Page 35 - economic_survey_2021-2022

State of the Economy 9

Figure 13: PMI Services Figure 14: Hotel Occupancy Rate

60 80

1st Lockdown 60
50
40 1st Lockdown 2nd Wave

Index 30 Per cent 40

20 2nd Wave

10 20
0 0
Jan/19 Jun/19 Nov/19 Apr/20 Sep/20 Feb/21 Jul/21 Dec/21 Jan/20 Apr/20 Jul/20 Oct/20 Jan/21 Apr/21 Jul/21 Oct/21

Source: IHS Markit, Anarock

1.10 In contrast to contact-based services, distance-enabled services have increased their share
with the growing preference for remote interfaces for office work, education and even medical
services. Indeed, there has been a boom in software and IT-enabled services exports even as
earnings from tourism have declined sharply (see Figures 15 & 16).

Figure 15: Quarterly Trend in Figure 16: Real GVA of Distance
Services Exports Enabled services

Total Services Exports Financial, real estate & professional services
Travel
70 Telecom, Computer, & Information Services
60
50
US$ Billion 40 ₹ Lakh Crore 7.6 7.8 7.9 8.5
30

20 6.2 6.3 6.6 6.6
10
0
Mar/19 Jun/19 Sep/19 Dec/19 Mar/20 Jun/20 Sep/20 Dec/20 Mar/21 Jun/21 Sep/21 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019-20
2020-21
2021-22
Source: RBI, NSO
DEMAND TRENDS

1.11 Latest advance estimates suggest full recovery of all components on the demand side
in 2021-22 except for private consumption. When compared to pre-pandemic levels, recovery
is most significant in exports followed by government consumption and gross fixed capital
formation. However, an equally strong recovery was seen in imports (Table 3 and Table 4).