New Delhi: Generation of electronic permits for goods shipments within and across states declined 5% in April to 133.3 million from the record 140 million seen in March as the year-end pressure to push goods into supply chain eased in the first month of the new financial year, official data showed.
However, e-way bill generation saw a 12% jump from , showing sustained growth in economic activity and compliance, according to data released by GSTN, the company that processes tax returns.
The number of e-way bills raised, taken as a proxy for the extent of goods movement across the country, generally tends to spike during March.
The moderation in e-way bill generation in April should not be misconstrued as a sign of economic weakness, said Rajat Mohan, managing partner at AMRG Global, a chartered accountancy firm.
“March numbers are typically inflated due to year-end dispatch acceleration, inventory clearing, and revenue closure activity, making a correction in April both expected and seasonal. What is more relevant is that April volumes continue to remain comfortably above the corresponding period last year, indicating that underlying goods movement and business activity remain resilient,” explained Mohan.
The relative stability in inter-state e-way bill generation further reinforces that core supply chains remain active, while the sharper moderation in intra-state movement appears more reflective of inventory normalization and post year-end recalibration, said Mohan.
At this stage, the data suggests a technical cooling rather than any broad-based slowdown in economic momentum, Mohan added.
Among other high-frequency indicators, S&P Global said on 4 May, quoting a survey of 400 businesses, that the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index 53.9 in March to 54.7 in April, but it signalled the second-slowest improvement in overall operating conditions in close to four years amid spillovers from .
Automobile sales remained healthy in April, according to a statement issued by Federation of Automobile Dealers Association on Tuesday. The Indian auto retail industry has opened FY27 on an exceptionally strong note, retailing 2.6 million units in April 2026, a 12.9% year-on-year growth that delivered the highest-ever April, the Federation said, quoting its vice president, Sai Giridhar.
Policy makers are hoping for a quick resolution of the West Asia crisis, given its potential to fuel inflation through energy and other channels. Finance ministry said in its monthly economic review for April that the West Asia conflict has highlighted the need for building buffers of key commodities, including energy sources. That is expected to remain a policy priority for the next decade or two as geopolitical conflicts intensify, the review noted.
In April, central and state governments collected a record ₹2.43 trillion in GST revenue before refunds, despite the sharp tax rate cuts last September, suggesting an increase in demand for goods and services.