Exports have been the silver lining, growing by 49.7 per cent year-on-year in US dollars terms during April-December 2021 at a time when international trade has been hamstrung by supply chain disruptions, shortages and logistics impairments. Import demand 10  has surged on the back of the return of domestic demand to normal conditions.
Employment has yet to recover fully though, and labour participation remains low. Bank credit has begun to gain pace, helped by easing of stress in banks’ balance sheets. Inflation has eased from pandemic highs to more tolerable levels in recent months, although it remains elevated amidst high commodity prices, including of crude.