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Systematix Report
Rural consumption remained strong in FY21 despite the Covid-19 pandemic, supported by a favourable monsoon, lockdown exemptions for farming activities, stepped-up central government expenditure and foodgrain procurement.
The consumption pattern remained resilient in Q1 FY22 as well despite the second wave of the pandemic, but similar demand conditions are unlikely to sustain with consumption softening in Q2 FY22.
The weak demand condition is attributable to moderation in overall income given: a) a decline in non-agri wages, b) weakening agri-terms of trade, c) slack in MGNREGA employment and d) lower government expenditure in rural and agri development.
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