India’s economic recovery started to gain traction in early Q2 FY22, after a temporary disruption in Q1 due to the second COVID wave. In addition to boosting the vaccination pace, the government announced an economic relief package for the impacted segments along with measures to provide impetus to growth. Divergence in the performances of larger and smaller firms and different industries indicates the need for more targeted steps for vulnerable segments. Meanwhile, the RBI continues to lean towards reviving growth despite rising inflationary pressures. The key risk to economic outlook continues to lurk from a possible third wave, with daily cases bottoming out at relatively higher levels at present.
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