High-frequency indicators for India continued to reflect buoyant economic activity in July, says RBI

Reserve Bank of India (RBI) stated in its latest monthly bulletin that high-frequency indicators for India continued to reflect buoyant economic activity in July. Goods and Services Tax (GST) revenue growth strengthened, driven by robust growth in tax revenue from imports, while domestic collections also recorded healthy growth. GST E-way bill generation indicated steady goods movement in July 2026. Growth in petroleum consumption rebounded, after contracting in the preceding three months, led by petrol and diesel, although aviation turbine fuel consumption remained subdued. Delayed monsoons and high humidity drove a surge in cooling needs, leading to sustained growth in electricity demand. The monthly volume of toll transactions continued to soften with the adoption of the FASTag Annual Pass. Digital payments registered robust growth in value, though the growth in transaction volume moderated largely due to base effect. Electricity consumption also stayed robust.

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