Pronab Sen, former Chief Statistician, pointed out that the first quarter of FY22 saw the deadly second wave of COVID-19 across the country and “in Q2, the country was coming out of this wave. As we saw last year as well, these situations create lot of pent-up demand, which comes to the market as fear factor abates.
The really important issue is that due to an extended, nationwide lockdown last year, it took people lots of time to get production back on track. But there was no national lockdown this year only state-wise lockdowns were there in a staggered manner. So, the time it took for producers to restart manufacturing was much shorter. Will this growth be sustained? That’s difficult to tell since we don’t know how much of this growth is because of pent-up demand, which will wash off after a little while.
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