Economic activity has gained momentum following the reduction in the Goods and Services Tax (GST), as reflected in the performance of various high-frequency indicators, a finance ministry report said on Thursday. Eway bill generation expanded by 14.4 per cent during September and October 2025 on a year on-year basis. At the same time, cumulative GST collection growth of 9.0 per cent for Apr–Oct 2025 indicates that the underlying revenue stream has remained resilient, aided by firm consumption and improved compliance. Momentum was also evident in the production economy. In October, the manufacturing sector continued to show improvement, with the Manufacturing Purchasing Managers' Index (PMI) rising to 59.2 from 57.5 in September. This increase was driven by GST relief, productivity enhancements, and investments in technology. Additionally, service activity remained strong, with the PMI for services in October 2025 at 58.9, well above the 50 mark that separates expansion from contraction, the finance ministry noted.