Octoberfest: Most macro indicators enter party zone
goods and services tax (GST) revenue rose 13% in October to ₹1.72 lakh crore, the second highest monthly collection since the levy was rolled out in July 2017, riding robust festive demand and improved compliance.
However, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) slipped to 55.5 in October from 57.5 in September, its slowest expansion since February.
Other fast-moving indicators remained robust. Auto companies dispatched a record 391,472 passenger vehicles to dealers last month, up 16.3% from 336,679 the year earlier.
Indian Railways' freight loading rose 8.47% in October to 129.03 million tonnes.
Electricity consumption surged 21% in the month to 138.9 billion units in October amid a hotter-than-usual first half of the month. Diesel and petrol sales by oil retailing companies rose 5% and 3%, respectively, from a year earlier.
Economists say most indicators remain elevated but there are signs of growth slowing.
«India's manufacturing sector generated substantial growth in October, despite a challenging global economic environment,» said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.
Two-wheeler sales
«Still, insights from surveyed purchasing managers pointed to the deceleration of several measures,» she said.
The conflict in West Asia, rising US interest rates, and volatile oil prices are also adding to the uncertainty, the economists added.
Core sector output grew 8.1% in September, down from the double-digit 12.5% rise in the preceding month.
Tractor sales fell from a year earlier in October, suggesting tepid rural demand following a patchy monsoon. They dropped 5% to 117,714 units from 123,526 units, according to data sourced
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