Impact of India's second Covid-19 wave showing on mobility and non-mobility sectors: Nomura
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Synopsis
The Nomura India Business Resumption Index (NIBRI) fell to 60 for the week ended May 23, down from 63 a week earlier. This reflected a severe drop in the index, which tracks high-frequency economic indicators such as mobility, power demand and unemployment, to levels seen in June last year after a full recovery in February, Nomura said in a note on Monday.
Both mobility and non-mobility sectors of the Indian economy were reflecting the impact of the second wave of Covid-19 and the ensuing lockdowns as business activity continued to plunge further in May, said Japanese brokerage Nomura.