High-frequency indicators for June signal steady demand conditions, urban demand revives

Reserve Bank of India (RBI) stated in its latest monthly bulletin that high-frequency indicators for overall economic activity showed mixed signals in June. E-way bills and toll collection showed strong growth, while growth in goods and services tax (GST) revenue collections moderated sharply in June. Petroleum consumption recorded a modest expansion, even as the growth of petrol, diesel, and air turbine fuel moderated. Electricity demand fell marginally, mainly due to reduced usage of cooling appliances amidst the early onset of monsoon. growth in June. In value terms, digital transactions growth registered a pickup, despite a slowdown in unified payments interface (UPI) growth, on account of an uptick in the growth of real time gross settlements (RTGS). High-frequency indicators for June signalled steady demand conditions. Urban demand witnessed a revival in June, recovering from the moderation in May. Rural demand remained resilient. Retail automobile sales growth moderated marginally but stayed above the average level, while tractor sales recorded stronger growth.

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