Data from Goods and Services Tax Network (GSTN) which processes goods and services tax (GST) returns, showed that 56 million permits were raised for intra-state movement and 30 million permits for inter-state goods movement in June, against 56.7 million intra-state and 31.5 million inter-state e-way bills raised in May.

Goods transportation data for June is in line with the PMI manufacturing data, indicating robust demand despite the index dipping marginally from the levels seen in May.

S&P Global had on Monday reported robust demand for Indian-made products, both in the domestic and international markets. India Manufacturing Purchasing Managers' Index (PMI) was at 57.8 for the month despite receding from the 58.7 mark in May. S&P reported "considerable improvement in operating conditions" for all manufacturers.

E-way bill data, regarded as an early sign of robust manufacturing activity in the economy, shows goods movement across the country, including stock and raw-material transfers within companies. It captures data for shipments valued at ₹50,000 or more, being transported for at least 50 km. Given that e-way bill data has remained above 80 million for the last eight months is a sign of post-pandemic economic resilience, said analysts.

Policymakers are expecting sustained urban demand and a recovery in rural India for the economy to expand at 6.5% in FY24, but are also keeping a close watch on the geopolitics, impact of El-Nino and banking industry stress in the West that could pose downside risks to India's growth.