While the recovery that has been underway in the Indian economy is encountering headwinds from a rapid surge in Covid cases in a third wave marked by the rapid transmissibility of the Omicron variant, expectations that the variant may turn out to be more of a “flash flood than a wave” have brightened near-term prospects, the RBI has said.
Mobility indicators exhibited a sequential moderation in January. Google mobility indices dropped below the baseline numbers for retail and recreation activities and around workplaces as offices made a quick transition to work from home protocols (up to January 8, 2022). The Apple mobility index tumbled across all major cities, although it remained above its pre-pandemic level. Electricity generation accelerated through January so far, reaching pre-pandemic levels, the RBI said in its ‘State of the economy’ report.
According to the central bank, as the world stepped into the new year, the…
