A September surprise from the Indian economy
The growth in covid cases has, however, triggered the phenomenon of fear economy
After a long time, the Indian economy had a run of good news. As they say, when it rains, it pours; mercifully this time, it was all good news. For the month of September, the IHS-Markit Purchasing Managers’ Index for India’s manufacturing sector rose to its highest in more than eight years; annual export growth turned positive; the goods and services tax (GST) collections registered an increase and E-way bills, or electronic permits for transportation of goods, the barometer for internal trade, witnessed a record growth; the month also saw a rare 15% jump in railway freight traffic from a year ago.