On 24th March, with the announcement of the twenty one day lockdown a large portion of the country came to a standstill. The subsequent lockdowns have allowed for partial movement and in turn economic activity to take place. We have presented below few high frequency mobility indicators to gauge, by what percentage has India come back on tracks…
- E-Way Bill Generation Data : A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill. Thus, number of e-way bills being generated serve as a good indicator of movement of goods within the country.
As can be seen, movement of goods started decreasing in March and E-way bills number became only 15% of February’s value by April. However, May experienced good recovery as these numbers increased to ~45% of pre lockdown value. Further, for June the numbers are expected to easily surpass 50%.
- FASTag Data: Movement of private vehicles also has increased substantially in May as indicated by below FASTag data. May data in terms of volumes is already more than 50% of February volumes.
- India Freight Traffic(Railways) : Freight traffic remained relatively stable even during peak lockdown. Freight loading in the month of April 2020 stood at 65 million tonnes, around 35% less than the same period last year, while it was 83 million tonnes in May 2020, as compared to 105 million tonnes in May 2019. Freight loading till June 17, 2020 stood at 52 million tonnes, as compared to 57 million tonnes loaded in the same period last year. This implies that freight traffic has already reached 91% of last year’s figures.
These high frequency mobility indicators depict that India is gradually coming back on track – a good sign for the economy.