The Reserve Bank Of India (RBI) noted in a latest update that at a time when global economic activity is besieged by the outbreak of the second wave of COVID-19, incoming data for the month of October 2020 have brightened the near-term outlook for the Indian economy and stirred up consumer and business confidence. There are, however, formidable downside risks that confront the path of recovery.
Real-time tracking of high-frequency activity indicators provides timely information on the state of the economy and directional movements in GDP growth ahead of official releases, stated the central bank. The index suggests that the economy rebounded sharply from May/June 2020 with the reopening of the economy, with industry normalising faster than contact-intensive service sectors, pointing to a short-lived contraction.
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