CARE Rating’s Economic Comeback Meter (CEM) in India moved up to 4.4 in June 2021 from 3.35 in May and higher than the 4.1 level in June 2020. The calculation seeks to track the movements in the economy on the recovery track. Scores less than 4 signify an economic downturn, 4-6 scores indicate a move toward recovery, and 6-8 scores point toward steady-state growth. CARE Ratings anticipates limited downside on global steel prices in 2021.
April’s CEM declined to 5.85 from 6.20 in March. India has been in scores above 4 since June 2020. July 2020 scores climbed to 5.35, dipped in August to 4.35 then climbed in September to the highest level in six months at 6.85. For Q3 2020, the CEM were 6.10 for October, 6.10 for November, and 6.15 for December.
The CEM index for January continued on an upward trend at 6.20 before it dipped to 5.25 in February.