A fritters economy. If we are lucky.

 "The Nomura India Business Resumption Index (NIBRI) came in at 82.3 for the week ending September 20 from 81.2 a week earlier, recording the second consecutive week of a fresh lockdown high." This was because of a rise in "Google retail and recreation mobility index and the Apple driving index even as workplace mobility worsened". India created 4 million jobs per year before the coronavirus epidemic and the economy is to contract between 3% and 9% this year. So India must grow at 8% to 8.5% and create 90 million non-farm jobs in the next decade, said Shirish Sankhe, Partner at McKinsey and Company. Growth in manufacturing, construction and agriculture have to be substantial. Ruchir Sharma has selected Germany, Finland, Switzerland, Vietnam and Taiwan which fulfill his criteria for emerging the strongest from the pandemic, with Russia as a dark horse. India came a low 13th in 25 of the largest emerging countries in its ability to withstand the effects of the epidemic except that it "is less vulnerable to the forces of deglobalisation". "Narendra Modi says, 'Make in India.' Toyota Motor Corp says, stop treating cars as though they were drugs or alcohol," wrote Andy Mukherjee. "India must break out of this vicious cycle in which taxes are high, consumer demand is low, investment and job creation are constrained, and wage incomes are insufficient to boost purchasing power at the bottom of the pyramid." Auto analyst Govind Chellappa suggests stop constant tinkering with taxes and leave the same high taxes for 15 years. That will bring stability to the auto sector and allow companies to develop new products and plan their investments. Advance tax collection jumped to over Rs 1.59 trillion, 25.5% lower than the same period last year, in the second quarter of this financial year, compared to a paltry Rs 117.14 billion in the first quarter which was down 76%. As evidence of widespread tax evasion, the Prime Minister said that 30 million Indians travel abroad every year but only 15 million pay income tax. "Is it possible that India's per capita income is artificially low because millions hide their income," asked Praveen Chakravarty. "No. Even if millions of people hide their incomes from tax authorities, it will be accounted for in India's GDP and per capita income data since they will use this hidden income to eventually spend on goods, real estate, gold and so on." Meanwhile the Modi government is refusing to pay compensation for a fall in goods and services tax collection to the states. "For a government that has otherwise poured money into schemes with considerable largesse, the fiscal response to the crisis was remarkably muted," wrote Prof Vivek Dahejia. Toyota or pakora (fried Indian fritters), asked Andy Mukherjee. Definitely pakora. Maybe half of one.