Economy seen consolidating in March: PHD Chamber

Out of the 10 indicators of QET (Quick Economic Trends) of economic and business activity tracked by the industry body PHDCCI, 7 have performed positive in February 2021.

New Delhi: Credit disbursement by the banking sector should be the priority. Also, there is a need to lower interest rates for consumers and businesses, lesser compliances for MSMEs vis-a-vis ease of doing business at the ground level, Sanjay Aggarwal, president, PHD Chamber of Commerce and Industry on Saturday.

He said economic activity is expected to consolidate in March 2021 as the Covid-19 impact on the difficult financial year 2020-21 is winding down with new hopes for the next financial year with a great growth trajectory of Indian economy. Out of the 10 indicators of QET (Quick Economic Trends) of economic and business activity tracked by the industry body PHDCCI, 7 have performed positive in February 2021 of which passenger vehicle sales has shown the highest growth of 18 per cent over the corresponding month in the previous year.

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Though Covid-19 cases are re-emerging in some States including Maharashtra, Kerala, Punjab, Karnataka, Gujarat and Tamil Nadu, the movement of the Indian economy remains steady in February 2021.

Economic and business indicators such as GST Collections, E-way Bills, Railway freight, Passenger Vehicle Sales, Stock Market and Exports have shown a positive y-o-y growth in February 2021 as compared with February 2020, while the Exchange Rate has shown positive sequential growth in February 2021 as compared with January 2021. However, policy attention is required towards credit access to industry, he said.

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