GST rate cuts offset US tariff impacts to drive manufacturing growth
NEW DELHI: GST rate cuts have led to retail price reductions and increased household spending, which have offset the tariff-related impact on India’s exports, a report said on Tuesday.
“Overall manufacturing output continued to rise, with the fall in new export orders fully offset by a rise in domestic orders. A spurt in input purchases suggests that manufacturing could remain strong in November too,” the report from HSBC Global Investment Research noted.
Based on pick-up in agriculture, manufacturing, construction, growth for Q3 CY25 is tracking 7.2-7.4 per cent, the firm said.
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