The Indian Institute of Management-Ahmedabad’s (IIM-A) latest Business Inflation Expectations Survey (BIES), which seeks to provide ways to examine slack in the economy by polling a panel of business leaders in the short and medium-term, has said that the “effect of the extension of lockdown against the backdrop of Covid-19 spread” could be felt, as the economy has “come to a standstill”, and “inflation expectations are rising fast.”