Indian economy: More supply, low demand

The waves of the Covid-19 pandemic, which triggered a global economic recession in 2020, have continued even as 2021 ends. The Delta variant continues to cause much destruction of life, and has forced nearly every country to accept that Covid-19 may never go away. We should know in a few weeks how severe infections from the new Omicron variant can be, and how long the wave lasts (early evidence gives some cause for cautious optimism), but the threat of yet newer variants lurks on the horizon. Irrespective of these challenges, it looks like 2022 could be a very different year for the global economy than 2021.