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The Nomura India Business Resumption Index rose to a record-high of 115.8 for the week ending December 12 from a downwardly revised 112.9 in the prior week. The uptick was led by all sub-components.
"Mobility indicators rose, led by the Google workplace (4.0 per cent points over the week) and retail and recreation (2.0pp) indices, and the Apple driving index (2.9pp). The labour participation rate picked up to 41.4 per cent from 40.5 per cent, its highest in eight weeks, and power demand reversed last week’s fall (a 3.7 per cent w-o-w gain after a 5.6 per cent decline)," Nomura said.
"Despite Omicron risks, neither policy restrictions nor the public fear factor appears to have had any impact on mobility so far, which is supporting a further normalisation in services. Also, after supply constraints induced declines in August and September, industrial output growth rose sequentially in October, although its pace appears to be plateauing," it added.
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