New Delhi: The Indian economy has continued to perform well in the last two months and the forecast of an above normal monsoon bodes well for the immediate future, economic think tank NCAER said.
In its April 2024 issue of the Monthly Economic Review (MER), NCAER said several high-frequency indicators reflect the resilience of the domestic economy, with the Purchasing Managers Index (PMI) for manufacturing at a 16-year high and the UPI leading Is. The digital payments system is touching the highest volume since its inception in 2016.
According to NCAER, Goods and Services Tax (GST) collections reached Rs 1.8 lakh crore in March, the second best since its implementation in 2017, while UPI recorded 13.4 billion transactions (in volume) in March 2024. , which is the highest since its implementation. An increase of 55.3 percent on year-on-year basis.
"These high-frequency indicators, coupled with the more benign global outlook projected by the IMF and WTO, bode well for the Indian economy during the current year," said Poonam Gupta, Director General, NCAER.
According to the report, Consumer Price Index (CPI) headline inflation declined to 4.9 percent in March from 5.1 percent in February, while core inflation declined to 3.2 percent during the same period.
The report said employment indicators again showed a mixed trend with an increase in the number of net new subscribers under the Employees' Provident Fund Organization (EPFO) on a year-on-year basis.
However, overall online hiring activities declined year-over-year according to the Naukri Jobspeak Index."
In its April 2024 issue of the Monthly Economic Review (MER), NCAER said several high-frequency indicators reflect the resilience of the domestic economy, with the Purchasing Managers Index (PMI) for manufacturing at a 16-year high and the UPI leading Is. The digital payments system is touching the highest volume since its inception in 2016.
According to NCAER, Goods and Services Tax (GST) collections reached Rs 1.8 lakh crore in March, the second best since its implementation in 2017, while UPI recorded 13.4 billion transactions (in volume) in March 2024. , which is the highest since its implementation. An increase of 55.3 percent on year-on-year basis.
"These high-frequency indicators, coupled with the more benign global outlook projected by the IMF and WTO, bode well for the Indian economy during the current year," said Poonam Gupta, Director General, NCAER.
According to the report, Consumer Price Index (CPI) headline inflation declined to 4.9 percent in March from 5.1 percent in February, while core inflation declined to 3.2 percent during the same period.
The report said employment indicators again showed a mixed trend with an increase in the number of net new subscribers under the Employees' Provident Fund Organization (EPFO) on a year-on-year basis.
However, overall online hiring activities declined year-over-year according to the Naukri Jobspeak Index."
