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.
