India’s GST Collections Surge In January 2025; Gross Up 12.3 %, Net Rises 10.9%

In January 2025, GST collections, gross and net, achieved robust double-digit growth of 12.3 % and 10.9 %, as compared to subdued growth of 7.3 % and 3.3 % in December 2024. PMI for manufacturing increased to 57.7 in January, showing expansion while PMI for services remained at an elevated level of 56.5. As of February 4, Rabi sowing for the 2024-25 season reached 104% of the normal sown area while areas sown under rice and pulses reached 101.2 % and 100.3 % of the normal sown area respectively. The growth rate of bank credit, however, remain subdued at 11.2 % in December 2024, compared to 20.2 % in December 2023.