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India Core sector growth ,Composite PMI and GST collections-all robust

India's Core sector growth in August 2023 is 12.1%, Composite PMI is 61 for September 2023 and GST collections for September 2023 is Rs.1.63 lakh crores.

These are all excellent economic indicators for India. The core sector growth is the highest in 14 months, and the Composite PMI is above 50, indicating that the private sector economy is expanding at a robust pace. The GST collections are also at a record high, suggesting that consumption demand is strong.

These data points suggest that the Indian economy is on a strong growth trajectory. The government has also taken a number of steps to boost economic growth, such as increasing infrastructure spending and reducing taxes. As a result of these factors, the Indian economy is expected to grow at a healthy pace in the coming months and years.

Here is a more detailed analysis of each indicator:

  • Core sector growth: The core sector consists of eight industries that are crucial to the Indian economy: coal, crude oil, natural gas, refinery products, fertilizer, steel, cement, and electricity. The 12.1% growth in the core sector in August 2023 is the highest since June 2022. This growth is being driven by strong demand from the construction, manufacturing, and infrastructure sectors.
  • Composite PMI: The Composite PMI is a measure of business activity in the manufacturing and services sectors. A PMI reading above 50 indicates that the economy is expanding. The 61 reading for September 2023 is the highest since May 2022. This suggests that the private sector economy is expanding at a strong pace.
  • GST collections: The GST is a consumption tax that is levied on goods and services sold in India. The record-high GST collections in September 2023 of Rs.1.63 lakh crore suggest that consumption demand is strong in India. This is a positive sign for the economy, as consumption is a major driver of economic growth.

Overall, the economic indicators for India are very positive. The core sector growth, Composite PMI, and GST collections all suggest that the Indian economy is on a strong growth trajectory.

Now the focus is on RBI's Monetary policy direction, Exports and the Crude and other Commodity prices for the next two quarters.

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