India, April 15 -- Exactly a year ago, when India was in the middle of a complete lockdown to curb the spread of Covid-19 infections, most forecasters, institutional and private, had a bleak assessment of the Indian economy. A large number of them did not see the economy returning to 2019-20 levels of GDP even in 2021-22. These projections were revised favourably in late 2020, largely because of the fact that the easing of lockdown restrictions did not trigger a nation-wide second wave in India. That is not the case anymore. The second wave has come with a lag, but it is here - and it is more severe than the first. Daily new cases have broken past records, and many states - including economic hubs such as Maharashtra - have imposed lockdo...