Economy picks up slightly but may still shrink from last year's level

Two key indicators--the rising number of e-way bills generated under GST, and a stronger SBI Composite Index point to a resurgence in economic activity

If e-way bills generated under the goods and services tax (GST) system are any indication, the economy is slowly picking up. However, it will still take time to grow on a yearly basis. 

Since e-way bills relate to the movement of goods, it is a sign that at least the merchandise economy is on a rising curve if the number of such bills generated is increasing. Some 48.4 million e-way bills were generated in July, which was the highest in five months. 

But that number is still lower than the February level and that of the year-ago period. (see chart).