Data recap: GST, car sales, shipping cost
₹1.65 trillion in December. Meanwhile, the recent attacks on vessels in the Red Sea have led to a surge in shipping costs. Welfare spending has become one of the selling points for political parties in recent election campaigns.
A report released by the Reserve Bank of India (RBI) on states’ finances last month showed that the total social sector spending by states is projected to increase 9.2% to ₹24 trillion in the current financial year. While the growth may seem small in a pre-election year, it comes on the back of a 28% rise in the previous year. Buoyed by strong growth, India’s outstanding retail loans crossed the milestone of ₹50 trillion for the first time in November 2023, Mint reported.
The growth was fuelled by individual demand, proactive efforts from banks, and the merger of HDFC Bank with the former mortgage lender Housing Development Finance Corp. Ltd (HDFC). While retail loans jumped 30% year-on-year in November, the growth was 19% when adjusted for the merger.
In comparison, loans to industry rose just 6.6%. 25.3%: That's the year-on-year growth in international passenger traffic handled at airports in India between April and November, Mint reported. With this, international traffic has surpassed the growth rate of domestic traffic, which grew 17.9% during the period.
While base effect played a role in pushing the growth, improved connectivity and relaxed visa norms were also key factors behind the trend. Expansion of IndiGo and airlines from the Air India group in international skies has also helped. Sports utility vehicles (SUVs) were a favoured choice for consumers in 2023, which helped in driving passenger vehicle (PV) sales beyond 4 million during the year, a Mint report said.
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