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India GDP Growth Surpasses Expectations
The Indian real gross domestic product expanded by 7.8% from the previous year in the December quarter of 2025, inching down from the upwardly revised, six-quarter high of 8.4% in the earlier period but firmly above market expectations of 7.2%. Despite the slowdown, the growth rate remained the highest among G20 economies, signaling a degree of resilience of the Indian economy to the 50% tariffs from the United States that were passed in August, aided by an increase in government spending and GST tax cuts to support consumer confidence and private investment. Private consumption expanded by 8.7%, accelerating from the 8%. In turn, government expenditure slowed (4.7% vs 6.6% in FY26Q2) and gross fixed capital formation moderated (7.8% vs 8.4%). Net external demand contributed negatively to GDP growth, as exports expanded by 5.6% and imports rose by 8.6%. With the reading, the GDP growth for FY2026 was revised higher to 7.6%, equalling the highest since FY2022.
Published on 2026-02-27

India GDP Grows More than Expected
The Indian gross domestic product expanded by 8.2% from the previous year in the September quarter of 2025, well above the market consensus of a 7.3% expansion to pick up from the 7.8% growth rate from the earlier period. It was the sharpest annual growth rate since the March quarter of 2024, reflecting the resilience of the Indian economy to the 50% tariffs from the United States that were passed in August, aided by an increase in government spending and GST tax cuts to support consumer confidence and private investment. Consequently, consumer spending growth accelerated to 7.9% from 7% in the earlier period, accounting for 57% of all GDP output. On the value added front, manufacturing expanded by 9.1% in the period, and construction output rose by 7.2%. Real growth was also supported by a softer deflator, as retail inflation approached record lows and wholesale prices deflated.
Published on 2025-11-28

India GDP Growth Strongest in Six Quarters
The Indian gross domestic product expanded by 8.2% from the previous year in the September quarter of 2025, well above the market consensus of a 7.3% expansion to pick up from the 7.8% growth rate from the earlier period. It was the sharpest annual growth rate since the March quarter of 2024, reflecting the resilience of the Indian economy to the 50% tariffs from the United States that were passed in August, aided by an increase in government spending and GST tax cuts to support consumer confidence and private investment. Consequently, consumer spending growth accelerated to 7.9% from 7% in the earlier period, accounting for 57% of all GDP output. On the value added front, manufacturing expanded by 9.1% in the period, financial, real estate & professional services surged 10.2%, and construction output rose by 7.2%. Real growth was also supported by a softer deflator, as retail inflation approached record lows and wholesale prices deflated.
Published on 2025-11-28

India GDP Grows More than Expected
The Indian gross domestic product expanded by 8.2% from the previous year in the September quarter of 2025, well above the market consensus of a 7.3% expansion to pick up from the 7.8% growth rate from the earlier period. It was the sharpest annual growth rate since the March quarter of 2024, reflecting the resilience of the Indian economy to the 50% tariffs from the United States that were passed in August, aided by an increase in government spending and GST tax cuts to support consumer confidence and private investment. Consequently, consumer spending growth accelerated to 7.9% from 7% in the earlier period, accounting for 57% of all GDP output. On the value added front, manufacturing expanded by 9.1% in the period, financial, real estate & professional services surged 10.2%, and construction output rose by 7.2%. Real growth was also supported by a softer deflator, as retail inflation approached record lows and wholesale prices deflated.
Published on 2025-11-28

India GDP Grows More than Expected
The Indian gross domestic product expanded by 8.2% from the previous year in the September quarter of 2025, well above the market consensus of a 7.3% expansion to pick up from the 7.8% growth rate from the earlier period. It was the sharpest annual growth rate since the March quarter of 2024, reflecting the resilience of the Indian economy to the 50% tariffs from the United States that were passed in August, aided by an increase in government spending to support consumer confidence and private investment.
Published on 2025-11-28

India GDP Expands More Than Expected
The Indian gross domestic product expanded by 7.8% from the previous year in the three months to June of 2025, accelerating from the 7.4% in the previous period to mark the sharpest growth rate in five quarters and beat market expectations of a 6.6% increase. The result indicated that the Indian economy extended its period of traction following a slowdown in the second half of calendar 2024, supported by stronger consumer spending as inflation slowed and improved households' purchasing power. Private consumption expanded by 7% annually in the period, while government expenditure jumped by 7.4% and gross fixed capital formation expanded by 7.8%. In the meantime, net external demand contributed negatively to the GDP amid tariff threats by the US government, with imports surging by 10.9% annually despite softer fuel prices, while exports expanded a lower 6.3%.
Published on 2025-08-29

India GDP Growth Unexpectedly Rises
The Indian gross domestic product expanded by 7.8% from the previous year in the three months to June of 2025, accelerating from the 7.4% in the previous period to mark the sharpest growth rate in five quarters and beat market expectations of a 6.6% increase. The result indicated that the Indian economy extended its period of traction following a slowdown in the second half of calendar 2024, supported by stronger consumer spending as inflation slowed and improved households' purchasing power. Private consumption expanded by 7% annually in the period, while government expenditure jumped by 7.4% and gross fixed capital formation expanded by 7.8%. In the meantime, net external demand contributed negatively to the GDP amid tariff threats by the US government, with imports surging by 10.9% annually despite softer fuel prices, while exports expanded a lower 6.3%.
Published on 2025-08-29

Indian GDP Rises More Than Expected
The Indian GDP expanded 7.4% from the previous year in the March quarter of 2025, accelerating from the upwardly revised 6.4% growth in the earlier period and sharply above market expectations of a 6.7% rise, marking the sharpest growth rate of the fiscal year. The recovery pointed to traction in Indian economic growth after a period of softening, as lower food and energy prices improved eased benchmark interest rates and spurred investment, while India's low dependence on exports made it robust to global tariff threats. Gross fixed capital formation surged by 9.4% in the period, the most in nearly two years, and private consumption expanded by 6%. In the meantime, the net foreign demand had a positive impact in the GDP growth, with exports rising by 3.9%, while imports slumped by 12.7%. Regarding the full fiscal year of 2025, the Indian GDP expanded by 6.5%, the least in four years.
Published on 2025-05-30

India GDP Grows Less than Expected in September Quarter
The Indian GDP expanded 6.2% from the previous year in the December quarter of 2024, picking up from the upwardly revised 5.6% expansion in the earlier period but slightly below market expectations of a 6.3% growth rate. The rate consolidated the softening in India’s GDP growth, which was by far the fastest growing economy in the G20 up until last year, following a prolonged period of high energy and food prices, in addition to restrictive monetary policy and tight liquidity conditions by the RBI. Growth increased for private consumption expenditure (6.9% vs 5.9% in September quarter) and public expenditures (8.3% vs 3.8%), but slowed for gross fixed capital formation (5.7% vs 5.8%). In the meantime, net external demand contributed positively to the GDP as exports soared by 10.4% and imports softened by 1.1%.
Published on 2025-02-28

India GDP Growth Slows to Near 2-Year Low
The Indian GDP expanded by 5.4% from the previous year in the September quarter of 2024, slowing from the 6.7% expansion in the previous period and well below market expectations of a 6.5% increase to record the softest pace of growth since the December quarter of 2022. The drop consolidated India's softening momentum after enjoying a prolonged period of being the fastest-growing major economy in the world. The slump was largely due to lower output in manufacturing (2.2% vs 7% in the June quarter) and electricity, gas, water supply, and other utility services (3.3% vs 10.4%), driving value added from the secondary sector to slow considerably (3.9% vs 8.4%). In turn, growth was steady for the tertiary sector (7.1% vs 7.2%) and picked up for the primary sector (3% vs 2.7%), as the stronger momentum for agriculture, livestock, forestry, and fishing (3.5% vs 2%) offset a drop in construction (-0.1% vs 7.2).
Published on 2024-11-29

Indian GDP Slows More than Expected in June Quarter
The Indian economy expanded by 6.7% from the previous year in the June quarter of 2024, slowing from the 7.8% increase in the earlier period and missing market expectations of a 6.9% growth rate. It was the slowest expansion in five quarters, owed to a sharp slowdown in government spending as the long-awaited general elections drove several usual government activities to halt. Still, gauges of slowing consumer spending also signaled that the Indian economy is resilient to high interest rates by the RBI to a lesser extent, strengthening the case for doves in the RBI.
Published on 2024-08-30

Indian GDP Expands More than Expected in FYQ4
The Indian economy expanded by 7.8% in Q1 of 2024, sharply above the initial forecasts of a 6.7% expansion, to extend the trend of strong growth for the Indian economy. The result confirmed that India is the world’s fastest-growing major economy, led by the sharp acceleration of output for manufacturing (8.9% vs 0.9% in FYQ4 of 2023), construction (8.7% vs 7.4%), public administration, defense, and other services (7.8% VS 4.7%), and mining and quarrying (4.3% vs 2.9%). Still, the GDP was significantly higher than the 6.3% growth in gross value added in the final quarter of the financial year, indicating that the net indirect tax category of the GDP is likely to have inflated the gauge for a second consecutive quarter. With the update, the Indian GDP grew by 8.2% in the financial year ending March of 2024.
Published on 2024-05-31

India GDP Grows a Robust 8.4%
The Indian economy expanded 8.4% year-on-year in Q4 2023, the strongest growth since Q2 2022, compared to an upwardly revised 8.1% in Q3 and beating forecasts of 6.6%. On the production side, faster increases were recorded for services (6.7% vs 4.5%), and finance and real estate (7% vs 6.2%). Also, the manufacturing sector continued to grow at a double digit pace (11.6% vs 14.4%) and production of utilities (9% vs 10.5%) and construction (9.5% vs 13.5%) remained robust. On the other hand, the farm sector contracted 0.8% (vs +1.6%) amid adverse weather conditions and the El Nino effect. On the expenditure side, private consumption rose at a faster 3.5% (vs 2.4% in Q3) and investment growth remained robust although it slowed (10.6% vs 11.6%). Both exports (3.4% vs 5.3%) and imports (8.3% vs 11.9%) rose at a slower pace and public expenditure contracted 3.2% after soaring 13.8% in Q3. Meanwhile, the estimate for the 2023/2024 fiscal year growth rate was revised higher to 7.6% from 7.3%
Published on 2024-02-29

India GDP Growth Beats Expectations
The Indian economy expanded 7.6% year-on-year in the third quarter of 2023, following a strong 7.8% growth in the previous period and beating forecasts of a 6.8% rise. The reading is also higher than the Reserve Bank of India projection of 6.5%. The manufacturing sector soared 13.9%, construction went up 13.3%, utilities 10.1%, mining 10% and financial, real estate, and professional services increased 6%. Meanwhile, the farm sector grew a meager 1.2%, dragged down by heavy rainfall across the country. On the expenditure side, government spending rebounded sharply (12.4% vs -0.7% in Q2) and gross fixed capital formation rose faster (11% vs 8%), namely infrastructure spending mostly financed by central and state governments. At the same time, exports recovered (4.3% vs -7.7%) and imports increased more (16.7% vs 10.1%). On the other hand, private spending slowed (3.1% vs 6%).
Published on 2023-11-30

India GDP Growth Accelerates in April-June
India's economy expanded by 7.8% in the April-June quarter, the most in a year and slightly surpassing market expectations of a 7.7% expansion. The robust performance of the service sector was the main driver of GDP growth, accompanied by strong consumer demand and increased government capital expenditure. Private consumption, which accounts for nearly 60% of the economy, grew about 6% (vs 2.8% in Jan-Mar), while capital formation growth eased to about 8% (vs 8.9%). By industry, growth was driven by financial, real estate and professional services (12.2%); trade, hotels, transport, communication and services related to broadcasting (9.2%); public administration, defense and other services (7.9%); construction (7.9%); mining and quarrying (5.8%); manufacturing (4.7%); agriculture (3.5%); and utilities (2.9%). According to forecasts released by the Reserve Bank of India, Asia's third-largest economy is projected to expand by 6.5% in this fiscal year.
Published on 2023-08-31

India GDP Growth Rate Beats Forecasts at 6.1%
The Indian economy expanded 6.1% year-on-year in Q1 2023, higher than an upwardly revised 4.5% in Q4 2022 and well above market forecasts of 5%. The expansion was mainly boosted by private consumption, services exports and manufacturing amid easing input cost pressures. Also, services have emerged as a major driver, comprising more than half of GDP. Private spending rose at a faster 2.8% (vs 2.2% in Q4 2022), public expenditure rebounded (2.3% vs -0.6%), GFCF rose faster (8.9% vs 8%), stocks recovered (5.9% vs -0.1%), and exports (11.9% vs 11.1%) increased way more than imports (4.9% vs 10.7%). On the production side, the manufacturing sector grew for the first time in three quarters (4.5% vs -1.4%) and faster increases were recorded for the farm sector (5.5% vs 4.7%), construction (10.4% vs 8.3%), financial and real estate (7.1% vs 5.7%), and public administration (3.1% vs 2%). GDP Growth for the 2022-23 fiscal year was revised higher to 7.2% from 7%.
Published on 2023-05-31

India GDP Growth Below Forecasts in Q4
The Indian economy expanded 4.4% year-on-year in the three months to December of 2022, below 6.3% in the three months to September and forecasts of 4.6%. Private spending which accounted for 61.6% of the GDP in Q4, slowed sharply (2.1% vs 8.8% in Q3), hurt by a rise in borrowing costs. At the same time, investment rose at a slower pace (8.3% vs 9.7%), government spending contracted (-0.8% vs -4.1%) and both exports (11.3% vs 12.3%) and imports (10.9% vs 25.9%) lost steam. On the other hand, stocks rebounded (0.2% vs -2.3%). On the production side, the manufacturing sector shrank for a second time (-1.1% vs -3.6%) and a slowdown was seen in finance and real estate (5.8% vs 7.1%) and trade, hotels, transport and communication (9.7% vs 15.6%). In contrast, output in the mining sector rebounded (3.7% vs -0.4%) and faster increases were seen in farm (3.7% vs 2.4%), utilities (8.2% vs 6%) and construction (8.4% vs 5.8%). The growth rate for the 2022/2023 fiscal year was kept unchanged at 7%.
Published on 2023-02-28

India GDP Growth Slows to 6.3% in Q3
The Indian economy expanded 6.3% yoy in Q3 2022, slightly higher than forecasts of 6.2%, but well below a 13.5% growth in Q2, as distortions caused by COVID lockdowns faded, high prices and rising interest rates weighed on demand and slowing global demand started to impact exports. Private spending slowed sharply (9.7% vs 25.9%), investment growth halved (10.4% vs 20.1%), and both exports (11.5% vs 14.7%) and imports (25.4% vs 37.2%) rose at a slower pace. Meanwhile, stocks declined faster (-19.4% vs -17.4%) and public expenditure shrank (-4.4% vs 1.3%). On the other hand, government spending increased more than 40% as the government stepped up expenditure on infrastructure. On the production side, trade, hotels, transport, and communication recorded the biggest increase (14.7%), followed by financial, real estate (7.2%), construction (6.6%), public administration (6.5%), utilities (5.6%) and farm (4.6%). On the other hand, both manufacturing (-4.3%) and mining (-2.8%) contracted.
Published on 2022-11-30

India GDP Growth Below Expectations in Q2
The Indian economy expanded 13.5% year-on-year in the second quarter of 2022, the most in a year but less than market forecasts of 15.2%. Gross value added increased faster for agriculture, forestry & fishing (4.5% vs 2.2% in Q2 2021); electricity, gas, water supply & other utility services (14.7% vs 13.8%); financial, real estate & professional services (9.2% vs 2.3%) and public administration, defence & other services (26.3% vs 6.2%). On the other hand, a slowdown was seen for mining & quarrying (6.5% vs 18%); manufacturing (4.8% vs 49%); construction (16.8% vs 71.3%) and trade, hotels, transport, communication & services related to broadcasting (25.7% vs 34.3%). On the expenditure side, household consumption accelerated (25.9% vs 14.4% in Q2 2021) and government expenditure rebounded (1.3% vs -4.8%). Meanwhile, gross fixed capital formation slowed (20.1% vs 62.5%) and net foreign demand contributed negatively to growth, as exports rose 14.7% while imports advanced at a faster 37.2%.
Published on 2022-08-31

India Economy Expands Only 4.1% in Q1
The Indian GDP grew 4.1% year-on-year in the first three months of 2022, slightly higher than market forecasts of 4%, but the least in a year, due to rising Omicron infections, elevated energy prices, and ongoing supply chain constraints. A slowdown was seen in mining and quarrying (6.7% vs 9.2% in Q4) and communication (5.3% vs 6.3%) while manufacturing output edged 0.2% lower (vs +0.3%). On the other hand, faster increases were seen for utilities (4.5% vs 3.7%) and the farm sector (4.1% vs 2.5%) while construction rebounded (2% vs -2.8%). On the consumption side, household spending slowed sharply (1.8% vs 7.4% in Q4) and both exports (16.9% vs 23.1%) and imports (18% vs 33.6%) growth also eased. In contrast, government spending increased more (4.8% vs 3%), and gross fixed capital formation accelerated (5.1% vs 2.1%). Considering the fiscal year ended in March 2022, the economy advanced 8.7%. RBI estimates the GDP growth rate for FY 2023 at 7.2%.
Published on 2022-05-31