Second corona wave closing in on rural India, impact seen in high-frequency indicators: CRISIL

May 03 2021 07:31 PM
Second corona wave closing in on rural India, impact seen in high-frequency indicators: CRISIL

The impact of state-announced restrictions is showing up across high-frequency indicators, including retail, power supply  and workplace mobility, GST e-way bill collection and power supply, which are trending down for the second consecutive week now. India’s crushing second Covid-19 wave continues to make new peaks with every passing day, as daily cases near the four lakh level for several days now, Crisil Research said on Monday.

"In India, the impact of state-announced restrictions are more clearly showing up across high-frequency indicators - they all trended down for the second consecutive week," Retail mobility fell 8.2 percentage points (pp) on average in the week ending May 2, while workplace mobility slowed 7.1 pp. Besides, toll collection through electronic mode declined 2 percent on-week, Crisil noted.

Similarly, Goods and Services Tax e-way bill collection (volume) declined 6.9 percent on-week for week ending April 25.

"If it was any consolation amid the steep rise in daily cases and deaths, growth in recoveries, which lagged cases till last week, grew faster by 57 percent in the week April 26-May 2. That compared with 16 percent growth in cases." "Growth in daily cases in major affected states, such as Maharashtra, Madhya Pradesh, Chhattisgarh, Uttar Pradesh too slowed down, compared with the week ending April 25. But recovery rate has declined to 82 percent as of May 2, due to the high base of confirmed cases," Crisil said.

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