New Delhi, Nov 27 || Various high-frequency indicators reflect that India’s economic activity has gained momentum following the reduction in the Goods and Services Tax (GST), according to the Finance Ministry’s Monthly Economic Review released on Thursday.
E-way bill generation expanded by 14.4 per cent during September and October 2025 on a year-on-year basis. At the same time, cumulative GST collection growth of 9 per cent for April–October 2025 indicates that the underlying revenue stream has remained resilient, aided by firm consumption and improved compliance.
Momentum was also evident in the production economy. In October, the manufacturing sector continued to show improvement, with the Manufacturing Purchasing Managers' Index (PMI) rising to 59.2 from 57.5 in September. This increase was driven by GST relief, productivity enhancements, and investments in technology, the report states.
Additionally, service activity remained strong, with the PMI for services in October 2025 at 58.9, well above the 50 mark that separates expansion from contraction.