India witnessed stronger than expected recovery in Q3FY21: Nomura

by Nidhi Bhati

The Nomura India Monthly Activity Indicator (NIMAI), which takes into account high-frequency indicators from across sectors, improved to -2.3 per cent year-on-year in December 2020 from -7.7 per cent in November 2020 indicating a stronger than expected recovery. The improved starting point for 2021 further led to an increase in Nomura’s growth projections for the coming year. In financial year terms, the Japanese investment bank expects GDP growth of -6.7 per cent y-o-y in 2020-21 before rising to 13.5 per cent in 2021-22.