India's Economy Mostly Above Pre-Covid-19 Levels; But Sequential Momentum Slowing Substantially: Nirmal Bang
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Nirmal Bang Report
Early data for November 2021 indicate that 68.8% indicators were in the positive territory on YoY basis, marginally down from 71.9% in October 2021.
However, final data for Oct-21 indicate that only 69.4% indicators were in the positive territory. Around 77% indicators (where two-year compound annual growth rate can be calculated) were above the pre-pandemic level in Nov-21, marginally down from 80% in Oct-21.
On a sequential basis, growth witnessed a substantial slowdown, with 43.8% indicators in the positive territory in Nov-21, down from 78.1% in Oct-21. Final data for Oct-21 indicate that only 79.2% indicators were in the positive territory.
Urban unemployment inched up in Nov-21 from 7.4% to 8.2%, which may be on account of reverse migration during the festive season while rural unemployment dipped to 6.4% from 7.9%, supported by a pick-up in Rabi sowing. Rural wage growth also held up well at ~7.6% YoY in Oct-21.
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