Abstract
We derive sector-level scores of vulnerability to the COVID-19 induced lockdown in India and estimate its effects on post-lockdown shifts in economic activity. We use payments received at the state-sector level from one of India's largest payment gateways and find that a one standard deviation decrease in vulnerability arrests decline in payments by one-third. Additionally, we find that the vulnerability of downstream sectors affects a sector's payments, demonstrating network propagation of vulnerability. We find a similar shift in tweeting activity of more vulnerable NIFTY-500 firms, which tweet less, express less positive sentiment, and tweet different content from the pre-lockdown period.
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