Credit rating agency, Moody's Investors Service in its latest report has said that India's economic damage due to the second wave of COVID-19 and subsequent lockdowns will remain restricted to the April to June quarter.
Rating agency assessed the overall economic effect of the second wave to be softer than that during the first wave of pandemic last year, although delivery of and access to vaccines will determine the durability of recovery.
Moody's expects the current lockdowns to have less of an adverse impact on economic activity than the nationwide lockdown in April 2020 because the latest restrictions have been more targeted, localised and less stringent.