PHDCCI Economy GPS Index for August 2022 - Economic activity rejuvenated amidst the festive season: PHD Chamber
PHDCCI Economy GPS Index for August 2022
Economic activity rejuvenated amidst the festive season: PHD Chamber
Economic activity has rejuvenated further in August 2022 in comparison to July 2022 due to the onset of festive season despite the ongoing uncertainty due to geo-political developments, said Mr Pradeep Multani, President, PHD Chamber of Commerce and Industry, in a press statement issued here today.
The PHDCCI Economy GPS Index for August 2022 has increased to 141 as compared to 136.1 in July 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.
Passenger vehicles growth, which is a significant demand indicator in GPS index, has recorded a sequential growth of 7.9% increasing from 2,93,865 units in July 2022 to 3,17,000 units in August 2022, said Mr. Pradeep Multani.
Though, the gross GST collections in August 2022 recorded a sequential growth of (-)3.6%, the same increased y-o-y by 28% to Rs. 1,43,612 crore in August 2022 as compared to Rs. 1,12,020 crore in August 2021, said Mr. Pradeep Multani.
The sequential growth of SENSEX (average of daily close) has increased by 7.9% in August 2022 from 54685 points in July 2022 to 58990.5 points in August 2022, said Mr. Pradeep Multani.
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