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India's Economy Mostly Above Pre-Covid-19 Levels; But Sequential Momentum Slowing Substantially: Nirmal Bang

India's Economy Mostly Above Pre-Covid-19 Levels; But Sequential Momentum Slowing Substantially: Nirmal Bang

 People walk past a light at night in the village of Dharnai in Jehanabad, Bihar, India (Photographer: Prashanth Vishwanathan/Bloomberg)
People walk past a light at night in the village of Dharnai in Jehanabad, Bihar, India (Photographer: Prashanth Vishwanathan/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

Nirmal Bang India Macro Meter Economy Update.pdf

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