E-Way Bill Generation Surges 18% In September Amid Festive Season
Date
10/11/2024 2:10:39 PM
(MENAFN- KNN India)
New Delhi, Oct 11 (KNN) September saw a significant uptick in supply chain activity, with e-way bill generation surging 18 per cent year-over-year to 109 million, according to data from the Goods and Services Tax Network (GSTN).
This increase, largely attributed to the approaching festive season, represents a 3 per cent rise from August levels and is viewed as a positive indicator for GST collections and overall economic recovery.
E-way bills, which are electronic permits required for inter-state movement of goods, typically see an increase during the festive period. This surge in e-way bill generation suggests increased movement of raw materials, intermediates, and finished goods across the country.
However, other economic indicators present a more nuanced picture. The S&P Global's HSBC India Manufacturing Purchasing Managers' Index (PMI) dropped to 56.5 in September from 57.5 in August, indicating the slowest pace of growth in the manufacturing sector since January.
Export orders also showed signs of softening, potentially limiting growth prospects in this sector.
The automotive industry, often considered a bellwether for consumer demand, displayed signs of strain. Retail vehicle sales contracted by 9.26 per cent in September, despite an overall 6.5 per cent growth recorded in the first half of the fiscal year.
On a more positive note, GST collections have remained robust, with the average monthly collection reaching Rs 1.81 trillion in the first half of this fiscal year. Experts in the field view the increase in e-way bill generation as a promising sign for October's GST collections.
As the festive season progresses, economists and policymakers will be closely monitoring these various indicators to gauge the overall health and trajectory of the Indian economy.
(KNN Bureau)
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