Iman’s Monthly Report – March 2023

Manufacturing PMI expanded to 56.4 in March (versus 55.3 in February), while Services PMI remains buoyant at 57.8 (despite being down from 59.4 in February).
CMIE consumer sentiment continues to expand; and at 89.2, is at its highest since the pandemic began. Both Urban and Rural sentiments see improvement to 89.2 respectively.
Index of Industrial Production (IIP) in February 2023 came in at 5.6% YoY but was merely 1.1% on a 3-year CAGR basis.
Consumer Goods recorded a 5.6% YoY growth, driven by a strong 12.1% growth in Non-Durables. However, Consumer Durables continued to struggle and remain in contraction zone, at -4% YoY and -2.6% 3-year CAGR.
Coal/Steel/Cement production continue to be reasonably strong between 7-9% on YoY basis in February.
Bitumen consumption continued to see a slowdown in March (-1.1% YoY).
Railway freight traffic grew a modest 3.8% YoY.
GST revenue continues to grow at 12.7% YoY, with e-way bills clocking in a record 2.9mn per day in March.

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This analysis has been compiled by obtaining data from Iman Resources’ sources.