India Economy Watch - April Brings Unseen Mathematical Problem: Motilal Oswal

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Motilal Oswal Report

What happens when a non-zero integer is divided by zero? It returns '#Div/0!' in excel – meaning undefined. This is what defined April 2021.

With lockdowns in the nation at their peak, several indicators – such as passenger traffic, foreign tourist arrivals, and auto sales – witnessed no activity in April 2020.

As a result, it is mathematically impossible to estimate year-on-year economic growth for April.

Many other indicators – such as steel/coal/cement production, tractor sales, fuel sales, and index of industrial production for capital goods – showed growth of several hundred percentage points in April.

Consequently, we have failed to produce an estimate for our in-house Economic Activity Index for India in April.

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