India’s Economic Performance Review for May 2022

The performance of high-frequency indicators for May 2022 indicates a pickup in economic activity in India despite the continuing worldwide challenges of inflation and supply chain disruptions. Overall business sentiment was still positive though somewhat lower than in March due to greater disruptions from the Russia-Ukraine conflict. Demand patterns showed resilience despite continuing inflation and supply disruptions, manufacturing and service activities picked up significantly, external trade continued to do well, and unemployment dipped during May 2022; however, consumer and input price inflation remained a concern.