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India’s business resumption touches new high despite Omicron: Nomura

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Business resumption surged to a new high despite the fears of the newly discovered Omicron variant, and inflationary pressures are building up, a Japanese brokerage said on Monday.


The Nomura India Business Resumption Index, a weekly tracker which compares activity with the pre-COVID week, inched up to 114.5 for the seven days ended Sunday, as against 114 in the previous reporting week.





Despite the uncertainty triggered by Omicron, high frequency data suggest that the economy remains on a recovery path and inflationary pressures are building up, it said.


The brokerage said border reopening will likely be slow, as the discovery of the Omicron variant globally has prompted the Indian government to review and tighten its international travel guidelines, and several states are on alert.


However, the economy’s reliance on tourism is relatively small as it accounted for only 1.1 per cent of GDP in 2019.


Continued normalisation of domestic contact-intensive services is contingent on infection cases remaining low, as only around 32 per cent of the population are fully vaccinated, it added.


For the reporting week, Google workplace and retail and recreation mobility rose by 3.6 percentage point (pp) and 1.6 pp, respectively, while the Apple driving index eased marginally by 0.5pp. The labour participation rate improved to 40.5 per cent from 39.8 per cent in the prior week, while power demand recovered by 1.2 per cent over the previous week, it said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Business resumption surged to a new high despite the fears of the newly discovered Omicron variant, and inflationary pressures are building up, a Japanese brokerage said on Monday.


The Nomura India Business Resumption Index, a weekly tracker which compares activity with the pre-COVID week, inched up to 114.5 for the seven days ended Sunday, as against 114 in the previous reporting week.





Despite the uncertainty triggered by Omicron, high frequency data suggest that the economy remains on a recovery path and inflationary pressures are building up, it said.


The brokerage said border reopening will likely be slow, as the discovery of the Omicron variant globally has prompted the Indian government to review and tighten its international travel guidelines, and several states are on alert.


However, the economy’s reliance on tourism is relatively small as it accounted for only 1.1 per cent of GDP in 2019.


Continued normalisation of domestic contact-intensive services is contingent on infection cases remaining low, as only around 32 per cent of the population are fully vaccinated, it added.


For the reporting week, Google workplace and retail and recreation mobility rose by 3.6 percentage point (pp) and 1.6 pp, respectively, while the Apple driving index eased marginally by 0.5pp. The labour participation rate improved to 40.5 per cent from 39.8 per cent in the prior week, while power demand recovered by 1.2 per cent over the previous week, it said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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