Mumbai: Business activities rose for the second consecutive week, crossing the pre-pandemic level for the first time since the emergence of Covid-19 disruption in March 2020, said a Japanese broker on Monday.
The Indian Nomura Business Assumption Index (NIBRI), which measures activity every week with a pre-pandemic level becomes a base, up to 101.2 for the week ending August 15, from 99.6 weeks ago.
This is the first time the activity has violated a pre-pandemic base.
The index level has dropped sharply after immediately after the national locking in April last year and increased steadily to be very close to the pre-pandemic level in March 2020.
However, the second wave and local locking the next dent again, until it rises after fading infection.
“Recovery of the second wave is very fast: Nibri needs almost 10 months to crawl back to the 100 mark after the first wave of Covid-19, but less than three months to cross 100 after the second wave,” The word broker.
A sustainable increase in Nibri during July-August showed a strong sequential rebound possibility in the third quarter, he said, a warning that the economy had not come out of pandemic timber.
It hopes that the growth of June GDB quarter to contract sequentially at 4.3 percent, but up 29.4 percent year-on-year.
In 2021-22, GDP is expected to grow 10.4 percent in real terms as a contraction of 7.3 percent in the previous year.
During the week being reviewed, the Google Mobility indicator continued their uptick with the workplace and retail and recreation index increased by 1.7 percentage points (PP) and 3.4 PP, while the Apple driving index fell 0.8 pp.
Power demand rose 5.7 per cent compared to the previous week, while the level of labor participation fell to 40.4 percent from 41.5 percent.