Barring another Covid wave, the worst is behind India: RBI

Mumbai, Jan 21 : The Reserve Bank on Thursday said barring the visitation of another wave of coronavirus, the worst is behind India, as recent high frequency indicators suggest a strong recovery.
“Soon the winter of our discontent will be made glorious summer,” the RBI said in its January Bulletin.
“Cross-country comparison indicates that India is on the move, ahead of other economies.” It said the six largest states – Maharashtra, Tamil Nadu, Uttar Pradesh, Karnataka, Gujarat and West Bengal – recorded 87 per cent of normal footfalls in public places, the best levels so far in the pandemic.
“Domestic trading activity as reflected in issuance of E-way bills expanded at a brisk pace, even over a high base, posting a growth of 15.9 per cent y-o-y – intra-state by 17.3 per cent and inter-state by 13.8 per cent.” “In fact, the number of E-way bills issued during December 2020 was the highest, suggesting that the recovery is no longer aloft on the fleeting tailwinds of festival spending but is rising Phoenix-like on the wings of an intrinsic momentum.”