mumbai the rbis state of the economy note has said that there is economic recovery with drop in covid cases and all engines of aggregate demand are starting to fire the central bank has also said that the only thing missing is private sector investment as even bank credit has started to pick up steam economic activity is gaining steam as covid incidence recedes and the ongoing vaccine rollout releases pentup optimism the rbi saidone of the indicators of improved demand was the rise in power consumption peak power demand touched a new high hitting 1896gw on january 30 and surpassing all previous records electricity consumption continued to expand through january and february this year for the fifth and sixth successive months growing at 48 and 73 respectivelythe household survey of the centre for monitoring indian economy cmie finds that employment conditions improved through january 2021 with average employment rate inching up to 379 from 369 a month ago sectors like real estate construction and services which suffered employment losses during the lockdown have evidently recovered to precovid levels the report saidin terms of nominal gdp 96 of prepandemic economic activity has been restored assuming that the national statistical offices first advance estimates hold said the report coauthored by rbi deputy governor michael patra and his colleagueson the external front indias merchandise exports held on to their upward trajectory growing by 62 yearonyear in january 2021 the second consecutive month of expansion nonoil exports grew 115 marking the fifth straight month of expansionnoting that in the race between infections and injections vaccinations are gathering pace the rbi has said that india is taking the road less travelled in three ways first there has been a drop in the number of infections second there is a view gaining ground that crowded cities and towns may be in the early stages of herd immunity third age is on the side of the country with 95 of the population below the age of 65