Aggregate Demand Firms Up In Q3fy25, Employment In Organised Manufacturing Hits Four-Month High

Reserve Bank of India or RBI stated in a latest monthly update that high frequency indicators suggest aggregate demand firmed up in Q3:2024-25. E-way bills rose on a y-o-y basis in volume terms in December, and toll collections recorded strong growth both in volume and value terms. While overall automobile sales declined in December 2024, passenger vehicle sales recorded sound growth. Domestic tractor sales showed robust growth in December. Among two- wheelers, scooter sales expanded by 3.2 per cent while motorcycle sales contracted. Vehicle registrations recorded a contraction in December owing to declines in non-transport and transport vehicles segments. Petroleum consumption expanded by 2.1 per cent (y-o-y) in December, as petrol, aviation turbine fuel (ATF) and diesel recorded strong growth of 10.8 per cent, 8.7 per cent and 6.0 per cent, respectively.

Employment in the organised manufacturing sector expanded to a four-month high in December. The rate of job creation in the services sector witnessed a marginal moderation from a record high registered in November. Port traffic increased by 3.4 per cent in December 2024, driven by containerised cargo, other miscellaneous cargo, and petroleum, oil and lubricants (POL). In the construction sector, steel consumption growth moderated to 3.3 per cent (y-o-y) in December. Cement production grew by 13.0 per cent in November.

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