INSUBCONTINENT EXCLUSIVE:
As omicron cases took off in January, fiscal and monetary policy makers remained accommodative.India's economic activity showed mixed
signals in January, with most indicators pointing to a moderation in growth after a surge in omicron cases brought back some of the
pandemic-related restrictions.While five of the eight high-frequency indicators compiled by Bloomberg News came in weak last month, the rest
signaled a steady recovery
unchanged at 5 for a seventh month.As omicron cases took off in January, fiscal and monetary policy makers remained accommodative to support
the economy's recovery this month
While gross domestic product data for the October-December period is due Monday, authorities will probably look to get the latest pulse
check from leading indicators such as purchasing managers' surveys next week.Below are details of the dashboard.Business ActivityIHS
Markit's PMIs showed activity at Indian factories and services companies expanded in January, albeit at a slower pace, as new order
in January from a year ago, slowing from the 39% pace seen in December
ActivityPassenger vehicle sales fell for a fifth straight month, declining more than 10% in January, but industry associations are
optimistic given an easing shortage of semi-conductor chips that hurt production
In other signs of consumer activity, bank credit growth slowed to 8.21% at the end of January from 9.2% in December-end
Liquidity conditions continue to remain in surplus.Industrial ActivityFactory output growth eased to a 10-month low of 0.4% in December from
a year earlier as manufacturing contracted
Output of eight infrastructure industries, which makes up 40% of the industrial production index, improved to 3.8% in December from 3.4% in
Both reports are published with a one-month lag.
