Indian Economy in November 2023

The Indian economy showed signs of resilience in November 2023, with several key indicators pointing towards continued growth.

Highlights:

  • GST Collection – 1.68 lakh crore
  • UPI Transactions – 11.2 billion
  • Car Sales – 3.35 lakh
  • Manufacturing PMI – 56
  • Electricity Used – 119.64 billion units.
  • Domestic Air Traffic – 1,27,16,482

Here’s a summary of the key Indian Economy for November 2023:

GST Collection: GST collections reached a record high of Rs 1.68 lakh crore in November 2023, indicating strong economic activity and improved tax compliance. This marks an 11.9% increase over November 2022, reflecting the positive impact of economic recovery.

UPI Transactions: UPI transactions continued to surge, reaching 11.2 billion in November 2023. This represents a significant growth of 45% compared to November 2022, highlighting the rapid adoption of digital payments in India.

Car Sales: Car sales remained steady in November 2023, with total sales reaching 3.35 lakh units. This indicates that the demand for automobiles remains strong despite inflationary pressures.

Manufacturing PMI: The Manufacturing PMI remained above the 50 mark, indicating continued expansion in the manufacturing sector. The PMI stood at 56 in November 2023, reflecting positive sentiment among manufacturers.

Electricity Used: Electricity consumption reached 119.64 billion units in November 2023, indicating increased industrial activity and overall economic growth. This marks a 2.4% increase compared to November 2022.

Domestic Air Traffic: Domestic air traffic continued to recover, with passenger traffic reaching 1,27,16,482 in November 2023. This represents a significant growth of 12.5% compared to November 2022, reflecting increased travel demand.

GDP Growth: According to estimates, India’s GDP grew at a robust pace of 7.8% in the first quarter of the fiscal year 2023-24. This suggests that the economy is maintaining its momentum despite global uncertainties.

Inflation: Inflation moderated in November 2023, with the Consumer Price Index (CPI) rising at an annual rate of 6.3%. This is a slight decrease from 6.7% in October 2023, indicating some easing of inflationary pressures.

Exports: India’s merchandise exports reached $35.03 billion in November 2023, marking a 10.6% increase from November 2022. This growth is attributed to strong demand for Indian goods in global markets.

Imports: India’s merchandise imports stood at $52.65 billion in November 2023, indicating an 11.4% increase from November 2022. This growth reflects the rising demand for raw materials and intermediate goods in India.

Foreign Exchange Reserves: India’s foreign exchange reserves remained strong at $543.62 billion as of November 30, 2023, providing a buffer against external shocks.

Overall, the economic indicators for November 2023 paint a positive picture of the Indian economy. Despite global headwinds, the Indian economy continues to show signs of resilience and growth. The strong performance of key sectors such as manufacturing, services, and consumption indicates that the economy is on a solid footing.

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