RBI Says Incoming High Frequency Indicators Reflect Recovery Taking Hold In Several Spheres

RBI noted in its latest monthly update that the economy is gradually healing amidst an uncertain and volatile global environment, battered by supply chain and logistics disruptions, inflation shocks and geo-political tensions. Incoming high frequency indicators show that the recovery is taking hold in several spheres, though some others are still lagging behind. With the gradual uptick in confidence, mobility indicators have edged up. The job market is exhibiting signs of ebullience on the back of uptick in business optimism and faster pace of vaccination. India's merchandise exports have staged a smart turnaround, with surging double digit growth for the eighth consecutive month in a row. Collections under the goods and services tax (GST) have marked their second highest level in October since its introduction on the back of better tax administration and ongoing economic recovery.

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