India's economic indicators are pointing towards a recovery with many states starting to ease restrictions.

India's manufacturing PMI stood at 55.3 in July, witnessing a sharp jump after contracting to 48.1 in June. The improvement in the index was aided by an expansion in industrial output, new orders, exports, quantity of purchases and input stocks.

GST collections rebound to Rs 1.16 lakh crore in July, after a brief downturn in June due to the COVID second wave. The July mop-up is 33 percent higher than the GST revenues in the same month last year. Finance ministry says the jump in July collection clearly indicates that the economy is recovering at a faster pace and GST revenues are likely to remain robust in the coming months.

In the auto sector, all major manufacturers have seen a sharp spike in sales numbers in July. Maruti Suzuki recorded over 1.6 lakh total sales which is a 50 percent increase over the same period last year. For Hyundai India, July sales saw a 25.8 percent annual increase. Tata motors' sales were lower compared to the top two, but it saw a 91 percent surge in sales compared to last year. Similar picture with M&M which also recorded a 91 percent increase. From the two-wheeler space Bajaj Auto saw sales rise 44 percent in July while TVS Motor recorded a 10 percent increase. The only outlier was Hero MotoCorp recording a 13 percent fall in sales.

Domestic air passenger traffic shows a significant uptick on the first of August-- with nearly 2.7 lakh passengers and over 2,000 flight departures on that day-- this versus 1.7 lakh passengers and over 1,600 flights on the 31st of July. Domestic passenger traffic and flight departures have been witnessing a steady increase since the last week of July.

Fuel demand has surged in July. Petrol sales rose 17 percent on an annual basis while diesel sales were up 12 percent for the same period. Seen monthly though the picture is slightly different. While petrol sales were up 9 percent compared to June, diesel sales fell one percent. Also compared to the pre-pandemic level diesel sales are down 11 percent.

To discuss the pace of economic revival, Shereen Bhan spoke to Vinkesh Gulati, President of FADA; Niranjan Hiranandani, MD & Co-Founder of Hiranandani Group and Akshay D'Souza, Chief Marketing Officer at Bizom.

Watch video for entire discussion.

(Edited by : Aditi Gautam)