With strong July numbers, Q2 gets off to a solid start

economictimes.indiatimes.com:

GST) revenue maintained the recent robust pace of growth, rising 11% from a year earlier to ₹1.65 lakh crore in July, showed data released on Tuesday. Other high-frequency indicators available for July indicated the economy has carried over the strong first-quarter momentum into the second quarter. Automobile companies reported their best-ever July despatches, sending 352,500 cars to dealerships, a 3.1% rise from a year earlier.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) remained firm at 57.7 in the month, almost unchanged from 57.8 in the preceding month. Jet fuel sales rose 10.3% year-on-year in July as airlines flew more passengers, according to provisional sales data obtained from state-run oil marketing companies. Electricity consumption rose to 139 billion units in July from 128.4 billion units in the same month last year.

The railways achieved freight loading of 123.98 million tonnes (MT) in July, up 2% from 122.15 MT a year ago. The number of UPI transactions reached 9.96 billion in July, up 58% from a year earlier, clocking a total value of around ₹15.34 lakh crore, a rise of 44% over July last year. An uptick in inflation, sluggish exports, and rising global fuel prices are near-term risks.

This is the fifth time since inception in July 2017 that GST collections have crossed Rs 1.6 lakh crore, with increased compliances due to various anti-evasion measures providing a lift. «Steady rise in GST collections is a reflection of an encouraging economic activity and rise in domestic consumption,» said Krishan Arora, partner, Grant Thornton Bharat. «This is coupled with the government's and industry's efforts towards achieving a better compliance framework, advanced