E-Way Bill Generation Rises in November, Indicating Economic Uptick

India witnessed an increase in e-way bill generation in November, suggesting a rebound in economic activity after a slowdown in October. According to data from GSTN, businesses raised 129.8 million e-way bills during the month, marking the second-highest level ever recorded.

This figure represents a 2.4% rise compared to 126.8 million bills generated in October. The uptick in goods movement comes amid expectations of stronger consumption and manufacturing output.

Surge in E-Way Bill Generation

E-way bills are mandatory for the shipment of goods within and across states under the GST framework. In November, the total number of bills generated stood at 129.8 million, surpassing October’s 126.8 million.

This increase indicates higher transportation of goods across supply chains, reflecting improved business activity. The rise follows a dip in October, which was attributed to seasonal factors and trade headwinds.

Impact on GST Revenue Collection

The increase in goods movement is expected to support GST revenue collections in December. November saw GST receipts of ₹1.7 trillion, a modest 0.7% improvement over October.

Collections were impacted earlier by sharp GST rate cuts implemented recently and external trade challenges for the manufacturing sector. The government anticipates that improved consumption demand will offset the short-term revenue impact of these tax reductions.

Manufacturing and Consumption Trends

Data from the Ministry of Statistics showed strong growth in the September quarter, with manufacturing output expanding 9.1%. Household spending also rose 7.9%, contributing to overall economic growth of 8.2% during the period.

These indicators suggest resilience in domestic demand despite global uncertainties. Policymakers expect the economy to maintain a growth rate of 7% or higher in the current financial year, supported by robust industrial and consumer activity.

PMI and Auto Sales Performance

The HSBC India Manufacturing PMI stood at 56.6 in November, according to S&P Global, indicating continued expansion despite being the slowest pace since February. A reading above 50 signals growth compared to the previous month.

Additionally, the Federation of Automobile Dealers Associations reported retail sales of 3.3 million vehicles in November, up 2.14% year-on-year. These trends highlight sustained momentum in manufacturing and consumer sectors.

Read More: ADB Increases India's GDP Growth Forecast to 7.2%.

Conclusion

November’s rise in e-way bill generation, coupled with strong PMI readings and higher vehicle sales, points to improving economic conditions. While GST collections showed only a modest increase, the underlying indicators suggest a positive outlook for revenue in the coming months.

Manufacturing and household spending remain key drivers of growth, reinforcing expectations of steady economic performance in FY26.

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