FY 2023 has embarked with high economic activity as the PHDCCI Economy GPS Index went all time high of 145.5, supported majorly by the growth of GST revenue collections, said Mr Pradeep Multani, President, PHD Chamber of Commerce and Industry, in a press statement issued here today.
The PHDCCI Economy GPS Index for April 2022 has increased to 145.5, surpassing the next highest level of 133.6, recorded in just the previous month, March 2022, said Mr Pradeep 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.
The gross GST collections in April 2022 are all time high breaching earlier record of Rs. 1,42,095 crore collected in the Month of March 2022 and has recorded a sequential growth of 17.9% in April 2022, increasing from Rs. 1,42,095 crore in March 2022 to Rs. 1,67,540 crore in April 2022, said Mr. Pradeep Multani.
Passenger vehicles growth, which is a significant demand indicator in GPS index, has recorded a sequential growth of 4.9%, increasing from 2,79,501 units in March 2022 to 2,93,081 units in April 2022, said Mr. Pradeep Multani.
The sequential growth of SENSEX (average of daily close) has increased by 3.1% in April 2022 from 56404 in March 2022 to 58166 in April 2022, said Mr. Pradeep Multani.
Economic recovery so far (Sequential)
| PHDCCI Economy GPS Index
2018-19=100 |
April 2021 | May 2021 | June 2021 | July 2021 | August 2021 | September 2021 | October 2021 | November 2021 | December 2021 | January
2022 |
February 2022 | March 2022 | April 2022 |
| 123.7 | 91.5 | 107.5 | 119.7 | 116.7 | 113.1 | 127.0 | 125.2 | 123.5 | 133.2 | 129.8 | 133.6 | 145.5 |
Source: PHD Research Bureau, PHDCCI Economy GPS Index.
The PHDCCI Economy GPS Index at 145.5 for April 2022 is higher by 21.8 points from the Economy GPS Index for April 2021 at 123.7, said Mr. Pradeep Multani.
Economic recovery so far (Y-o-Y)
| PHDCCI Economy GPS Index
2018-19=100 |
April
2018 |
April
2019 |
April
2020 |
April
2021 |
April
2022 |
| 102.1 | 104.0 | 39.6 | 123.7 | 145.5 |
Source: PHD Research Bureau, PHDCCI Economy GPS Index.
PHDCCI Economy GPS Index has shown sharp recovery from the lows of 39.6 for April 2020 to 123.7 for April 2021, 91.5 for May 2021 as compared with 50.1 for May 2020, 107.5 for June 2021 as compared with 75.1 for June 2020, 119.7 for July 2021 as compared with 85.6 for July 2020, 116.7 for August 2021 as compared with 90.5 for August 2020, 113.1 for September 2021 as compared with 100.2 for September 2020, 127.0 for October 2021 as compared with 109.6 for October 2020, 125.2 for November 2021 as compared with 106.9 for November 2020, 123.5 for December 2021 as compared with 111.9 for December 2020, 133.2 for January 2022 as compared with 118.5 for January 2021, 129.8 for February 2022 as compared with 118.8 for February 2021, 133.6 for March 2022 as compared with 123.0 for March 2021 and 145.5 for April 2022 as compared with 123.7 for April 2021.
