India is battling one of the world’s fastest growth of the epidemic, while the recovery in business activity remains patchy even after the gradual lifting of the virus-related restrictions. The devastation from the pandemic is fostering conditions in which populist rhetoric thrives, while the falling share of income going to the lower and middle-income groups will likely worsen this trend, the analysts said in the note. To be sure, Thailand and the Philippines are among other Asian economies facing a greater risk of populist policies, they wrote.