So far, the impact of COVID-19 has been negligible on the Indian economy. However, as this prolongs and extends beyond China, one can expect to see depletion in inventories and constraints in supply. It is likely that PMI will start reflecting this March 2020 onwards. China, not surprisingly, witnessed a sharp drop in manufacturing PMI in February 2020, a likely production outage in India’s auto industry indicates an imminent impact. Interestingly, it not just India but also countries like Australia, Indonesia, and the Philippines that are yet to witness the economic impact of the COVID-19 virus. This delayed impact could stem from the fact that countries like India import more from China and sit downstream in the supply chain versus countries like Korea or Japan who export more to China and sit upstream in the supply chain.