Released: 25 February 2021
February Sales Managers Data Shows India Remains Deep in Recession
The Covid virus continues to take a heavy toll on the Indian economy. The Sales Managers Survey shows companies continued to shed employees at a rapid rate in February. Massive unemployment and the loss of output created by Covid in India will not reverse overnight.
Despite the continuing bad news, a flicker of light is now showing at the end of the tunnel. The Market Growth Index, comparing growth in the current month with the same period a year earlier, in February stayed over the 50 level achieved in January, and is now at an 11 month high indicating recovery is on the way. Slowly.
Overall the situation in India remains dismal, with many companies still mired in recession and continuing to shed employees. The 11 month long gradual uptick in the Market Growth Index is looking increasingly like the harbinger of better times ahead but recovery is painfully slow. Next months numbers should start to show if the possibility of renewed growth suggested by the Market Index really is light at the end of the tunnel.
India Staffing Levels Index
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