If the third Covid wave is muted, there’s likely to be a growth in consumption like in the January-March quarter, chief economic adviser Krishnamurthy Subramanian said in a conversation with Shrimi Choudhary. He pointed out that if there was no second wave and mobility indicators had continued to rise the way they did in Q4, the numbers would have been far higher.

       Edited excerpts: Demand is still subdued at 55.8 per cent of GDP against 56.9 per cent a year ago and 59.2 per cent in Q4 of FY21. When do you expect demand recovery in the economy? Consumption in Q1 was impacted ...