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PHDCCI Economy GPS Index January 2021

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15 Jan, 21 10:20
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PHDCCI Economy GPS Index January 2021

The trinity of the Stimulus of Policy, Financials and Confidence instilled by the Government during the last 9 months have enhanced the economic activity at significantly higher level, the December month economic activity based on the compositeindexofthreebroadeconomicindicatorsincludingGST collections,PassengerVehicle Sales andSENSEXis at its 33 months high, said sh. Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in a press statement issued here today. The composite PHDCCI EconomyGPSincludingthree l e a d i n d i c a to r s ; GST Collections,PassengerVehicle sales and movement SENSEX is indexed at 100 with a base year of 2018-19 to check quickly the momentum of the economybasedonthreebroad indicators representing not only demand and supply but alsorevenuegrowthofthegovernment, financial markets movement in the country. GST collections indicate the momentum of business activity, passenger vehicle sales is broad indicator of demand activity in the economyandmovementofSENSEX indicate mood of the investors bothdomesticandforeignand India’sattractivenesstotheforeign investors on the back of various reforms undertaken by the government, said Sh. Sanjay Aggarwal PHDCCI Economy GPS Indexhasshownasharprecovery from the lows of 43.8 in April2020to55.3inMay2020, 81.8 in June 2020, 92.8 in July 2020,97.8inAugust2020,108 in September 2020, 118 in October 2020, 115.4 in November 2020 and 124.1 in December 2020. The value of PHDCCI Economy GPS Index stood at 124.1 in December 2020, showing an improvement by around15pointsas compared to its value in December 2019 which indicate that the economyhassignificantlyrecovered in the recent months, saidShri Sanjay Aggarwal.The continuousimprovementinthebroad economic indicators reflect thattheworstisbehindus.The series of stimulus announcements by the Government in last 9 months under the AatmaNirbharBharatAbhiyaan 1.0, 2.0 and 3.0 along with the calibrated measures undertaken by the RBI have pulled the economy from the lows of Q1 FY 2020-21 (-) 23.9% in Q12020-21and(-)7.5%inQ2 FY 2020-21, said Shri Sanjay AggarwalWith the continuous improvementinthebroadeconomicandbusinessindicators, expectationsofapositiveGDP growth at 0.1% to 2% in Q3 and 2% to 4% in Q4 FY 2020- 21 are becoming strong with a higher growth trajectory in FY2021-22atmorethan7.7%, said Sh. Sanjay Aggarwal Tocontinuethemomentum of economic and business activity at the same pace, immediate policy attention is requiredtowards creditaccess to industry and services sectors. Credit disbursement should be the top most priority at this juncture by the banking sector. The focus should beonensuringprovisionofhasslefreedisbursementsofloans vis-à-visenhancedliquidity for MSMEs, especially in rural sectors, said Shri Aggarwal. Goingahead,demandcreation will have a multiplier effectonenhancedproduction possibilities, expansion of employment in factories, expansion of capital investments and overall virtuous circleofgrowthanddevelopment of Indian economy. The increased spending on infrastructure will give a multiplier effect to rejuvenate the aggregate demand in the economy and to mitigate the daunting impact of COVID-19 on the economy. Undoubtedly,robustgrowth of infrastructure is the key ingredient to realize the vision of Aatmanirbhar Bharat. The Governmentcanconsiderraising investment funding for the NationalInfrastructurePipeline (NIP)throughborrowings from overseasmarketsby issuance of overseas bonds through an SPV that could act as a mega Development Financial Institution- DFI, said Shri Sanjay Aggarwal. Also, there is a need to lower interest rates for consumers and businesses, lesser compliances for MSMEs vis-à-vis ease of doing business at the ground level and a lower tax regime to increase the personal disposable i n c o m e o f th e p e o p l e . StrengtheningtheMSMEssector must also be on priority. It is suggested that the value chains of MSMEs should be enhanced; thus, making them morestructurally competentto add to their efficiency, share in manufacturing sector, employment generation and the country’s overall export growth momentum, said Shri Sanjay Aggarwal. PHDCCI Economy GPS Index is a composite index of 3 lead economic and business indicatorswithbaseyear at 2018-19=100, which is a measure of the broad based economic and business activity. The PHDCCI Economy GPS Index is based on the monthly valueofthreehighfrequency indicators viz., GST Col lection (Rs. Crore), Passengervehiclesales(units) and SENSEX (Daily average) which provides movement of economic trajectory of the country

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