PHDCCI Economy GPS Index for December 2021 economic activity highest of the year: PHD Chamber

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Economic activity for the month of December 2021 has been recorded at the highest level of the year 2021 as the Economy GPS Index of PHDCCI went at 127.7, supported majorly by the growth of passenger vehicle sales, said the Industry Body, PHD Chamber of Commerce and Industry, in a press statement issued here today.

Going ahead, there is a need for continuous handholding by the Government amid the rising uncertainty caused by new Coronavirus variant-omicron and rapid rise in the Coronavirus cases in the last few days, said Mr. Pradeep Multani, President, PHD Chamber of Commerce and Industry.  

We are confident that with the support of government, the economic activity would continuously moving ahead to attain a higher economic growth trajectory in 2021-22, said Mr. Pradeep Multani

PHDCCI Economy GPS Index captures the momentum in supply side business activity through growth in GST collections, demand side consumer behaviour through volume growth in passenger vehicle sales and sensitivity of policy reforms and impact of domestic and international economic and business environment through the movement of SENSEX at the base year of 2018-19=100, said the Industry Body.

Sequentially, the PHDCCI Economy GPS Index for December 2021 has increased to 127.7 as compared to 125.2 for November 2021. Passenger vehicles recorded a sequential growth of 18.3%, increasing from 2,15,626 units in November 2021 to 2,55,000 units in December 2021.  However, the sequential growth of GST collections has decreased by (-)1.3% from Rs. 131,526 crore in November 2021 to Rs. 129,780 crore in December 2021. The sequential growth of SENSEX (average of daily close) has decreased by (-)3.0% in December 2021 from 59416 in November 2021 to 57663 in December 2021, said Mr. Pradeep Multani.