10 charts that show India's strong growth momentum
By Prashant Nair
According to these 10 high-frequency indicators, growth momentum was strong in May across a range of activities.
The data has been divided into three categories: improving, steady but robust, and deteriorating.
Manufacturing PMI, which indicates the health of the economy, accelerated to a 31-month high of 58.7 in May.
#1
IMPROVING
The contraction in power demand has slowed down in May to -0.4% compared to around 2% contraction in the prior months.
#2
IMPROVING
Two-wheeler
sales was the bright spot in monthly auto sales, growing 27%.
#3
IMPROVING
E-Way Bills
grew nearly 20% YoY after April’s under 13% growth.
#4
IMPROVING
Daily average of flyers in May was nearly unchanged at 4.25 lakh.
#1
ROBUST BUT STEADY
Credit growth remains robust, growing 15.5%.
#2
ROBUST BUT STEADY
Services PMI was largely unchanged at 61.2.
#3
ROBUST BUT STEADY
Although growth was steady at 11.5% YoY, GST collection for May, saw a drop. Collections fell from a high of Rs.1.87 lakh crore to Rs.1.57 lakh crore.
#1
DETERIORATING
Growth in rail freight came off slightly in May, growing 3% YoY.
#2
Passenger vehicle sales slacked off a bit after a strong April, growing at 12.7% vs nearly 15% in the previous month.
#3
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