Mumbai, Nov 21
The growth in economic activity in India improved markedly to an eight-month high of 10.1 per cent in October from 6.6 per cent in September, despite an unfavourable base, according to a report on Thursday.
The strengthening in growth momentum was led by the favourable impact of the departure of monsoon on sectors like mining and electricity, healthy demand during the festive season that boosted vehicle registrations, fuel consumption, air travel and the surge in exports, said the report by credit rating agency ICRA.
“The early data for November appears upbeat, with a base-effect led rise in electricity demand growth and a continued festive boost in vehicle registrations,” the report mentioned.
The economic activity growth was led by an improvement in 10 of the 16 indicators. The ICRA 'Business Activity Monitor' surged by 9.9 per cent month-on-month in October, higher than 6.5 per cent growth seen in October 2023, partly led by an early onset of the festive season.