The steady pace of India’s economic recovery appears to be affected by a sharp surge in coronavirus cases in February, all eight high-frequency indicators tracked by Bloomberg News showed on Tuesday.
Key takeaways
“The February reading reflects gains in the economy at a time when virus cases were on the wane. “
“However, the recent weeks have seen the trend reverse, raising the specter of localized lockdowns that could hit consumer mobility and demand in an economy where consumption makes up some 60% of gross domestic product.”
“Economists see a bumpy road ahead given that the western Indian state of Maharashtra, which contributes 14.5% to the country’s overall GDP, is among the worst hit and accounts for the majority of cases. The state, which includes Mumbai, has imposed a night curfew to tamp down cases that have been rising since mid-February.”
more to come …
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