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Few media outlets have again started saying that the third wave will start from July itself, not sure what will happen next but it seems the government has increased the vaccination procedure. Still not the right time to host any kind of tournaments in India.
It is difficult to predict when another wave would come but some countries where people are taking it lightly will be affected and India is a huge country and i am not familiar with the vaccine production in India and whether it is possible to vaccinate every citizen, it will take years to vaccinate everyone and considering the population around 280 billion of vaccine shots is required to vaccinate everyone and it is going to take a long time.
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The economy will be completely destroyed if the lockdown measures remain in place. In India, the domestic 4-day championship (Ranji Trophy) was last conducted in 2019. The domestic players have seen their salaries declining by anywhere from 60% to 80%. But then, after so many deaths, it will be unwise to restart the tournaments. The only solution is vaccination. But India has completely vaccinated only 4.3% of its population (compared to 48% for the United Kingdom). And for reaching herd immunity, you need to completely vaccinate at least 75%. Until that figure is reached, I don't want India to host any major cricket tournaments.
The economy is affected globally and how every government is going to tackle these situation is going to be important, in the US the protest of the people forced them to open everything up but in Europe they are taking a calculated approach so that we do not want to go to a position where everything goes out of control once again and hospitals struggling to take care of everyone.