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Business News/ News / India/  'India is moving again': Ola cab business crosses pre-Covid levels, says Bhavish Aggarwal
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'India is moving again': Ola cab business crosses pre-Covid levels, says Bhavish Aggarwal

The OLA CEO said 10 million people used Ola for the first time ever in FY21

Bhavish Aggarwal, co-founder and chief executive, Ola.Premium
Bhavish Aggarwal, co-founder and chief executive, Ola.

OLA CEO Bhavish Aggarwal on Tuesday said the recovery from second wave of Covid was three times faster as company's business crossed pre-pandemic levels last week. 

“India is moving again! Our @olacabs GMV crossed pre-covid levels last week. Recovery from second wave is 3 times faster. Clearly India is up and about! Some interesting trends as #IndiaIsMoving," he said. 

The OLA CEO said 10 million people used his cab services for the first time ever in FY21. “Welcome guys! As people move, they want to feel safe so they’re switching to personal or shared mobility instead of public transport. Many are moving to Autos taking our Auto business to almost 150% of pre-covid levels," he said.

“We’re ensuring Ola rides are safe. 3L+ drivers on Ola are vaccinated & we’ll have 100% vaccinated soon! We’re onboarding more driver partners, entering new cities and building new products to better serve all your mobility needs post covid. More soon. Let’s keep India moving," Aggarwal wrote on Twitter. 

According to the latest official data, India's economic growth accelerated to a record pace of 20.1% year-on-year in April-June quarter in spite of a devastating second wave of Covid cases. 

The economy had contracted 24.4% in the same quarter a year earlier. Over 20% growth is the fastest since the mid-1990s when official quarterly data was available. 

On 31st August, Chief Economic Adviser (CEA) KV Subramanian said India's macroeconomic fundamentals were much stronger, and the country was all set for robust growth on the back of structural reforms, the government's capex push and rapid vaccination. 

He said the GDP data for the first quarter reaffirmed the government's prediction of an imminent V-shaped recovery made last year.

He further stated that there has been a steady recovery in petroleum consumption and auto sales, reaching pre-pandemic levels.

Despite supply-side restrictions due to Covid, Subramanian said inflation was much lower than during the global financial crisis due to supply-side measures. 

"External sector providing a stable cushion. Forex reserves continue to grow. Despite supply-side restrictions due to pandemic, inflation was much lower than during GFC (global financial crisis) because of supply-side measures," the CEA said.

A better-than-expected manufacturing performance, a milder hit to services and a rebound in consumer spending helped the Q1 growth in spite of the second wave of Covid cases. The period from April to June had less stringent lockdown norms than in the same period of last year with demand staying resilient.

(With inputs from agencies)

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Published: 07 Sep 2021, 04:02 PM IST
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