The report said that while India encountered headwinds from a rapid surge in infections due to Omicron, aggregate demand conditions are resilient amid upbeat consumer and business confidence and an uptick in bank credit. It also pointed out that manufacturing and several categories continue to remain in expansion mode.
“Data from the UK and South Africa suggest that such infections are 66-80% less severe, with a lower need for hospitalisation. This has brightened near-term prospects and financial markets reflect this optimism,” the report said. The ‘State of the Economy’ report is authored by RBI staff and is published in the central bank’s monthly bulletin.
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