Recovery tracker: Higher freight numbers, workplace visits on the rise

Power generation has also continued to move higher after Diwali

High-frequency indicators of economic activity showed signs of further improvement in the latest week.

The Indian Railways carried 10.7 per cent more goods by quantity in the latest week compared to 6.1 per cent in the previous week. The earnings from the goods carried, called freight revenue, was up 21.6 per cent compared to 17.7 per cent in the previous week (see chart 1).

People are also moving around more, according to data from search engine Google’s mobility report. It is based on anonymised location data. The latest numbers are for November 18. Workplace visits are now only 5.9 per cent below what was seen before the pandemic took hold. Retail and recreation visits are 1.6 per cent short compared to the same time period (see chart 2).

Power generation continues to recover after the post-Diwali slump. Power utilities across the country generated 3,473 million units of electricity on average per day during the week ended November 21 (chart shows reporting date), up marginally from 3458 MUs a week ago. Power generation in the latest week was 8.8 per cent higher than corresponding week in 2020 and 5.6 per cent higher than generation in corresponding week in 2019 (see chart 3).

Business Standard also tracks emissions of nitrogen dioxide. It comes from industrial activity and vehicles. Higher numbers can point to more economic activity. Delhi emissions were 28 per cent higher than in 2019. Delhi has shut down schools and coal-powered power plants in a bid to lower high pollution levels in recent days. The Supreme Court had asked offices to shut down over dangerous pollution levels. Mumbai’s emissions remained muted (see chart 4,5).

Traffic congestion in New Delhi seemed to have fallen accordingly. It was down 27 per cent in the latest week compared to 2019 levels, shows data from global location technology firm TomTom International. It had been down 24 per cent in the previous week. Mumbai traffic congestion rose to 33 per cent below 2019 levels. It was down 40 per cent in the previous week.

Business Standard tracks these indicators to get a current picture of how the economy is doing. Official macroeconomic data is often released with a lag. Analysts globally have been tracking similar indicators. Different countries took measures to control the Covid-19 pandemic which had varying economic effects. Weekly data helps understand how the situation on the ground may be changing with such measures ahead of the release of official data. All the numbers are as of Sunday, November 21, except search engine Google’s mobility data. It is released with a lag. The latest is as of November 18.