- The COVID-19 outbreak in India has reached over 500 confirmed cases and 10 related deaths as of March 25th, and is expected to continue spreading. This will likely cause continued panic, disruptions to business and economic activity, and a fall in demand. - The fight against COVID-19 will be long and difficult, resulting in loss of life, economic pain for businesses, reduced demand, and a sharp drop in overall economic activity. A recovery will take time as the duration remains uncertain. - In response, most countries have imposed lockdowns and curfews, bringing much of the global economy to a halt. India's GDP is estimated to contract by 3.1% in the first quarter if strict social