India’s PMI readings for April suggest that economic activity has held up fairly well despite the latest set of containment measures. But with virus cases still extremely high, tighter and wider-ranging restrictions look highly likely, which will have a more substantial economic impact. Aware of the mounting downside risks, the RBI has just announced an array of measures to help borrowers and ensure financial stability, and has left the door open for a further policy response if the situation worsens.
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