Net payroll addition declines in line with other macroeconomic data

The formalisation of India's economy took a beating in November in sync with other macroeconomic data. Net addition to subscription of employees' provident fund (EPF) was down to 10.01 million in November from 10.56 million in the previous month.

This was when initial figures for October were revised downwards. After looking up for two months since lockdown was eased in September, various data point to slowing down of the economy in November. However, experts believe that the economy would start looking up from December.