Though the advanced economies are confronted with a recessionary situation, growth in major economic and business indicators remains steady, said Mr. Saket Dalmia, President, of the PHD Chamber of Commerce and Industry while releasing PHDCCI Quick Economic trends here today. 

Out of the 10 lead economic and business indicators of QET (Quick Economic Trends), tracked by the industry body PHDCCI, 8  indicators have shown an increase in May 2023 as compared to 9 out of 10 indicators in April 2023, said Mr. Dalmia.

E-way bills, GST collection, and  Passenger vehicle sales (units) have shown double-digit y-o-y growth in May 2023 as compared to May 2022. Railway freight has shown moderate y-o-y growth in May 2023 compared to the corresponding period in the previous year. Whereas Exports (merchandise+services) decline in May 2023 compared to May 2022, said Mr. Saket Dalmia. 

Forex reserves have also increased in May 2023 compared to April 2023, CPI inflation and unemployment significantly decreased this month and the Stock market has gone up in May 2023, said Mr. Dalmia 

E-way Bills have shown significant y-o-y growth of around 20%, increasing from 73.6 million in May 2022 to 88.2 million in May 2023. Passenger Vehicles sales (units) registered a high y-o-y growth of 15% in May 2023, increasing from 280189 in May 2022 to  321608 in May 2023. GST collections(crores) have also registered high y-o-y growth of around 12% in May 2023, increasing from Rs 1,40,885 crore in May 2022 to Rs 1,57,090 crore in May 2023, said Mr. Saket Dalmia   

Railway freight registered a moderate y-o-y growth of around 2%, increasing from 131.5 million tonnes in May 2022 to 134 million tonnes in May 2023. Total exports (merchandise+services) declined at (-) 6% from USD 64.13 billion in May 2022 to USD 60.29  billion in May 2023, said Mr. Dalmia. 

In addition, the forex reserves registered a positive growth of 1.1% in May 2023 i.e. US$ 595 billion in May 2023 compared to US$588 billion in April 2022. CPI inflation has sharply decreased by (-) 11% as CPI inflation rate is 4.2 % in May 2023 as against 4.7 % in April 2023, said Mr. Dalmia  

Employment has increased in the economy as the unemployment rate decreased from 8% in April 2023 to 7.7% in May 2023. Stock market (SENSEX monthly average) shows a sequential  uptrend trend in May 2023 i.e.  from 60011 in April 2023 to 61921 in May 2023, said Mr. Dalmia  

The exchange rate depreciated by 1.2% from an average of 81.72 INR/USD in April 2023 to 82.68 INR/USD in May 2023.  

Chart 1: Economy out of 10 based on PHDCCI Quick Economic Trends

  Chart 2: Economic and Business indicators’ growth rates: May 2023 (%)

Source: Ph.D. Research Bureau, PHDCCINote: *Growth calculations of indicators such as exchange rate, unemployment, and CPI Inflation are adjusted such that the decrease in the said indicators depicts improvement and vice-versa; figures are rounded off; growth for GST Collections, E way bill, Railway Freight, Passenger Vehicle Sales and Exports is calculated on year on year (y-o-y) basis; growth for Unemployment Rate, Forex Reserves, Exchange Rate, Stock Market is calculated on sequential basis. 

10 economic and business indicators of QET include demand and supply indicators along with external and financial sectors indicators, said Mr. Saket Dalmia.     

 PHDCCI Quick Economic Trends: Growth Performance of Economic & Business activity so far

Source: PHD Research Bureau, PHDCCI; Note: *Growth calculations of indicators such as exchange rate, unemployment, and CPI Inflation are adjusted such that the decrease in the said indicators depicts improvement and vice-versa; figures are rounded off; growth for GST Collections, E way bill, Railway Freight, Passenger Vehicle Sales and Exports is calculated on year on year (y-o-y) basis; growth for Unemployment Rate, Forex Reserves, Exchange Rate, Stock Market is calculated on sequential basis