New Delhi Data from GSTN, a company that processes GST returns, showed that over 76.8 million e-way bills were generated in October, compared to over 84 million electronic permits in September.
E-way bills, taken by analysts as a high-frequency indicator of consumption and production trends, have remained above 70 million since March, showing strong goods shipments across the country and continued growth from May to September. Is.
Experts did not see this fall in October as worrying.
Aditi Nair, chief economist, rating agency ICRA Ltd, said: “There is a possibility of a fall in GST e-way bill due to holidays during festivals.”
GST revenue collection in October, a function of sales in the previous month, was second 1.52 trillion, the Finance Ministry reported on Monday.
The latest S&P Global India Manufacturing PMI, released on November 1, showed that growth in the Indian manufacturing industry remains strong, showing a historically marked expansion in factory orders and purchase volumes, despite a four-month moderation in production growth. has surpassed its long time average. low.
The S&P said on Monday the Manufacturing Purchasing Managers’ Index rose from 55.1 in September to 55.3 in October, indicating a strong recovery in the health of the sector.
The PMI data is based on a survey of around 400 manufacturers, while the e-way bill data is based on actual transactions.
Experts also believe that consumption and GST revenue receipts are rising in the last two years due to sluggish demand and stagnant economic activity.
Large state economies such as Maharashtra, Uttar Pradesh, Gujarat and Karnataka reported double-digit growth in GST revenue receipts in October.
The government’s industrial production data had shown that the manufacturing sector, which saw a sharp 20% jump in May this fiscal, has since slowed down as the base effect eased and there was a small bit of contraction in August. Part is shown.
Policy makers believe that India’s economy is in a strong position, although external factors pose a downside risk as coordinated action by central banks around the world is increasing the cost of money, while energy prices There is a strong volatility.
The Reserve Bank last month lowered its forecast for economic growth to 7% from its earlier forecast of 7.2%, as unfavorable by extended geopolitical tensions, consolidating global financial conditions and a possible fall in the external component of aggregate demand. There may be risk.
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