“The second wave of infection may set back the growth momentum, but we expect that to be temporary. Given that medical faculties are much better prepared than they were in the first lockdown, the spikes are limited to a few pockets, death rates are low, and the vaccine drive is getting intense, the economic impact of this wave will be limited to a quarter or two. Growth in 2021-22 will be a story of two halves, with economic activity picking up rapidly in the second half as a significant population gets vaccinated and we effectively bend the infection curve,” Majumdar said.