ECONOMY

Economic activities show that FY23 has started off on a robust note: Pradeep Multani, PHDCCI

FY23 has embarked on a high economic activity, with the PHDCCI Economy GPS Index surging to an all-time high of 145.5, supported by robust GST revenue collection, PHDCCI President Pradeep Multani has said in a press statement. 

The PHDCCI Economy GPS Index for April 2022 has risen to 145.5, surpassing the previous high of 133.6 recorded in March. 

The index captures momentum in supply-side business activities through growth in GST collection, 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 movement of Sensex at the base year of 2018-19=100, the industry body has added. 

Gross GST collection in April 2022 hit an all-time high, breaching the earlier record of Rs 1,42,095 crore collected in March 2022. It has recorded sequential growth of 17.9 per cent in April 2022, increasing from Rs 1,42,095 crore in March 2022 to Rs 1,67,540 crore in April 2022.  

Growth in sales of passenger vehicles, which is a significant demand indicator in the GPS index, has recorded sequential growth of 4.9 per cent, increasing from 2,79,501 units in March 2022 to 2,93,081 units in April 2022, Mr Multani has pointed out. 

Sequential growth of SENSEX (average of daily close) has increased by 3.1 per cent in April 2022 from 56,404 in March 2022 to 58,166 in April 2022, according to Mr Multani.

Going ahead, pace of economic activity is expected to remain strong on the back of various structural reforms undertaken by the government during the last two years, Mr Multani has said.

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