‘Demand takes big hit on second wave’
The Hindu
Economic indicators moderate through April-May as COVID-19 cases overwhelm India: RBI Bulletin
As the second wave of COVID-19 overwhelmed India and the world, the real economy indicators moderated through April-May 2021, senior officials of the Reserve Bank of India wrote in the RBI’s monthly bulletin. “The biggest toll of the second wave is in terms of a demand shock — loss of mobility, discretionary spending and employment, besides inventory accumulation” while the aggregate supply was less impacted, they wrote. “The resurgence of COVID-19 has dented but not debilitated economic activity in the first half of Q1... Although extremely tentative at this stage, the central tendency of available diagnosis is that the loss of momentum is not as severe as at this time a year ago,” they added. In an article on ‘State of the Economy’, the officials including Deputy Governor Michael Debabrata Patra observed that agriculture remained robust at this critical time and industrial production surged after a two-month contraction on the tailwinds of a large favourable base effect.
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