Reserve Bank of India (RBI) stated in its latest monthly bulletin that high-frequency indicators for August point to expansion in manufacturing activity, with its PMI surging to a near 18-year high, with ongoing improvements in demand conditions leading to increase in factory orders. Automobile production remained robust, led by strong output of three-wheelers and two-wheelers. Production of passenger vehicles declined due to recalibration of dispatches ahead of GST reforms. Production and sales of passenger vehicles are likely to pick up in the upcoming festive season supported by the GST rate cut. Conventional electricity generation recovered as thermal coal production improved.
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