The surge in Covid-19 cases in several states across the country has stoked worries about the economic recovery under way, Investment banks are scaling down their growth projections, while others are voicing concerns over the second wave and its impact on recovery.The second wave sweeping the country has come at a time when the economy was emerging from the bruising impact of the lockdown imposed last year to prevent spread of the disease.A Goldman Sachs Portfolio Strategy research report said its economists have revised down their overall calendar year real GDP growth forecast to 10.5% from 10.9% previously but it remains above the consensus forecast of 9.4%.“Our economists believe that the containment restrictions are likely to be more targeted with hits to specific services (such as food and beverages, leisure and recreation, transport) with limited spillovers into other sectors such as construction and manufacturing,” the Goldman Sachs report said. It added that activity is likely to rebound sharply from the third quarter onwards as containment policies normalise.