India was on the path to economic recovery; local lockdowns threw a spanner in the works

Risk aversion among the public at large and local lockdowns by different states and cities have contributed significantly to the slowdown in July. Uttar Pradesh has mandated a closure of all markets on weekends, while Bihar has announced a full lockdown from July 16 until the month end. Pune and Bengaluru are also on lockdown as cases have spiked.