The report, part of the RBI's January bulletin, said: “The overall economic activity in India remains strong, with upbeat consumer and business confidence and upticks in several incoming high-frequency indicators." However, the infection surge due to Omicron has dented the recovery to a large extent, albeit temporarily. "The recovery that has been underway in the Indian economy with the ebbing of the second wave of the pandemic is encountering headwinds from a rapid surge in infections in a third wave marked by the rapid transmissibility of the Omicron variant," the report said.
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