Indian economy resilient in 2024, manufacturing PMI strong: NCAER

27 Jun '24

1 min read

Indian economy resilient in 2024, manufacturing PMI strong: NCAER

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Insights

High-frequency indicators reveal that India's economy has remained resilient this year, the National Council of Applied Economic Research said in a recent report.
Goods and services tax collections remained buoyant YoY.
Purchasing managers' indices for both manufacturing and services slowed slightly, but remained strong, the think tank noted.

High-frequency indicators reveal that India’s economy has remained resilient this year, the National Council of Applied Economic Research (NCAER) said in a recent report.

Growth in the index of industrial production (IIP) and core IIP decelerated in March this year. Goods and services tax (GST) collections remained buoyant year on year (YoY), NCAER noted.

Purchasing managers’ indices for both manufacturing and services slowed slightly, but remained strong.

The total outstanding credit of scheduled commercial banks increased by 20.2 per cent YoY in March this year and credit growth remained strong for personal loans, the services sector and agriculture and allied activities.

India’s foreign exchange reserves increased sequentially, and the rupee appreciated marginally against the US dollar in May this year, the report noted.

The consumer price index-based (CPI) headline inflation slowed marginally, while the wholesale price inflation accelerated further in April.

The merchandise trade deficit widened, and services trade surplus moderated sequentially.

Employment indicators showed mixed trends and yields on Indian government debt decreased marginally for one-year and five-year benchmarks, but remained flat for 10-year benchmark, the report added.

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