High-frequency key economic indicators witness brisk recovery

Goods and services tax (GST) collections for January 2021 touched an all-time high of Rs 1.2 lakh crore since the introduction of GST regime.

India's manufacturing industry started the year 2021 on a strong note with Manufacturing Purchasing Managers Index (PMI) for the month of January at 57.7, reflecting the strongest improvement in three months.

There is sharp improvement in E-way Bill generation in recent months. It had declined to the lowest in the month of April 2020.

Indian Railways' freight loading jumped 8.7 per cent YoY in January to 119.79 million tonnes (MT), indicating a sustained rise in economic activity after disruptions caused by Covid-19. Earnings from freight grew 5.9% YoY in January to Rs 11,838.36 crore.

India's power consumption increased to a three-month high of nearly 6 per cent at 111.43 billion units (BU) in January 2021, showing a spurt in economic activity.

India's service sector activity continued to expand in January. The IHS India Services Business Activity Index rose to 52.8 in January from 52.3 in December.

SHIVANI SHARMA, MOHSIN SHAIKH