NEW DELHI, Oct. 31 -- The rollout of GST 2.0 and strong digital payment momentum helped in gathering steam for India's private consumption.
According to Bank of Baroda's latest analysis, the government estimates the new GST framework could add Rs 20 lakh crore to consumer spending, with its timing just before Dussehra and Diwali providing a further boost amid favourable macro conditions such as low inflation, good monsoon and strong sowing activity.
The analysis, based on Reserve Bank of India's daily payments data, shows that UPI transactions surged to Rs 17.8 lakh crore during the Dussehra-to-Diwali period, up from Rs 15.1 lakh crore a year earlier, an 18% jump.
Debit card payments also saw a sharp rise to Rs 65,395 crore from Rs 27,56...