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The growth momentum lost steam in November 2021, with some satiation of pent-up demand after the festive season, and supply chain disruptions in parts of South India on account of untimely rainfall.
As many as 12 of the 15 lead indicators recorded a deterioration in their YoY performance in that month, relative to October 2021. Moreover, the number of indicators surpassing their pre-Covid-19 levels eased to seven in November 2021 from nine in October 2021.
The early data for December 2021 is mildly positive, and second shot coverage appears set to rise to 61% of Indian adults by the end of the month.
However, it remains to be seen whether the existing Covid-19 vaccines will offer protection against the Omicron variant and avert a third wave in India. Amid the heightened uncertainty generated by Omicron, convincing signs of a durable and sustainable recovery are yet to emerge.
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