India's economy puts up brave front as GST, auto sales and UPI payments surge despite Gulf war
India's economy shows remarkable resilience, with strong March figures in GST collections, vehicle sales, and digital payments, defying disruptions from the Gulf war. Despite a robust fiscal year-end, economists caution that rising costs and potential supply issues could soon impact the economy more visibly.
New Delhi: High-frequency indicators released at the end of the fiscal year signalled that India's economy has stayed resilient despite disruptions stemming from the Gulf war. Goods and services tax collections grew 8.8% year-on-year in March, while domestic passenger vehicle sales recorded a strong 16.3% increase. Power consumption rose 1.8% to 149.56 billion units during the month and railway freight loading climbed 3.4% to 166.2 million tonnes.
