Amid global geo-political uncertainties, the Indian economy has remained resilient but the outlook seems softer due to moderation in a couple of high-frequency indicators, according to the Monthly Economic Review for August. The review was released by the National Council of Applied Economic Research (NCAER). The report said bank credit growth of scheduled commercial banks (both food and non-food) moderated in June 2024. Personal loan credit growth and bank credit for the services sector has decelerated, it added. 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, growth in the Index of Industrial Production (IIP) and IIP for core industries moderated in June 2024. NCAER said that while Consumer Price Index (CPI) headline inflation declined in July 2024, mainly due to an easing of food inflation, wholesale price inflation also declined in July 2024.