India reported GST collections of nearly ₹1.96 lakh crore in October, indicating a 4.6 percent growth versus prior year period. However analysts pointed out that despite the positive headline expansion, domestic demand momentum reflected pockets of moderation driven by delayed festive cycle purchases and broader input cost resets. Economists noted that if seasonal tailwinds reaccelerate, latent demand should normalize during second half of November. Policy watchers remain focused on whether financing conditions and calibrated rate transitions can support smoother household and SME spending stability during near term activity phases.