As the second wave of the COVID-19 pandemic and the State-level lockdowns batter the economy, Reserve Bank of India governor Shaktikanta Das this week noted that the impact of the second wave is likely to be less severe than the first one. He said that businesses and people have started to adapt to lockdowns and that the hit to demand would be much lower this time. Here we discuss the two COVID-19 waves, and how they have impacted the economy. Guests: Radhika Pandey, an economist and consultant at the National Institute of Public Finance and Policy; Vivek Kaul, a business journalist and author of India’s Big Government: The Intrusive State & How It’s Hurting Us Host: Prashanth Perumal J. Read the Parley article here. You can now find The Hindu’s podcasts on Spotify, Apple Podcasts and Stitcher. Search for Parley by The Hindu. Write to us with comments and feedback at [email protected]