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Economic Activity Returning To Normal: PHD Chamber

The PHDCCI Economy GPS index for June 2022 has increased to 136.6 as compared to 128.0 in May 2022, said Multani

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Economic activity has shown an uptick once again in June 2022 after a decline in May 2021 caused by the impact of geopolitical developments, said Pradeep Multani, President, PHD Chamber of Commerce and Industry, in a press statement on Thursday.

Multani said that the PHDCCI economy GPS index for June 2022 has increased to 136.6 as compared to 128.0 in May 2022.

The 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 the impact of the 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 vehicle growth, which is a significant demand indicator in the GPS index, has recorded a sequential growth of 27.7 per cent, an increase from 2,51,052 units in May 2022 to 3,20,679 units in June 2022, added Multani.

Also, the gross GST collections in June 2022 increased to Rs 1,44,616 crore and recorded a sequential growth of 2.6 per cent in June 2022 as compared to Rs. 1,40,885 crore in May 2022.

Though, the sequential growth of SENSEX (average of daily close) has decreased by (-)1.8 per cent in June 2022 from 54437 points in May 2022 to 53478 points in June 2022, said Multani.

 PHDCCI Economy GPS Index


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Economic recovery so far | Source: PHD Research Bureau, PHDCCI Economy GPS Index.

PHDCCI economy GPS index has shown a 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 and 140.6 for April 2022 as compared with 123.7 for April 2021, 128.0 for May 2022 as compared with 91.5 for May 2021 and 136.6 for June 2022 as compared with 107.5 for June 2021.

Although the pace of economic activity is expected to become normal on the back of various structural reforms undertaken by the Government during the last 2 years, continued handholding by the Government is required to mitigate the impact of recent geo-political developments while maintaining a balance between inflation and economic growth, said Multani.

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