Weakness in Indian economy persisted in November, shows Mint tracker

From the external sector, the trade balance continued to remain a pain point. (Image: Pixabay)
From the external sector, the trade balance continued to remain a pain point. (Image: Pixabay)

Summary

  • Out of the 16 high-frequency indicators tracked by Mint, six indicators were in red in November, same as previous month.

The Indian economy's performance continued to display signs of weakness in November as was recorded in the previous month, showed the 16-high frequency indicators tracked by Mint in its monthly macro tracker.

Six indicators remained in red, while the number of indicators in green fell to six from seven. Four indicators printed amber. For each indicator, the value in each month is assigned a colour coding (red, amber and green) to denote where it lies relative to the five-year average (red denotes worse, amber denotes it is in line with the average range, and green denotes better). 

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The situation has remained largely the same in the past three months. The best performance in recent months was recorded four months ago when only three indicators were in red.

The consumer segment continued to remain weak, with tractor sales dragging it down as it slipped from the green to the red zone. However, passenger vehicle sales showed some improvement as it moved from the red to amber zone. Meanwhile, the producer economy's performance was a mixed bag with rail freight traffic numbers continuing to lag.

From the external sector, the trade balance continued to remain a pain point, while labour-intensive exports also proved to be a big drag on the segment as it moved from green to the red zone. 

Also Read: How India’s services sector made history as goods exports floundered

Mint macro tracker, which provides a monthly comprehensive report on the state of the economy, based on trends in 16 high-frequency indicators. The tracker has been running since October 2018. 

Also Read: India’s 2025-26 budget should aim to engineer an economic transformation

Methodology note: While calculating the five-year average, data for some indicators for April-May 2020 and April-May 2021 have been removed to eliminate lockdown-induced skews in the trend. However, the five-year averages may still show high figures due to sustained base effect in several indicators in 2021 and 2022.

Monthly standings will get updated retrospectively as more data comes in.

For inflation, the red/green coding is reversed.

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