India’s economic report card is drenched in red ink

 India’s economic report card is drenched in red ink

Launched in October 2018, Mint’s macro tracker provides a monthly state-of-the-economy report based on trends in 16 high-frequency indicators across four segments: consumer economy, producer economy, external sector, and ease of living.

A year ago, during the first nationwide lockdown, 13 of the 16 indicators had turned red, but this was followed by gradual improvement, especially in the consumer and producer economy segments, as lockdowns eased. By March 2021, only seven indicators were in red, or below their five-year average trend.

In April, nine indicators in the tracker turned red, while three were in line with past trends. The ferocity of the second wave, growing curbs to tackle it, and the sharp fall in the pace of vaccinations—all contributed to the slowdown in economic momentum last month.

Unlike last April, lockdowns this time have been region-specific and less stringent, ensuring that the economic…

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