India has had one of the most severe descents in the world.

Tens of millions of migrant workers lost their jobs in the cities overnight, and many returned on foot to their home villages.

But now it is once again full of people on the streets of Bombay.

- It's corona, but it does not feel like that because everyone is out shopping, says Swati Sheda who is looking for clothes for a wedding.

Record growth

Since the infection rates have dropped and over a billion Indians have received a first dose, there is great optimism.

From a 24 percent decline in the economy at the beginning of the pandemic, growth was at a record high of 20 percent in the same quarter this year, and Indian growth is forecast to be around nine percent per year in the future. 

Financial analysts Ramesh S Damani also sees a big advantage in India having the world's largest young generation. 

- India is one of the few countries with a young population, and young people need many things, everything from housing to clothing and entertainment.

So there will be a growing demand for both goods and services, which will lead to increased prosperity, says Ramesh S Damani.

Sharp fall and rapid rise

The Indian economy is driven primarily by domestic consumption, and between eight and ten percent growth is what is considered necessary for millions of poor people to be able to step into the middle class.

Many are therefore now hoping that India will have a "V-shaped" recovery, ie a sharp fall, but then a rapid rise.

Pandemic still noticeable

A sign of this is that the Bombay Stock Exchange has doubled its market value from March 2020 to March this year.

This is mainly due to the introduction of successful Indian tech startups.

Many Indian IT and entertainment companies have benefited from the pandemic. 

- What we did during the pandemic is to consume content, and now all multinational companies are interested in investing in India, says Bollywood producer Shushant Tungare.

But the effects of the pandemic are still noticeable.

For the tech and entertainment industry can not on its own create employment to the extent required.

Many of those who returned to the villages are still unemployed.