High frequency indicators reveal that the Indian economy remains resilient with Purchasing Manager’s Index (PMI) for services accelerating and manufacturing regaining momentum, economic think tank National Council of Applied Economic Research (NCAER) said in report released on Wednesday. Further, NCAER said the composite PMI accelerated to 61.2 in January from 58.5 in December 2023.
PMI for manufacturing activity accelerated to 56.5 in January from 54.9 in December 2023, reflecting an expansionary momentum while PMI for services went up to 61.8 in January from 59 in December 2023, it added.
“The markers for the month like PMI and GST collections point to a resilient macroeconomic environment.
“An encouraging signal comes from easing of inflationary pressure, especially the moderation in food price inflation,” NCAER Director General Poonam Gupta said.
The report mentioned about healthy GST collections which reached a value of Rs 1.7 lakh crore in January, registering a year-on-year growth of 10.4 per cent.
Sequentially, GST collections increased 4.4 percent, it added.