Economic Recovery picks up pace again, inflation softens ahead of festivals

NEW DELHI: The Indian economy continued its rebound from the second covid pandemic, with weekly activity indices strengthening further last week.

Nomura's India Business Resumption Index rose to 101.9 for the week ended Sunday from 100.6. This is the second-highest print for the index since the onset of the pandemic, with the peak of 102.8 being reached in the week ended Aug 29. "The growth cycle is improving," Nomura's economists said "Bank credit growth rose to 6.7 percent at end-August from its trough of 5.5 percent, and a further lift is likely as the festive season kicks in.

Daily COVID cases have also inched lower and the vaccination pace has picked up. This should aid a recovery in consumption and services, even as a third wave remains a risk," they added.

"DART index reverting to a post pandemic peak is a validation of restoration in economic activity continuing into the fourth consecutive month," QuantEco Research said. "The onset of the festive season could perhaps keep this momentum ticking into second half of September as well, along with swift progress on vaccinations," it added.

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