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India Hopes A Positive Way For Economic Recovery, Courtesy August Numbers

But, in July, factory activity moderated slightly with the manufacturing Purchasing Managers’ Index (PMI) decreased to 52.3 from 55.3.

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India witnessed a positive sign in the road to economic recovery as the Centre has said that it has collected a total Goods and Services Tax (GST) over Rs. 1 lakh Crore in August. Also, the automakers have sold more cars than in the year-earlier, amid the shortage of a semiconductor and parts.

Apart from the GST and automakers, demand for diesel and petrol have also gone up by 16 per cent and 14 per cent respectively. Meanwhile, electricity demand has increased to 18.6 per cent, which further indicates the greater movement of goods and people in August.

According to the National Payments Corporation of India data, Unified Payments Interface (UPI) transactions also witnessed a rise of 9.6 per cent to 3.55 billion from July. Hence, this also indicates bigger adoption and extra-economic activity which is expected to help economy to grow. 

But, in July, factory activity moderated slightly with the manufacturing Purchasing Managers’ Index (PMI) decreased to 52.3 from 55.3.

Meanwhile, talking about the Gross Domestic Product (GDP) in India, it has increased to 20.1 per cent in the June quarter, according to the data.


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economy india government