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y-o-y% 16.7 23.8 25.0 17.1 3.5 11.0 -8.5 -25.7 11.6 14.1 -17.5 11.9 -12.5 15.1 -11.6 -12.9 y-o-y% -11.6 -14.1 8.6 9.2 9.2 9.1 9.1 9.2 9.0 8.3 6.7 6.0 5.4 4.5

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State Capex (Rs lakh crore) 4.52 5.28 6.54 0.42 0.50 0.63 1.58 0.17 0.26 0.34 0.46 0.47 0.55 0.60 0.40 0.48 0.45 0.55 NA Number of mobile subscribers (in million) 1166.9 1032.1 886.7 904.5 911.0 916.8 924.0 928.4 935.1 940.7 946.1 949.2 944.4 941.5 944.7 945.0 NA NA

y-o-y% 24.3 28.9 -40.5 315.2 -4.3 26.4 -50.3 -66.0 107.8 -29.9 -2.4 -8.4 21.3 95.3 51.4 -35.4 y-o-y% 6.6 4.4 3.4 2.1 2.7 34.7 5.9 4.3 5.8 6.7 5.9 -3.2 -4.8 3.1 6.2 6.6

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Centre Capex (Rs lakh crore) 5.93 7.36 9.49 0.88 0.47 0.84 1.42 0.99 0.44 0.37 0.80 0.39 1.14 0.52 0.47 1.71 0.72 0.54 NA Port Cargo traffic (million ton) 720.3 768.0 802.1 69.9 72.5 66.9 73.9 67.3 72.0 69.1 70.1 69.6 65.6 68.2 67.5 72.1 77.0 71.2

BUDGET INDICATORS y-o-y% GST Revenue Collection (Rs lakh crore) 14.87 22.0 ▲ 18.08 11.7 ▲ 20.18 1.65 10.4 ▲ 1.72 12.5 ▼ 1.68 11.5 ▲ 1.78 12.4 ▲ 2.10 10.0 ▼ 1.73 7.7 ▲ 1.74 10.3 ▲ 1.82 10.0 ▼ 1.75 6.5 ▼ 1.73 9.0 ▲ 1.87 8.5 ▼ 1.82 7.3 ▼ 1.77 12.3 ▲ 1.95 9.1 ▼ 1.84 9.9 ▲ 1.96 SERVICE SECTOR y-o-y% Rail freight (million ton) 1417.6 6.6 ▲ 1512.0 5.9 ▲ 1602.0 141.7 9.3 ▲ 146.5 12.4 ▼ 13

y-o-y% 9.9 14.5 18.1 -113.0 28.9 25.0 47.6 46.6 8.7 -24.2 7.9 -52.0 9.0 30.4 -54.2 -1795.2 y-o-y% 61.9 13.5 5.0 5.8 4.7 3.9 5.9 6.9 7.6 6.7 7.4 9.6 13.9 10.8 14.1 12.1 Note: The movement in arrows denotes the improvement/deterioration vis-à-vis the previous month. NA is not available

Revenue Receipts of Centre (Rs lakh crore) 21.69 ▲ 23.83 ▲ 27.28 3.22 ▼ 1.76 ▼ -0.08 ▲ 5.19 ▼ 2.12 ▲ 3.58 ▼ 2.58 ▼ 1.87 ▲ 1.91 ▲ 4.14 ▼ 0.82 ▲ 1.66 ▲ 4.20 ▼ 0.80 ▲ 1.37 NA Air passenger traffic (in million) 166.9 ▲ 270.3 ▲ 306.8 27.4 ▼ 26.2 ▼ 25.4 ▲ 26.9 ▼ 26.5 ▲ 27.9 ▼ 26.6 ▼ 26.2 ▲ 26.5 ▼ 26.2 ▲ 27.5 ▲ 28.9 ▲ 30.4 ▼ 29.9 ▼ 28.5

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Fiscal Deficit (Rs lakh crore) 15.86 17.33 1.65 0.76 1.20 3.98 1.52 2.10 -1.59 0.85 1.41 1.58 0.39 2.76 0.96 0.67 2.55 1.77 NA Services PMI 52.30 57.30 60.00 59.00 61.80 60.60 61.20 60.80 60.20 60.50 60.30 60.90 57.70 58.50 58.40 59.30 56.50 59.00

FY22 FY23 FY24 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 FY22 FY23 FY24 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25

44 QUARTERLY JOURNAL OF ECONOMICS QUARTERLY JOURNAL OF ECONOMICS 45
APRIL 2025
APRIL 2025