ECONOMY

India Economy Update – Economic Activity Steady Despite Covid Surge; Mobility Slows At The Margin: Nirmal Bang

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In the first fortnight of June 2022, active Covid-19 cases surged by 200%, but the number of deaths remained under control. The surge in new Covid cases did not dent economic activity, although the use of public transport and workplace mobility slowed at the margin.

The incremental number of fully vaccinated people declined from the previous fortnight (down by 20%).

As of June 21, ~78% of the population has received at least one dose while ~70% has received both the doses.

Urban unemployment declined from the previous fortnight and stood at 7.7% while rural unemployment rose from 6.6% in the previous fortnight to 7.3%.

As of June 17, kharif sowing was down by 8% YoY, but decline in the rainfall deficit to 2% as of June 21 versus 25% as of June 16 should support pick-up in sowing and rural activities.

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