (WTO) for a
period of five to six years under a phased manufacturing programmed (PMP). The
scheme is aimed at sectors such as plastics, furniture and toys, the second official
said, listing sectors where exports, especially from China, have hurt Indian industry.
In order to attract FDI in infrastructure and transportation sectors, the
government may also announce a series of policy measures in some sectors. This
will include private participation in running about 150 passenger trains, over two
dozen airports, greenfield steel plants, agricultural infrastructure, renewable
power projects, waterways and tourist sites.

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Divakar Vijayasarathy, founder and managing partner of consulting firm DVS
Advisors LLP, said: “The government now plans to expand the PLI to other sectors
in addition to electronics. These steps are welcome; however, it needs to balance
it with a few demand-side measures. Especially in a low-interest rate regime, the
consumption would be generally low. The latest data as well clearly indicates that
the demand in urban areas is very poor.”

ECONOMIC RECOVERY

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REFERENCES
https://www.goldmansachs.com/insights/talks-at-gs/04-30-2020-phasing-in-the-
reopening-of-the-economy-f/presentation.pdf
https://www.oliverwyman.com/content/dam/oliver-
wyman/v2/events/2020/May/Oliver%20Wyman%20Webinar%20COVID-
19%20Reopening.pdf (views on reopening)
https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-
19_pandemic_in_India (impact)
https://journals.sagepub.com/doi/full/10.1177/0972063420935541

Rush at reopening (revival vs threat)

https://economictimes.indiatimes.com/news/international/business/risk-of-
reopening-us-economy-too-fast-a-w-shaped-recovery/articleshow/75681871.cms
https://economictimes.indiatimes.com/news/international/business/view-
reopening-the-economy-before-coronavirus-is-contained-will-
backfire/articleshow/75229355.cms

Pre-planning, concerns
https://medium.com/mit-initiative-on-the-digital-economy/tactics-for-reopening-
the-economy-70baef4516b
https://www.aei.org/research-products/report/national-coronavirus-response-a-
road-map-to-reopening/

Combating misconceptions
https://edition.cnn.com/2020/05/11/us/reopening-the-economy-flawed-arguments-
trnd/index.html

The global approach to reopening

https://economictimes.indiatimes.com/markets/stocks/news/global-markets-wary-
as-coronavirus-threatens-economic-reopening/articleshow/76681800.cms
https://www.worldbank.org/en/news/press-release/2020/06/02/countries-can-
take-steps-now-to-speed-recovery-from-covid-19
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https://economictimes.indiatimes.com/news/international/world-news/singapore-
to-reopen-night-life-establishments-for-two-months-with-covid-19-safety-
measures/articleshow/79098612.cms

Problems, conflicts
https://economictimes.indiatimes.com/small-biz/sme-sector/india-reopens-
economy-but-millions-of-sme-workers-stay-
home/articleshow/75667521.cms?utm_source=contentofinterest&utm_medium=tex
t&utm_campaign=cppst
https://economictimes.indiatimes.com/news/international/world-news/restart-or-
re-stop-economies-reopen-but-chaos-abounds/articleshow/75677119.cms

Consequences (financial impact)- economic recovery after reopening

https://economictimes.indiatimes.com/markets/stocks/news/what-key-indicators-
reveal-about-the-indian-economys-recovery-rate/articleshow/78475889.cms
https://indianexpress.com/article/opinion/columns/gdp-contraction-indian-
economy-6587087/
https://www.ey.com/en_in/tax/economy-watch/how-indian-economy-can-recover-
post-covid-19

The steps India has taken so far to contain economic fallout of Covid-19
https://economictimes.indiatimes.com/news/economy/policy/the-steps-india-has-
taken-so-far-to-contain-economic-fallout-of-covid-
19/articleshow/75285944.cms?utm_source=contentofinterest&utm_medium=text&
utm_campaign=cppst

Estimates for complete recovery

https://scroll.in/article/979011/how-long-will-the-indian-economy-take-to-recover-
from-the-covid-hit
https://www.forbes.com/sites/ankitmishra/2020/05/13/3-ways-governments-can-
support-a-sustainable-economic-recovery-from-covid-19/?sh=11a7912a7060

Badly hit economic sectors

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https://hbr.org/2020/05/the-case-for-reopening-economies-by-sector

https://economictimes.indiatimes.com/markets/stocks/news/european-shares-
gain-on-oil-boost-as-economies-reopen/articleshow/75801855.cms

https://economictimes.indiatimes.com/news/economy/indicators/indian-economy-
likely-contracted-10-2-in-the-july-september-quarter-experts-
say/articleshow/79294249.cms

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