October’s festive season brought 3 positive signs for the economic prosperity of the country. First, the GST collection in the month of October recorded a 16.6% hike and reached 1.52 lakh crore rupees, which is the second-highest amount till now. Earlier, in April 2022, a record collection of 1.68 lakh crores was seen. Second, a 57% hike in the retail sale of vehicles has been recorded, in comparison to the same during Navratri last year, in which the sale of cars increased the most at 70%. Third, the rate of creating new jobs by the manufacturing sector companies reached the highest point in 33 months.
S&P Global India Manufacturing Purchasing Manager Index (PMI) reached 55.3 in October from September’s 55.1. Reuters had estimated for the index to stay at 54.9. With the new statistics, improvement in the situation has been seen for the 16th month in a row. The PMI being above 50 hints at an expansion in economic activity, and a number below 50 shows an economic downfall. As per a survey, the companies will continue to recruit new employees with an expectation of an increase in demand.
GST’s latest collection, 1.52 lakh crore rupees, is 17% more than October 2021’s 1.30 lakh crores, and this is the 8th month in a row that the GST collection has been more than 1.40 lakh crores. Overall, this is the ninth time that this number has been crossed.
