Indian Economy Resilient: NCAER Report

Composite PMI reached 61.2 in January, reflecting robust economic activity, up from 58.5 in December 2023

February 29, 2024

Manufacturing PMI jumped to 56.5 in January, indicating expansionary momentum

Services PMI rose to 61.8 in January, showcasing positive momentum

Inflationary pressure eased particularly in food price inflation.

GST collections amounted to INR 1.7 lakh crore in January, recording a 10.4% YoY growth

A report by the National Council of Applied Economic Research (NCAER) has highlighted the resilience of the Indian economy, as seen through high-frequency indicators. The Purchasing Manager’s Index (PMI) for services has been consistently increasing, while manufacturing has also picked up momentum. The composite PMI, which is a combined measure of both these indicators, rose to 61.2 in January from 58.5 in December 2023.

The manufacturing PMI showed an expansionary trend, accelerating to 56.5 in January compared to 54.9 in December 2023. Similarly, the services PMI increased to 61.8 in January from 59 in the preceding month, indicating positive momentum. The report has stated that these indicators, such as PMI and GST collections, are markers for a resilient macroeconomic environment.

NCAER Director General Poonam Gupta has highlighted the encouraging signal of easing inflationary pressure, especially the moderation in food price inflation. The report has also highlighted the robustness of GST collections, which reached Rs 1.7 lakh crore in January, reflecting a 10.4% year-on-year growth. Sequentially, GST collections increased by 4.4%, contributing to the overall positive economic outlook.

Source: Economic Times

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