FY 2023 embarked with high economic activity: PHD Chamber
FY 2023 has embarked with high economic activity as the PHDCCI Economy GPS Index went all time high of 145.5, supported majorly by the growth of GST revenue collections, said Mr Pradeep Multani, President, PHD Chamber of Commerce and Industry, in a press statement issued here today.
The PHDCCI Economy GPS Index for April 2022 has increased to 145.5, surpassing the next highest level of 133.6, recorded in just the previous month, March 2022, said Mr Pradeep Multani.
PHDCCI Economy GPS Index captures the momentum in supply side business activity through growth in GST collections, demand side consumer behaviour through volume growth in passenger vehicle sales and sensitivity of policy reforms and impact of domestic and international economic and business environment through the movement of SENSEX at the base year of 2018-19=100, said the Industry Body.
The gross GST collections in April 2022 are all time high breaching earlier record of Rs. 1,42,095 crore collected in the Month of March 2022 and has recorded a sequential growth of 17.9% in April 2022, increasing from Rs. 1,42,095 crore in March 2022 to Rs. 1,67,540 crore in April 2022, said Mr. Pradeep Multani.
Passenger vehicles growth, which is a significant demand indicator in GPS index, has recorded a sequential growth of 4.9%, increasing from 2,79,501 units in March 2022 to 2,93,081 units in April 2022, said Mr. Pradeep Multani.
The sequential growth of SENSEX (average of daily close) has increased by 3.1% in April 2022 from 56404 in March 2022 to 58166 in April 2022, said Mr. Pradeep Multani.
The PHDCCI Economy GPS Index at 145.5 for April 2022 is higher by 21.8 points from the Economy GPS Index for April 2021 at 123.7, said Mr. Pradeep Multani.
PHDCCI Economy GPS Index has shown sharp recovery from the lows of 39.6 for April 2020 to 123.7 for April 2021, 91.5 for May 2021 as compared with 50.1 for May 2020, 107.5 for June 2021 as compared with 75.1 for June 2020, 119.7 for July 2021 as compared with 85.6 for July 2020, 116.7 for August 2021 as compared with 90.5 for August 2020, 113.1 for September 2021 as compared with 100.2 for September 2020, 127.0 for October 2021 as compared with 109.6 for October 2020, 125.2 for November 2021 as compared with 106.9 for November 2020, 123.5 for December 2021 as compared with 111.9 for December 2020, 133.2 for January 2022 as compared with 118.5 for January 2021, 129.8 for February 2022 as compared with 118.8 for February 2021, 133.6 for March 2022 as compared with 123.0 for March 2021 and 145.5 for April 2022 as compared with 123.7 for April 2021.
Going ahead, the pace of economic activity is expected to remain strong on the back of various structural reforms undertaken by the Government during the last 2 years, said Mr. Pradeep Multani.
PHD Chamber of Commerce and Industry (PHDCCI) Economy GPS Index is a composite index of 3 lead economic and business indicators with base year at 2018-19=100, which measures the broad economic and business activity. The PHDCCI Economy GPS Index, based on the monthly values of three high frequency indicators viz., GST collection (Rs. Crore), Passenger Vehicle Sales (units) and SENSEX (daily average), helps to find the direction of the economy. The three broad indicators represent not only demand and supply in the economy but also revenue growth of the government and movement of financial markets in the country. GST collections indicate the momentum of business activity, passenger vehicle sales is a broad indicator of demand activity in the economy and movement of SENSEX indicate the mood of both domestic and foreign investors.
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