The data comes a day after, speaking at the Business Standard BFSI Insight Summit, Reserve Bank of India (RBI) governor Shaktikanta Das said India’s economic growth number in the second quarter (Q2) is likely to surprise “on the upside”. Das based his observation on trends such as momentum of economic activities and some early indicators. The official GDP number for Q2 (July-September 2023), which is expected on November 30, was estimated by the RBI at 6.5% last month on October 6.
Another indicator that supports the idea that the economy has sped up was released by the ministry of electronics and IT, which said in a tweet that there were 11.41 billion mobile payment transactions made via the Unified Payments Interface (UPI) in October, up from 10.56 billion in September and 56% more than in the same period last year.
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