India's recovery hits new post-lockdown high: Nomura

New Delhi: Business activity in India rose to another post-lockdown high over the past week after plateauing the week earlier, but the revival of the pandemic threat posed a key risk post festive season, according to brokerage firm Nomura.

The Nomura India Business Resumption Index (NIBRI) touched 87.1 for the week ended November 22, against 84.4 of the previous week, which was revised downward from 85.3, the firm said.

The jump in the weekly tracker of indicators of business activity was mobility-driven, led by a sharp rise in the Apple driving index, the note said.


Google’s retail and recreation mobility continued to rise as well, Nomura said, reflecting the festive season effect of more holidays and shopping. On the other hand, workplace mobility fell by 13 basis points over the week, it said.

In a worrying trend, the firm noted that India’s labour participation rate dropped further to 39.3%