India Economy Update - Growth Marches On, But April Will Feel The Heat Of The Storm: Nirmal Bang
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Nirmal Bang Report
Early data for March 2021 indicate that 78.8% of the indicators were in the positive territory, up from 63.64% in February 2021.
However, final data for Feb-21 suggest that only 60% of the indicators were in the positive territory.
Some of the positive momentum in March-21 came on the back of a low base in March-20 on account of imposition of the nationwide lockdown.
We believe that gross domestic product growth could still be marginally positive in Q4 FY21, supported by a low base in March-20 and revival in government spending (underpinned by improving tax collections).
However, sequential momentum is likely to have slowed sharply in April-21 on account of imposition of localised lockdowns, as the second Covid-19 wave has swept the country.
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