The economy has shifted tracks towards the higher growth trajectory in the month of February 2022 supported by a strong and sustained performance of the key economic indicators, said Pradeep Multani, President, PHD Chamber of Commerce and Industry, in a press statement issued here on March 5.
The PHDCCI Economy GPS Index for February 2022 has increased to 134.5 as compared to 133.2 for January 2022, marking the highest of FY 2022, said 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 19.1, increasing from 254,287 units in January 2022 to 302,756 units in February 2022.
Though February 2022 has been the fifth month when GST collections have crossed Rs 1.30 lakh crore mark, the sequential growth of GST collections has decreased by 5.6 percent from Rs 140,986 crore in January 2022 to Rs. 133,026 crore in February 2022. The sequential growth of SENSEX (average of daily close) has also decreased by 3.2 percent in February 2022 from 59586 in January 2022 to 57698 in February 2022 amid the geopolitical tensions, majorly the Russia-Ukraine war, added Multani.
(With PTI inputs)