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Ms Sengupta, an associate professor at Mumbai-based Indira Gandhi Institute of Development Research, told the BBC that the ongoing crisis was borne out by the fact that India's economy was operating on a "two-speed trajectory", driven by diverging performances in its "old economy and new economy".

In contrast, the new economy, defined by the boom in services exports post-Covid, experienced robust growth in 2022-23.

So the old economy appears to lack a growth catalyst while the new economy slows.

This new economy is fueled by cutting out traditional middlemen, banks, and allowing transparent, secure, and borderless peer-to-peer payments.

“We all want to build a new economy, post-pandemic, that’s less dependent on, let’s say, office space, and in Long Beach, less dependent on oil,” he said.