Surge in Services Demand Helps Steady India’s Economy in August

Bank credit demand jumped 15.5%, the most since November 2013, despite rising interest rates, data from the central bank showed, while liquidity in the banking system continued to be in surplus. That helped broadly support consumption activity, underscored by a jump in monthly goods and services tax collection. GST revenue in August came in at 1.44 trillion rupees ($18 billion), compared to early days of the pandemic when collections fell to as low as 323 billion rupees.

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