From GST collection to car sales, macro data signals steady recovery

GST mop-up rises 7% to Rs 1.13 trn in Feb; Manufacturing PMI eases slightly to 57.5

GST mop-up rises 7% to Rs 1.13 trillion in Feb

Goods and services tax collection surpassed the Rs 1 trillion-mark for the fifth consecutive month, touching Rs 1.13 trillion in February, according to provisional data released by the government on Monday. The robust mop-up could partially be attributed to the government’s drive against GST evaders and fake bills, apart from tightened compliance measures and overall improvement in the economy. GST collection grew seven per cent over the corresponding period last year, when it was Rs 1.05 trillion, and was partially lower than the record of Rs 1.19 trillion achieved in January, data released by the Ministry of Finance showed. Collections posted growth for the sixth consecutive month. Read more…

Manufacturing PMI eases slightly to 57.5

Growth in manufacturing activity eased a bit in February compared to the previous month but it remained at an elevated level, showed a widely-tracked survey on IHS purchasing managers’ index (PMI). PMI inched down to 57.5 in February from 57.7 in January. In PMI parlance, a reading above 50 is growth and below it is contraction. Although easing from January, the pace of growth remained sharp in the context of historical data, said a commentary associated with the release of data. Read more…

Auto sales pick up pace but industry cautious

Rising fuel prices didn’t put the brakes on the recovery in car sales, but industry executives warned that a continued rise in petrol and diesel prices could impact sentiment soon. “The rising preference for personal mobility is still driving car sales and we saw that in the monthly sales numbers of February. However, there is likely to be an impact if fuel price continues to rise,” said Naveen Soni, senior vice-president of Toyota Kirloskar Motors (TKM). Read more…