Economic Activity Has Reached Pre-Second Wave Levels: Report
Economic activity has reached the pre-second wave levels in the country with Coronavirus related cases showing a decline, a report by Nomura India has said in an analysis.
It said that the Nomura India Business Resumption Index or NIBRI jumped to reach 95.7 percentage points for the week ending July 11, 2021, up from 91 percentage points of the previous week.
The index, the Japanese brokerage firm said, is only 4.3 percentage points below the pre-pandemic levels of March 2020 and back to pre-second wave levels from mid-March.
Retail and recreation mobility indices along with Google’s workplace shot up by 7.4 and 5.1 percentage points respectively. Power consumption also went up by 1.4 per cent on a week on week basis while labour participation rate also slightly rose to 40.6 per cent from 39.5 per cent, the report said.
At the same time though, the report noted that the sluggish pace of vaccination in July till now is way behind the June average of 38 lakh doses per day. Nomura expects vaccinations to go up from August onwards.