- Eight core sectors’ output up 4.4 % in September
The output of eight core sectors rose 4.4 per cent in September on account of healthy performance by segments like natural gas, refinery products and cement
The core sector growth hit a 7-month low in September as the low base effect wears off. Only crude oil saw a decline in growth. Production of natural gas, cement & coal saw the highest growth in the month of September.
- Manufacturing activity hits 8-month peak
The Nikkei Manufacturing purchasing managers’ index (PMI) rose to 55.9 in October from 53.7 in the previous month. Manufacturing PMI has now grown for a fourth straight month after the first contraction in 11 months in June.
Manufacturing activity along with other high frequency indicators has remained strong after the slump in business activity due to the second covid wave. The high business confidence & projects in the pipeline will support the production going forward
- GST Collections for the month of October comes in at Rs 1.3 lakh crore
Gross goods and services tax (GST) collections came in at Rs 1,30,127 crore in October (September sales), the second highest mop-up in the history of the comprehensive indirect tax that was launched in July 2017
The revenues for October are 24% higher than those in the same month in FY21 and 36% over the level in the corresponding month in FY20. GST collections are bound to inch upwards going forward given the car sales see a rise after the current semi -conductor shortage
- Exports hit record high in October
Merchandise exports hit a record $35.5 billion in October, registering a 42.3% rise from a year before and 35.2% from the pre-pandemic (same month in FY20) level.
The exports have been supported by strong order from US & China with an economic resurgence in the countries. However the import bills on the other hand has stayed elevated with high crude prices.
- PMI Services at record high
Services activity rose for a third straight month and hit its peak in ten-and-a-half years in October at 58.4, as new work intakes surged at the fastest rate since July 2011.
The services sector which was hit worse than the manufacturing sector took time to rebound from the second covid wave. It signifies that there is a better underlying demand in the market now.
