High-frequency indicators remained healthy, digital payments continued to post robust growth

Reserve Bank of India stated in its latest monthly bulletin that high-frequency indicators remained healthy in August. E-way bill generation grew sequentially. Goods and Services Tax (GST) revenue maintained double-digit growth, driven by strong import related collections, while domestic collections also remained robust. Growth in petrol consumption picked up compared to the previous year supported by increased road travel amidst below normal rainfall in August, while the higher diesel consumption growth was aided by larger use of generators and other equipment. The overall petroleum consumption, however declined due to fall in consumption of liquified petroleum gas (LPG), naphtha and petroleum coke. Electricity demand accelerated driven by higher cooling and irrigation requirements. Sustained double-digit growth in toll collection volumes indicated continued momentum in road transportation and logistics activity. Digital payments continued to post robust growth in terms of both volumes and value.

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