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GST Collections on the rise
India’s Goods & Service Tax revenue remained above Rs. 1 lakh crore for the second straight month in August at over Rs. 1.12 lakh crore, 30% higher than the collection in the year ago period. The collections however have remained marginally lower than the July 2021 collections.
The GST collections, after hitting a bump in the month of June 2021, saw a significant rise in the months after that with sustained inflows above 1 lakh crore. With the easing of the lockdowns the inflows in the coming months are ought to see a sustained improvement.
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India’s GDP growth surges 20.1% in June quarter on low base
India’s gross domestic product (GDP) surged 20.1% in the April-June quarter of FY22, its best-ever fiscal-quarter numbers but has still been below the FY 20 levels.
This is the fastest growth since the mid-1990s when official quarterly data was available, and up sharply from 1.6% in the previous quarter and from a record contraction of 24.4% in the same quarter a year earlier.
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India witnesses a jump in the hiring activity
Job postings for Information Technology (IT) tech software roles witnessed a 19 per cent rise between July 2020 and July 2021, job posting for other IT job roles such as project head, engineer, also increased in the range of 8-16 per cent
The jump in hiring activity has been led by IT & Hardware industry. Sectors such as aviation, media, accounting and customer relations have seen a decline in interest by the employees.
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Uptick in Eight Core Industries
The Eight core industries saw a YoY growth at 9.39% in July 2021. Crude has been the sole sector amongst the 8 sectors to register a decline in the month of July.
The uptick in Eight-Core Industries is indicating a positive trajectory for the economy. Led by a low- base effect and positive announcements done on infrastructure spending, the overall index paints a picture of broader economic activity recovery being in SIP stage with much better days yet ahead of us
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PMI Manufacturing remains in the expansionary mode
The IHS Markit India Manufacturing Purchasing Managers’ Index stood at 52.3 in August compared with 55.3 in July. The overall rate of expansion was modest and below its long run average
New orders rose for the second straight month but at a marginally soft pace. New export orders have also been high but lost momentum in the month.
