Key indicators point to economic resilience at the end of FY24: NCAER

Mar31,2024



New Delhi: Key markers point towards this indian economy The end of 2023-24 will be exciting Purchasing Managers' Index According to the National Council of Applied Economic Research (NCAER) monthly economic review (PMI), growth in manufacturing and services remain strong. PMI for manufacturing activity The index rose to 56.9 in February, reflecting a strong expansionary momentum, as output growth of eight core infrastructure sectors accelerated to a three-month high of 6.7% in February from 4.1% in January. NCAER said in its review for the march released on Sunday.
The economic think tank said Goods and Services Tax (GST) collections were also robust, reaching Rs 1.7 lakh crore in February, registering a year-on-year growth of 12.5%, while GST e-way A significant increase was recorded in the collection of bills. An equally impressive year-on-year increase of 18.9%.
NCAER noted that bank credit growth remained strong at 20.5% with strong growth for personal credit, services, agriculture and allied activities.
“These and other markers confirm the optimistic growth outlook of 7.6% growth rate for 2023-24 as per the second advance estimate,” NCAER Director General Poonam Gupta said.
“As in the past, there have been indicators pointing towards macroeconomic stability along with economic growth,” he said, adding that the current account deficit (December quarter, FY2024), particularly in the external sector, For) there is improvement with decreasing; Remittance inflows remain at a high of $31.4 billion; The services trade surplus is growing; Portfolio flows are resuming; And all this has enabled a rapid increase in India's foreign exchange reserves by about $650 billion.
Meanwhile, NCAER said inflation pressures remain elevated with consumer price index headline inflation at 5.1% in February, mainly due to higher food price inflation and despite a decline in core inflation.
Gupta said stronger growth, coupled with higher inflation rates, would likely keep the Monetary Policy Committee maintaining status quo on policy rates when it meets on April 3-5.



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