The year 2019 was a year of recovery for the Indian markets. The credit crisis that started in late 2018 had consumed much of 2019 precipitated by increasing Non-Performing Assets (NPAs) in banks and Non-Banking Finance Companies (NBFCs). However, small sparks of recovery were being witnessed in the sector towards the end of 2019. Indian policymakers had to perform a difficult balancing act between providing a stimulus to boost growth and containing inflation while working with little fiscal space. As the economy was lumbering back to health, the COVID-19 lockdown halted this economic recovery in its tracks. Since March 2020, the country has been in a state of lockdown. There are many market participants who believe that the government has not met the fiscal deficit target for FY20 due to lower tax collection and underachievement of disinvestment targets.