The Indian economic recovery appears to have entered a consolidation phase in January, with a varied performance across the early economic indicators, according to ICRA’s January review of the Indian economy. A majority of these displayed a loss of growth momentum in the month relative to December 2020, partly because of an unfavourable base effect, supply side issues and price hikes, marking a contrast to the improvement in sentiment brought on by the rollout of the COVID-19 vaccines.

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