August cheer: Numbers show economy on firm ground

India’s goods and services tax (GST) increased by 11% in August to ₹1.59 lakh crore, maintaining strong growth. Other high-frequency indicators for August, including the S&P Global India Manufacturing Purchasing Managers’ Index (PMI) and car sales, also showed positive signs for the economy. The demand for aviation turbine fuel (ATF) rose by 9.5% year-on-year, and the Unified Payments Interface (UPI) crossed 10 billion transactions for the first time in August.