‘Economic activity consolidated in a steady zone in March 2021’ says PHDCCI

PHD Chamber had projected more than 1 percent growth rate of GDP in Q4 FY 2020-21.

New Delhi: Economic activity consolidated in a steady zone in March 2021, said Sanjay Aggarwal, president of, PHD Chamber of Commerce and Industry, in a statement issued on Saturday.

Out of the 10 indicators of QET (Quick Economic Trends) of economic and business activity tracked by the industry body PHDCCI, 6 have performed positively in March 2021 of which passenger vehicle sales has shown the highest growth of 125 percent over the corresponding month in the previous year.

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It is highly appreciable that India has become the fastest Covid-19 vaccinating country in the world with an average daily rate of 30,93,861 vaccine doses. Therefore, amid the re-emerging Covid-19 cases in the country, the movement of the Indian economy remains steady in March 2021, said Aggarwal. A steady improvement in lead economic and business indicators would go a long way to strengthen the economic growth in the coming quarters with the enhanced level of confidence of businesses, he said.

PHD Chamber had projected more than 1 percent growth rate of GDP in Q4 FY 2020-21. The economy has the potential to accelerate to a more than 11 percent growth trajectory in the next financial year 2021-22, it has said.10 economic and business indicators of QET include demand and supply indicators along with external and financial sector indicators.

Economic and business indicators such as GST Collections, E-way Bills, Railway freight, Passenger Vehicle Sales, and Exports have shown positive y-o-y growth in March 2021 as compared with March 2020, while unemployment registered an improvement in March 2021 over the previous month February 2021.

At this juncture, to continue the pace of economic momentum, rapid administration of Covid-19 vaccination, especially in the states where Covid-19 cases are re-emerging, becomes crucial, said Aggarwal.

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