India, March 23 -- Reserve Bank of India (RBI) stated in a latest monthly update that domestic economic activity picked up pace in February, as evidenced by high-frequency indicators of fuel consumption, trade and logistics. E-way bills continued to exhibit double-digit growth supported by GST rate rationalisation. GST revenue strengthened, reflecting sustained demand and economic activity. Petroleum consumption recorded stronger growth, supported by a favourable base effect. Digital payments sustained steady growth in terms of both transaction value and volume. However, electricity demand moderated, primarily due to lower usage of heating appliances amidst above normal winter temperatures during February.

The central bank note that toll...