With the easing of COVID-19-related restrictions by the states, the roots of the economic recovery deepened in July 2021, says a report. continual unlocking across the country has accelerated the improvement in various high-frequency industrial and service sector indicators during July 2021, said ICRA.

Aditi Nayar, Chief Economist, ICRA said,  "With the further easing of the state-wise restrictions, especially across the southern states, the roots of the economic recovery deepened in July 2021. Despite a normalising base, eight of the 15 high-frequency indicators recorded an encouraging improvement in their year-on-year (YoY) growth in July 2021."  He said , “10 of the 13 non-financial indicators recorded a month-on-month (MoM) uptick in July 2021, although the pace of the improvement expectedly eased from the levels seen in June 2021, when the state-wise unlocking had commenced."

Besides, ICRA highlighted that the YoY performance of GST eway bills, fuel consumption, electricity generation, output of Coal India Limited (CIL), vehicle registrations, domestic passenger traffic, amongst others improved in July 2021 compared to June 2021. Furthermore, the worsening in the YoY performance of some of the remaining indicators such as the output of passenger vehicles (PVs), scooters and motorcycles, was primarily due to the unfavourable base effect.

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