New year starts on a positive note as Indian business activity has increased, notes Japanese financial services behemoth Nomura's weekly tracker
Bengaluru: New year! Positive news! The year 2021 has started on a good note as the Indian economy has done well.
Japanese financial services behemoth Nomura's weekly tracker to measure the scale of economic normalisation in the nation has shown that the business activity has surged to a new high in January, as reported by Economic Times.
Nomura India Business Resumption Index (NIBRI) has noted a robust jump at 94.5 in the week that ended on 3 January in comparison to 91.7 in the week ended 27 December. The report takes into consideration Google mobility indices, labour force participation rate along with demand for power and mobility of driving from Apple.
As per Nomura's report titled "Economic normalisation continues apace", the NIBRI has ended the year 2020 with just around 5.5 per cent below the pre-pandemic activity levels, lending credence to the economic recovery.
The report took note that the power demand has been strong, and other activity data like auto sales, import growth, GST proceeds, manufacturing PMI and diesel sales have all shown improvement. It also emphasised that easier financial conditions, stronger global demand and accelerated vaccinations could lead to an economic upswing in 2021.
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Last Updated Jan 5, 2021, 12:35 PM IST