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ICRA Research Report
The high frequency indicators posted an uneven performance in August 2021, especially when compared to the pre-Covid-19 level, as the temporary push provided by the easing of state-level restrictions petered out.
While the early trends for September 2021 are unconvincing, we are cautiously optimistic that rising confidence will boost demand in the festive season.
The YoY performance of eight of the 15 high frequency indicators weakened in August 2021 compared to July 2021, partly on account of the normalisation of the base.
Moreover, the output of passenger vehicles was constrained by the non availability of semi-conductors.
The YoY performance of the remaining seven indicators improved in August 2021, such as the output of Coal India Ltd., electricity, ports cargo traffic, goods and services tax e-way bills, non-oil exports, etc.
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