India’s economy kicked off the fourth quarter on a buoyant note, as stated by the National Council of Applied Economic Research (NCAER) in its latest economic review. According to the NCAER, key indicators such as the Purchasing Managers’ Index and Goods and Services Tax (GST) collections suggest a robust and resilient economic landscape, bolstered by a strong service sector and a thriving manufacturing sector.

“The indicators for this month, including PMI and GST revenues, underscore a robust macroeconomic framework,” remarked the Director General of the NCAER.

In January, GST revenue saw a 10.4% year-over-year increase, reaching ₹1.7 lakh crore.

Moreover, a significant uptick was observed in private sector activities, with the composite PMI index climbing to 61.2 in January from 58.5 in the preceding month.

Preliminary PMI figures for February indicate a continuation of this positive trend, with private sector activities hitting a seven-month peak. Additionally, the report highlighted a 20% increase in credit growth for personal loans and the services sector, alongside a similar surge in auto sales. However, employment trends presented a mixed picture.

“A positive development is seen in the diminishing inflationary pressures, notably the reduction in food price inflation,” she noted.

Source from: https://www.a2ztaxcorp.com/gst-indias-economy-shows-resilience-and-growth-in-fourth-quarter-reports/