New Delhi: Most of the high-frequency economic indicators in India have exceeded pre-pandemic levels, limiting three steel consumption, air traffic, and domestic car sales (excluding commercial vehicles) – said government sources.
They added that it was in line with the second-quarter GDP estimate, pointing to higher economic activities than the appropriate period in 2019.
High frequency indicator (HFI) was being monitored to track the progress of economic recovery in India since the first Covid case was reported in the country in January 2020.
The latest information shows that among 22 HFI, full recovery has been achieved in connection with 19, because their latest level in September, October and November, 2021 is higher than their pre-pandemic higher.
Level in the months according to 2019, the official source said.
Among the 19 HFIs, there are several indicators where recovery far exceeds 100%, such as e-way bills based on volume, export of merchandise, coal production and train transportation traffic.
This shows that not only recovery is complete, economic growth now collects momentum over the level of pre-pandemic output, which they add.
Among the three indicators that still remain in red, the lack of chips is being blamed for weak car sales because the waiting period is getting longer.
Likewise, air traffic has been affected due to covid restrictions, especially on international travel.
Weak steelfake steel has been associated with a decrease in demand.
Based on the selection request, which now extends to services, as shown by new polls to buy the purchase manager index, the government expects the economy to grow at a two-digit level, before entering 7% growth mode of 2022.
Omicron variants have recently caused Fresh fears on the economic front if there is a surge in infection and travel and other restrictions.
The sharpest increase is seen in the case of UPI because more users are needed for digital payments.
Similarly, a 157% leap in electronic toll collection is also a digitalization result, which has helped check leakage from the system.