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India’s economic recovery gained momentum in recent months based on rapid progress in vaccinations, festive season and resulting improvement in consumer and industry sentiments, according to the PHD Chamber of Commerce and Industry (PHDCCI), whose economy GPS index for October this year increased to 131 compared with 113.1 in the previous month.
During the April-October 2021 period, it stood at 114.8 compared with 78.7 in the same duration in the last fiscal, the chamber said.
At this juncture, there is a need to address high commodity prices and shortage of raw materials to support the consumption and private investments in the country, chamber president Pradeep Multani said in a press release.
India’s economic recovery gained momentum in recent months based on rapid progress in vaccinations, festive season and resulting improvement in consumer and industry sentiments, according to the PHD Chamber of Commerce and Industry (PHDCCI), whose economy GPS index for October this year increased to 131 compared with 113.1 in the previous month.
The drivers of household consumption need to be further strengthened to enhance the aggregate demand as it will have an accelerated effect on the expansion of capital investments, said Multani.
The index is a composite one of three lead economic and business indicators with a base year at 2018-19=100, which measures the broad economic and business activity. Based on the monthly values of three high-frequency indicators—goods and services tax (GST) collection (in crore), passenger vehicle sales (in units) and Sensex (daily average)—helps to find the direction of the economy.
GST collections indicate the momentum of business activity, passenger vehicle sales is a broad indicator of demand activity in the economy and the movement of the Sensex indicates the mood of both domestic and foreign investors, the chamber said.
Fibre2Fashion News Desk (DS)
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