Ola and Uber said they have resumed services in areas within orange and green zones, and have introduced requirements like wearing masks to ensure safety of riders and driver partners.

With vaccines of some firms already in animal trial phase, developers say that if all goes well, India could have a vaccine by next year. The move comes at a time when Chinese research firms are entering phase II of clinical trials in a global race to find a vaccine for COVID-19.

The Wadia group, which, owns low-cost airline GoAir also drew comparison with other western economies which have provided financial assistance to their airlines for payment of salary and restructuring their operations.

'At this stage, you should distribute money and food.' 'Like you queue up to vote, let people queue up to collect this.' 'This will arrest the decline in demand which will have a multiplier effect on the demand side for the economy as a whole.' 'The government should earmark about 2% of the GDP for this.' 'And this should be the first step to revive the economy.'

The IHS Markit India Services Business Activity Index stood at 5.4 in April, an extreme decline from 49.3 in March, and indicative of the most severe contraction in services output since records began in December 2005. As per the IHS Markit India Services Purchasing Managers' Index (PMI), a print above 50 means expansion, while a score below that denotes contraction.

'A total overall of the existing way of working by abolishing taxes and allowing citizens to help themselves without any government bottlenecks and impediments,' observes Rahul Mishra.

Experts say that the lockdown and its aftermath will further quicken the consolidation in the real estate sector, which has been taking place since 2012, with more small players going out of the business and bigger, branded players dominating the market.

'The challenge will be making sure its efficacy is high.' 'If a vaccine is only 50 to 60 per cent efficient, it's a double-edged sword.'

That would reverse the growth trend of around 11 per cent per annum, which the industry has logged over the past ten years, making it one of the most adversely-affected sectors of the economy.

'A balanced head plus heart approach would be a full opening up of the economy including manufacturing and internal travel in the country but excluding COVID-19 hotspots,' recommends Jaimini Bhagwati.