The National Council of Applied Economic Research has estimated that though the Indian economy has remained resilient amidst global geo-political uncertainties, the outlook is seen softer due to moderation in a couple of high-frequency indicators in its Monthly Economic Review for August.
Bank credit growth of scheduled commercial banks moderated both food and non-food, in June 2024, the report said. Personal loan credit growth and bank credit for the services sector has decelerated, it also said.
The economic think tank said: "The Purchasing Managers' Index-PMI-for manufacturing and services declined marginally in July 2024 but maintained its expansionary momentum."
However, IIP and IIP for core industries growth moderated in June 2024.
NCAER said that while Consumer Price Index-headline inflation declined in July 2024 largely due to an easing of food inflation, wholesale price inflation also declined in July 2024.
It also said the merchandise trade deficit widened while the services trade surplus increased sequentially in July 2024.
