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Nomura India Business Resumption Index sees sharp drop for the week ended May 9


Nomura India Business Resumption Index sees sharp drop for the week ended May 9
May 11, 2021
Rolling state-wide lockdowns hurt sequential growth
The Nomura India Business Resumption Index (NIBRI) fell to 64.5 for the week ended May 9 from 69.7 the prior week (i.e., 35.5pp below pre-pandemic levels). The index is now at levels last seen in mid-June, after having fully recovered in February.
· The fall continues to be driven by a sharp fall in mobility. Google’s workplace and retail & recreation mobility indices fell by 10pp from the prior week, while the Apple driving index fell by 8pp. Power demand also fell by 4.1 per cent w-o-w (week-on-week), although the labour participation rate inched higher to 41.3 per cent vs 38.9 per cent last week. The sharp drop in NIBRI suggests that the rolling state-wide lockdowns are hurting sequential growth. We would, however, caution that the drop in mobility exaggerates the hit to economic activity. International experiences ....

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Lockdowns pull down business activity to 76% of pre-pandemic level; unlikely to impact GDP: Report


Lockdowns pull down business activity to 76% of pre-pandemic level; unlikely to impact GDP: Report
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Lockdowns pull down business activity to 76% of pre-pandemic level; unlikely to impact GDP: Report
PTI / Apr 27, 2021, 19:16 IST
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The ongoing second wave should remain a short-term negative economic shock which is likely to be localised to the June quarter, the report said. (Representative image)
MUMBAI: Business activity has fallen by a fourth of the pre-Covid levels due to lockdowns imposed by states to contain the spread of the second wave of Covid-19, Japanese brokerage Nomura said on Tuesday.
However, it said the falling activity levels will have a muted economic impact and maintained its growth estimates for the year, saying the lockdowns present “downside risks”. ....

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Nomura Business index sees steepest weekly fall - The Hindu BusinessLine

Nomura Business index sees steepest weekly fall - The Hindu BusinessLine
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SBI business activity index at 5-month low - The Hindu BusinessLine


April 23, 2021
Lender’s economic research department revises GDP growth forecast to 10.4%
State Bank of India’s Business Activity Index is now at a 5-month low at 86.3 in the week ended April 19. All indicators have shown a dip with maximum decline in Apple mobility, weekly food arrival at mandis, and RTO revenue collection, according to SBI’s ERD.
This is in line with Nomura India Business Resumption Index (NIBRI), which indicated that the pace of economic activity has dipped to 83.8 for the week ending April 18 versus 88.4 in the previous week (revised down from 90.4) This suggests that the economy is ~16.2pp below its pre-pandemic normal, and at levels last seen in October-end. ....

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India's GDP growth forecasts slashed amid second wave- The New Indian Express


India’s GDP growth forecasts slashed amid second wave
ICRA, meanwhile, said, “For Q1 FY2022 (April-June 2021), we had earlier expected a GDP expansion of 27.5 per cent, boosted by the low base.
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By Express News Service
CHENNAI:  The rapid rise in the number of Covid-19 cases and the subsequent imposition of severe restrictions by state governments to contain the spread is forcing ratings and research agencies to slash down India’s GDP growth forecasts for the current financial year.
While ICRA Ratings cut down the upper end of its earlier 10-11 per cent GDP growth forecast for FY22 to 10-10.5 per cent on Tuesday, a Nomura estimate slashed the expected GDP growth for calendar year 2021 to 11.5 per cent from 12.4 per cent.  ....

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