Covid-19 Recovery Pulse - Festive Fervour Lifts Auto Retail Sales In November: ICICI Direct
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ICICI Direct Report
Festive fervour lifts daily Vahan registrations with November 2021 average reading coming in encouragingly at ~82,900 units i.e. 104% of pre-Covid-19 levels. The similar reading for December 2021 on month-to-date basis stood at ~76,600 units i.e. ~96% of pre-Covid levels.
Going forward, as the lag effect in recording registrations fades away, we expect the registration run-rate to tapers off and revert back to its normalised run-rate of ~80% of pre-Covid levels.
E-Way bill generation for the month of Nov ended on a strong note, reaching 5.6 crore, which if we compare to the average bill generation in the prior months to Covid-19 (Oct-19-Feb-20) has reached ~109% levels of the average 5.5 crore bills.
Gross goods and services tax revenue collected in November came in at Rs 1,31,526 crore. This was an improvement over the Rs 1.30 lakh crore collected in the month of October.
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