Economic Activity Remains Robust, PHDCCI Economy GPS Index Grows 13.7% In June

The president of the PHD Chamber of Commerce and Industry (PHDCCI), Saket Dalmia on Monday said that India’s economic activity remains robust as its economy GPS index witnessed a growth of 13.7 per cent in June 2023.

Dalmia added that the demand trajectory in the economy remains intact as passenger vehicles, with compact cars and utility vehicles grew around six per cent year-on-year (YoY) at 3,13,360 in June 2023 from 2,94,521 in June 2022.

Notably, the supply-side indicator, the gross GST revenue collections grew 12 per cent YoY at Rs 1, 61,497 crore in June 2023 compared with Rs 1,44,616 crore in June 2022. 

However, the sequential growth of SENSEX (average of daily close) has shown an increase of 3.3 per cent in June 2023 as compared to its corresponding value in May 2023,” said Dalmia.

PHDCCI economy GPS index has consistently remained above 140 levels since August 2022 which shows a positive momentum for the economic activity. 

The pace of economic activity showed momentum on the back of strong demand side, supply side and investments, supported by the various structural reforms undertaken by the government during the last three years.

“Going ahead, continued hand-holding by the government would help the economy to move ahead with great zeal and enthusiasm,” said Dalmia.