- Eight core Industries rose 1.1% in June 2021 with ease of localised mobility restrictions as per data released by the industry department. Year-on-year the core sector growth was 8.9% in June 2021.
- India’s gross GST revenue increased to Rs.1,16,393 crore in July 2021 after falling below the Rs.1 lakh crore mark for the first time in eight months in June (GST collections in July include Rs. 4,937 crore belated June collections). High GST revenues show that the consumption has picked up post 2nd Covid wave.
- GST Revenues for July are 33% higher than that of July 2020.
- Index of Industrial Production (IIP) witnessed a y-o-y growth of 29.3% in May 2021.
- Economic activity in July has seen recovery to near pre-pandemic level, which was marginally overshot in February.
- India’s Retail Inflation, CPI, was 6.26% in the month of June 2021. Higher than mandated Inflation (4+2) has been a point of worry for the RBI and monetary policy committee (MPC). Inflation has a direct bearing on the monetary policy and if it persists then MPC may have to increase the interest rates and change the accommodative stance.
- Not only India, inflation has picked up across other emerging economies as well, BRIC economies being a case in point. In fact, Brazil’s MPC has increased the benchmark Selic rate by 0.75% to 4.25% p.a.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
Disclaimer:
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