New Delhi: India’s consumption surged in October, buoyed by the festive season and recent rationalization in goods and services tax rates, showing economic resilience even as global growth remains uncertain, SBI Capital Markets said in its latest EcoCapsule report released on Monday. The pickup, it noted, reflects a decisive turnaround in demand after a sluggish monsoon quarter, with households and businesses alike stepping up spending.

The investment banking arm of the State Bank of India drew its optimism from a string of upbeat indicators: a 41% year-on-year jump in vehicle sales, record digital payments, and the strongest festive spending in years. Unified Payments Interface (UPI) transactions hit an all-time high of 2.7 billion, while Diwali sales climbed 25% to over ₹ 6 trillion,

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