The impact of the second wave of the coronavirus pandemic on the economy is likely to remain muted as compared to the first wave, the finance ministry said in its monthly economic report. Admitting that the second wave of the pandemic has posed a downside risk to economic activity in the first quarter of FY2021-22, the report said “there are reasons to expect a muted economic impact as compared to the first wave. Learning to ‘operate with COVID-19’, as borne by international experience, provides a silver lining of economic resilience amidst the second wave”.