Global Economy

PMI, GST mopup point to India's resilient economy in Q4

New Delhi: India’s economy started the fourth quarter on a strong note, National Council of Applied Economic Research (NCAER) said in its monthly economic review, Wednesday.

NCAER noted that high frequency indicator like Purchasing Managers’ Index and Goods and Services Tax collection indicated a resilient economy with services accelerating and manufacturing gaining momentum.

“The markers for the month like PMI and GST collections point to a resilient macroeconomic environment,” said Poonam Gupta, director general, NCAER in a release.

GST collections recorded a 10.4% on year growth, rising to ₹1.7 lakh crore in January.

Private sector activity also showed a jump, as the composite PMI rose to 61.2 in January compared with 58.5 in the previous month.

The flash PMI data released for February shows private sector activity further pricking up to a seven month high. Credit growth of personal loans and services sector also recorded a 20% growth, with auto sales also rising over 20%, the report noted. But employment showed mixed trends. “An encouraging signal comes from easing of inflationary pressure, especially the moderation in food price inflation,” Gupta said.


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