When the Covid-19 pandemic hit India this summer, the government faced a tough choice: lives over livelihoods. It opted, apparently, for saving lives when it imposed a harsh, unprecedented, four-phase lockdown lasting till May 31, the benefits of which are still being debated. Surprisingly, the richer countries are paying more attention to their economies than developing ones.
Unfortunately for us, the lockdown has now turned out to be a case of prevention being worse than the disease. India has so far lost over 60,000 people to the pandemic and seen more than 3 million infections, the third-highest count in the world, after the US and Brazil. The lockdown, however, has knocked the bottom out of the economy. By all indicators, the Indian economy has entered a recession—defined as two quarters,…
