Macro Data Indicates Positive Growth Trajectory for the Economy
NEW DELHI/MUMBAI/CHENNAI: India’s Goods and Services Tax (GST) collections surged by 14.7% in September, exceeding Rs 2 lakh crore, driven by strong performance in the automotive sector. The growth was bolstered by a 26% increase in integrated GST on imported goods, reaching Rs 65,525 crore, as rising commodity prices and a weaker rupee inflated the import bill. Domestic GST collections also showed robust growth, totaling Rs 1,37,996 crore.
Total refunds decreased by 3%, leading to an 18% rise in net collections, which reached Rs 1,76,520 crore. States such as Gujarat, Uttar Pradesh, Telangana, and Karnataka reported significant growth rates of 17%, 11%, 18%, and 12%, respectively. Deloitte’s MS Mani noted that GST collections are expected to remain strong during the festival season, which typically boosts consumption across various product categories.
Auto sales gain momentum
The automotive sector reported double-digit growth in domestic passenger vehicle dispatches in September, ahead of the festive season. Maruti Suzuki experienced nearly 37% growth, while Kia led with a 41% increase. Utility vehicles were a significant contributor to Maruti’s growth, with sales rising 62% to 78,911 units. The combined sales of mini, compact, and mid-size passenger cars also increased by 24% to 91,887 units.
Tata Motors maintained its lead over Mahindra and Hyundai in domestic passenger vehicle volumes, with electric vehicle sales, including exports, rising by 67% to 15,384 units.
Daily UPI volumes rise
Digital payment activity remained strong in September, with the daily average value of UPI transactions increasing to Rs 97,913 crore from Rs 96,205 crore in August. However, the monthly transaction volume for UPI fell to 2,407 crore from 2,451 crore, and the monthly transaction value decreased to Rs 29.4 lakh crore from Rs 29.8 lakh crore. IMPS transactions also declined to 35.4 crore from 36 crore.
Despite the drop in monthly transaction counts, daily UPI transactions rose to 80.2 crore in September, up from 79.1 crore in August, while IMPS showed a similar increase in daily value.
PE-VC investments up 21%
Private equity and venture capital (PE-VC) investments saw a 21% year-on-year increase in 2026, with the total value reaching $31.7 billion in the first nine months of the year, compared to $26.2 billion in the same period in 2025. This growth was fueled by $6 billion in investments in September, which included 12 mega deals exceeding $100 million, totaling $5 billion. September also marked the highest monthly investment value recorded in the past two years.
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