India’s Economic Growth Has Not Whittled Down Despite Emergence Of Second Covid-19 Wave: Nirmal Bang
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Nirmal Bang Report
Early data for February 2021 indicate that 63.64% of indicators were in the positive territory, down from 69.7% in January 2021.
However, final data for Jan-21 suggest that only 64% of indicators were in the positive territory.
Despite emergence of renewed localised lockdowns over the past month, 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).
Central government expenditure was up by 49.5% YoY in Jan-21 while indirect tax collection rose by 34.8% YoY (driven by excise duties).
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