With the resurgence of new coronavirus cases and localised restrictions, uncertainty on economic recovery has grown. While one year after the lockdown, high frequency indicators are reporting mixed trends, the markets – Sensex and Nifty 50 – doubled, touching new highs on the back of surging foreign capital flows. The IIP contracted 1.6% y-o-y in January, as compared with a growth of 1.6% in December. Mining and manufacturing output declined 3.7% and 2%, respectively, in January 2021. Industrial output contracted 12.2% in the April-January period of current fiscal. Even the e-way bill numbers indicate flattening of manufacturing and trading activity.
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