Biz resumption drops in Sept, some real economy indicators lagging, says Nomura

India economy, Nomura, Macro indicators, India Business Resumption Index, Covid pandemic, Goods and Services Tax, GST

NEW DELHI: Resumption of business activity had registered a decline in September, said Nomura, as its India Business Resumption Index dropped to 100.6 in the week ended September 19 from 101.4 in the week before.

While business resumption is still better than the levels registered prior to the Covid pandemic, mobility indicators are mixed, with other real economy indicators struggling, Nomura Global Markets Research said in a note.

Power demand continued to be weak, contracting 2.6 per cent on a seasonally adjusted week-on-week basis, while the rate for labour participation also lagged, showing a fall of 39.8 per cent from 40.9 per cent the previous week, Nomura said.

Other sets of high-frequency data have also showed mixed results, with Goods and Services Tax e-way bills till the middle of September falling much behind the numbers registered for the same period in August and July, the report said.

On the positive side, average daily railway freight revenue improved, climbing to 25.5 million in the middle of the current month from 24.3 million in the middle of August, Nomura analysts said.

With around 15 per cent of India’s population fully vaccinated, a potential third wave of the coronavirus pandemic is yet to rear its head, the report said.

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