The second wave of the pandemic has struck India with a devastating impact. With more than 300,000 new cases and 3,000 deaths across the country each day at present, the total number of deaths has already passed the 200,000 mark — that's about one in 16 of all COVID deaths across the world. It is also evident that the India statistics are significant underestimates.
The virulence of the second wave in India seems to be related to a confluence of factors: government complacency, driven by poor data collection and being in denial about the reality of the data; a new variant with a hockey-stick shaped growth curve; and some very large and unregulated religious and political events.
It is clear that there is now a humanitarian crisis of significant proportions. India is a country of 1.4 billion people and makes up a sixth of the world's population. Here are some ways in which this wave is also going to affect the world economy: