We have witnessed a phase-wise and more calibrated lockdown in the second wave compared to the sudden lockdown in the first wave. More than the lockdown, the economy will be hit by the spread of the virus as people have been affected as Covid has spread to rural parts of the country as well. As the cases are receding now and we are seeing positivity rate falling below 5 percent, the lockdowns must be lifted in a phase-wise manner to ensure the number of infections do not rise again. We might see some casualties in businesses which have stressed balance sheets. But we see a very strong revival from Q-2 in the economy. With a good chunk of population in the West being vaccinated, their economy is opening which will fuel the export-oriented sectors and the pent-up demand will drive up consumption in the domestic sector.