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'Economy needs continued handholding'
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SME Times News Bureau | 19 Dec, 2021
Industry body PHD Chamber of Commerce and Industry (PHDCCI) on Saturday
emphasised on the need for the Centre's continuous handholding of the
economy to mitigate the uncertainty caused by the looming impact of new
Covid variant Omicron.
"Although the resilience of Indian economy
is very strong and we expect a double digit GDP growth in 2021-22 on
the back of effective policy measures undertaken by the government, we
still have to mitigate the uncertainty caused by the looming impact of
Omicron," PHDCCI said in a statement.
Out of the nine lead
economic and business indicators of QET (Quick Economic Trends), tracked
PHDCCI, six have shown uptick for November 2021, as compared with seven
out of 10 indicators showing the uptrend in October 2021.
"Unemployment,
exchange rate, manufacturing PMI, GST collections, exports and E-way
Bill registered a positive growth in November 2021. Exports registered a
positive growth of 27 per cent in November 2021, increasing from $23.6
billion in November 2020 to $30 billion last month," the industry body
said.
Besides, GST collections registered a y-o-y growth of 25
per cent from Rs 104,963 crore in November 2020 to Rs 131,526 crore in
November 2021.
"E-way Bills have shown y-o-y growth 5.9 per cent
in November 2021, increasing from 57.7 million in November 2020 to 61.1
million in November 2021," it said.
As per the statement,
unemployment declined sequentially by 9.7 per cent in November 2021,
from 7.8 per cent in October 2021 to 7 per cent last month.
"Exchange
rate appreciated by 0.6 per cent from average of Rs 74.9 per US dollar
in October 2021 to Rs 74.45 per US dollar in November 2021. The
sequential growth of manufacturing PMI increased by 3 per cent in
November 2021, from 55.9 points in October 2021 to 57.6 points last
month," it said.
However, forex reserves registered the decline
of (-)1 per cent, decreasing from $642 billion in October 2021 to $638
billion in November 2021.
Similarly, the S&P BSE Sensex
(monthly average) declined by (-)2 per cent in November 2021 from 60,422
in October 2021 to 59,416 last month.
"Passenger vehicle sales
registered decline of (-)19 per cent in November 2021 from 2,64,898
units in November 2020 to 2,15,626 last month," the statement said.
According
to Pradeep Multani, President, PHDCCI, supply side issues such as high
input prices, shortage of raw materials, among others, are impacting the
production possibilities and reducing the price cost margins of the
producers.
"At this juncture, there is a need to address the high
commodity prices and shortages of raw material to support the
consumption and private investments in the country," the statement said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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