"The purchasing managers' index (PMI) for manufacturing and services declined marginally in July 2024 but maintained its expansionary momentum." Growth in the index of industrial production (IIP) and IIP for core industries, however, moderated in June this year, the think tank noted in its report.

The merchandise trade deficit widened, while the services trade surplus increased sequentially in July 2024.

Both the consumer price index (CPI)-based headline inflation and the wholesale price inflation declined in July, NCAER said.

Annual government spending has shot up. Fiscal deficit concerns remain.

The total outstanding credit of scheduled commercial banks increased by 17.4 per cent year on year in June this year, moderating from 19.8 per cent in May; credit growth decelerated for personal loans and services sector in June compared to May.

As of August 21 this year, net foreign portfolio investments amounted to negative $0.4 billion, marking a sequential decline of $6.2 billion compared to $5.8 billion recorded at the end of July 2024.

Fibre2Fashion News Desk (DS)