New Delhi, June 29 -- India's hopes of a smooth return to pre-pandemic levels of economic output got severely derailed in May as most states imposed lockdowns to fight the second covid-19 wave. As many as 12 of 16 high-frequency indicators considered in Mint's macro tracker were in the red, or below their five-year average trend, in May.

The last time the tracker gave a worse reading was in April 2020, when 13 indicators fell into red due to the first nationwide lockdown. Launched in October 2018, Mint's macro tracker provides a comprehensive state-of-the-economy report based on trends in 16 high-frequency indicators across four segments: consumer economy, producer economy, external sector, and ease of living.

After the poor showing in ...