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ICRA Research Report
As expected, base normalisation led to a flattening of the year-on-year expansion of most high frequency indicators in June 2021, relative to the previous month.
However, several indicators recorded a sequential improvement in June 2021, as the states started lifting restrictions with the subsiding of the second wave of Covid-19.
While a revival has undoubtedly set in, volumes for most non-financial indicators in June 2021 were weaker than the levels in both April 2021 and June 2019, suggesting that the recovery is incomplete.
Moreover, 11 of the 14 indicators reported lower volumes in Q1 FY22 compared to Q1 FY20.
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