It has been more than a month since the war that is going on between Iran, America and Israel. But the tension does not seem to be reducing. There is some relief and then suddenly the round of ammunition starts. Amidst this global problem, the whole world is in economic trouble. But India has stood strong even in times of crisis. High-frequency indicators released at the end of the financial year showed that India’s economy remained strong despite the problems caused by the Gulf War.
Goods and Services Tax (GST) collections in March increased by 8.8% year-on-year, while domestic passenger vehicle sales recorded a strong growth of 16.3%. Electricity consumption this month increased by 1.8% to 149.56 billion units and railway freight traffic increased by 3.4% to 166.2 million tonnes. Digital payments also remained strong. UPI transactions reached 22.6 billion in March, which was 23.5% more than last year.
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According to the data released on Wednesday, the total GST collection in March was Rs 2 lakh crore, which was Rs 1.84 lakh crore in the same month last year. This is the third highest monthly collection in FY26; In April this record was Rs 2.36 lakh crore and in May it was approximately equal to Rs 2.01 lakh crore.
According to industry estimates, 4.5 lakh cars were sold in March, which was 3.87 lakh in the same month last year. For the full fiscal year, car sales grew 8.3% to 47 lakh units from 43.4 lakh units in FY25. Senior officials of the auto industry said that till now the ongoing conflict in West Asia has not had much impact on demand, supply chain and production. However, economists have warned that the impact of LPG shortage, rising costs and possible supply disruptions may be more clearly visible in the coming months.
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