Although India, the second-largest country in the world, has reported only 467 cases and 10 deaths from COVID-19, authorities are worried that a pandemic will occur, but no tests are available to monitor the number of sick people. India launched the world's most extensive social distancing lockdown of 1.3-billion people to slow down the theoretical infection rate. Indian stocks crashed on Monday, and domestic and foreign investors are terrified that a this lockdown will crash the economy.
The Indian rupee hit a record low against the US dollar. This puts pressure on the Narendra Modi government and the Reserve Bank of India to ramp up emergency response efforts to protect a crashing currency and economy. -GEG
Indian stocks crashed on Monday, suffering their worst single-day loss on record, as domestic and foreign investors were absolutely terrified that a nationwide lockdown triggered by a COVID-19 outbreak could crash the economy.