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4 Data Points Showing Green Shoots In the Indian Economy
As the coronavirus led restrictions have been gradually eased, green shoots in the Indian economy seem to be showing. This is after India recorded the weakest slump in GDP growth for April-June quarter of the FY 2021 at the maximum on record at -23.9 percent.
Here are listed few signs that perhaps indicate that Indian economy may be slowly recovering from the Covid 19-induced fall-out:
1. Manufacturing PMI moved higher at its rapid pace in over 8 years:
For the September month India's factory output measured by Manufacturing PMI or Purchasing Managers' Index came in above 50 levels for the second consecutive month, with expansion said to be the fastest in over 8 years time. Though, companies continued to cut employee strength for the sixth month in a row, making people skeptical on reduction in joblessness.
2. Auto sales instill further confidence:
Auto sales number from different auto players in two-wheeler, PV or commercial vehicle segment instill further confidence going forward. India's leading PV automaker Maruti posted a healthy year-on-year jump in September sales volume. Also, its exports witnessed a decent jump.
Also Hero MotoCorp also saw its export numbers coming in healthy for the just ended month and official from the company expects still better sales for the October month.
Also, commercial vehicle segment saw good sales volume driven primarily by rural demand.
3. GST receipt for September increased by 4 percent year on year:
For the September month, GST collection came in at Rs. 95480 crore, which is a 4% year-on-year growth. "With the festive season coming in the next month, we are much confident of a better recovery in GST collections", iterated Finance Secretary Ajay Bhushan Pandey.
Also a sharp jump percentage-wise in GST collection recorded by a major industrial points that the economic recovery of India in the aftermath of the steepest contraction is on track.
4. E-way bill generation touches Pre-Covid levels:
For transporting goods over Rs. 50000, generation of E-way bill has been mandated under GST for both inter-state and intra-state supply. And this for the September month saw generation of more than 57.4 million i.e. in fact higher than e-way bill generated in February 2020, which was then at 57.1 million. This is as per the data revelations by GSTN.
And now seeing the current financial situation and economic mess, the Centre is even considering doling out another stimulus package that shall just come in at the right time for re-fuelling the economy.
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