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Business activity at highest level since pandemic began as more people commute to work: report

An increase in the number of car trips to the workplace has led to an increase in overall business activity to an all-time high 14 percentage points (pp) above pre-pandemic levels last week, according to a report released on Monday. The Nomura India Weekly Business Recovery Index (NIBRI), which compares activity in a given week with the last week before the lockdowns were announced in March 2020, stood at 114 for the seven days ended Sunday , against 110.3 the previous week. .

Google’s workplace mobility rose sharply by 18.1 pp, while retail and entertainment fell 3.3 pp and the Apple Driving Index rose 3.6 pp, a indicated the Japanese brokerage house. The labor force participation rate remained lukewarm at 39.8%, while demand for electricity rose 0.2% over the past week, after rising 5.5% in the previous week.
The overall growth outlook is “clouded” by tailwinds in demand and headwinds on the supply side, the brokerage said. He maintained the 9.2% GDP growth estimate for fiscal 22, but added that there is a risk of a 1% decline due to supply issues.
Noting that the energy crisis is easing, he said supply problems emanated from the automotive sector. “Auto sales in October were lackluster, reflecting not only semiconductor shortages, but also the impact of weak rural demand on two-wheeler sales,” he said.

First publication: STI


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