With the resurgence of new coronavirus instances and localised restrictions, uncertainty on financial recovery has grown. While one year just after the lockdown, higher frequency indicators are reporting mixed trends, the markets – Sensex and Nifty 50 – doubled, touching new highs on the back of surging foreign capital flows. The IIP contracted 1.6% y-o-y in January, as compared with a development of 1.6% in December. Mining and manufacturing output declined 3.7% and 2%, respectively, in January 2021. Industrial output contracted 12.2% in the April-January period of existing fiscal. Even the e-way bill numbers indicate flattening of manufacturing and trading activity.