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Nirmal Bang Report
In the second fortnight of September 2022, mobility improved across the board. Petrol sales jumped by 13.2% YoY while diesel sales were up 22.6%YoY.
End of monsoon rains in most parts of the country and a pick-up in agriculture activities resulted in higher demand for diesel. Festival season also contributed to a pick-up in economic activities and higher fuel demand, according to media reports.
Both urban as well as rural unemployment declined, with rural unemployment at 5.9% and urban unemployment at 7.7%. Bank credit growth stood at 16.2% YoY versus 15.5% in the previous fortnight.
Electricity generation remained healthy but moderated from the previous fortnight. India is unlikely to face any power crisis during the upcoming festival season as coal-based power plants have enough stock to meet India's electricity demand.
According to the coal Ministry, coal positions across the country have improved. Reportedly, as on September 11, 2022, total coal stock at domestic coal-fired power plants stood at 25 million tonnes compared to just 11 million tonnes a year ago.
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