Biz activity allays Russia-Ukraine war fears, hits all-time high

In a broad-based recovery, the Nibri rose to another record high of 126.4 for the week ending 20 March from 122.8 in the previous week, a 26.4 percentage point rise from the pre-pandemic levels

In a broad-based recovery, the Nomura India Business Resumption Index (Nibri) rose to another record high of 126.4 for the week ending 20 March from 122.8 in the previous week, a 26.4 percentage point rise from the pre-pandemic levels. 

Mobility indicators like Google’s workplace and retail & recreation rose by 2.4 percentage points and 3.1 percentage points, respectively. Apple driving index surged 11.7 percentage points from the previous week, with all mobility indicators above their pre-pandemic levels. 

The labour participation stood at 39.3 per cent on 20 March from 39 per cent in the prior week, while power demand rose by 1.8 per cent from 2.1 per cent in the preceding week. 

Nomura said the growth impact of the ongoing war appears to be limited though it is too early to be sure about it. “Reopening is aiding a fast catch-up in services, while consumers have been shielded from rising global crude oil prices, with domestic retail pump prices frozen since early November,” it added.