COVID-19 infections have surged in India over the recent weeks, leading to sharp drops in mobility even as no nation-wide lockdown has been instated as of yet. The Conference Board has revised the GDP growth forecast down from 11.3 to 9.3 percent for the calendar year 2021. Emerging economies’ growth is improving in 2021; however, risks to the outlook remain, including the recent setback in the Indian economy due to the COVID-19 outbreak.