The Nomura India Business Resumption Index (NIBRI) rose for the sixth consecutive week at 91.3 for the week ended July 4, from 86.3 in the previous week. The index is now just 8.7 percentage points below pre-pandemic levels and 3.6 percentage points below pre-second wave levels.
Mobility indicators such as Google’s Workplace and Retail and Recreation Mobility Index moved up 3.1pp and 6.9pp respectively from last week, while Apple’s Driving Index climbed 10.3pp.
Week-on-week electricity demand increased by 6.9 percent after a 7.8 percent increase in the previous week, though the labor participation rate declined to 39.6 percent.
The first flush of ‘traditional’ monthly data for June, such as trade, GST e-way bill, and auto and diesel sales improved sequentially from May levels, in line with our expectations, with softer manufacturing and services PMI and Revenue despite stagnant railway freight,” Nomura said in a report on Monday.
vaccination campaign
“We expect higher average vaccination speeds in July, compared to 3.8 million doses per day in June due to supply improvements, but the real pivot is likely to occur in August, when we expect supply capacity to increase physically. are,” it added.
Nomura said that despite the risks of the third wave, the data so far supports the view that the economic hit is likely to be localized for Q2, with GDP growth above an average of 10.4 per cent in FY22.
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