Manufacturing PMI for January: There have been signs of improvement in India’s manufacturing in January. The sector started a good start after falling to a 12 -month low in the last month. The results of the private sector survey have been released on 3 February. Which has revealed this information. HSBC India Manufacturing Purchasing Manager Index (HSBC India Manufacturing Purchasing Managers’ Index reached the six -month highest level 57.7 in January. Whereas in the last month it was at 56.4 levels.
The data revealed on the consumption front also gives information about better performance in it. In January, GST Collections increased to nine months highest level to Rs 1.92 lakh crore. It has seen double digit growth for the first time in six months.
Trying to increase growth in budget
Let us know that in the budget of the financial year 2025-26 presented on 1 February, the government has tried to speed up growth by making income tax rates rational.
The economy is expected to grow rapidly in this quarter after the first half was disappointing. Significantly, in the first half, the growth rate fell to 6 percent in FY 24 as compared to 8.2 percent.
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Growth rate is estimated to be 6.4 percent in 2025
The growth rate is expected to be reduced to 6.4 percent in FY 2025. The growth rate for the new financial year starting from April 1 in the Economic Survey on the eve of the budget is estimated to be 6.3-6.8 percent.
The survey stated that India needs to grow at an 8 per cent, as well as 8 per cent, along with other changes to achieve the target of becoming developed economy by 2047.