Localised Lockdowns Cannot But Impinge On Economic Activity: Nirmal Bang
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Nirmal Bang Report
We assess the ‘state of affairs’ and stringency of containment measures across various states, and proclivity to further containment measures.
Most states have imposed some sort of restrictions, particularly in the contact intensive services sector.
That said, most containment restrictions are concentrated in urban centres. As a result, we believe that rural growth will continue to be a key driver.
Nevertheless, with 10 states accounting for approximately 80% of the cases in the country, we believe that the probability of a nationwide lockdown is low.
However, with these 10 states accounting for ~65% of India’s gross domestic product, we continue to believe that localised containment measures will act as a drag on growth.
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