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India Economic Pulse
India Economic Pulse - economic indicators and policy measures decodes high frequency economic indicators and the direction of government thinking, to make them more relevant for businesses.
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We are pleased to present the September 2025 edition of EY India Economic Pulse by our Tax and Economic Policy Group. This edition highlights India’s robust economic trajectory and resilience in the face of global headwinds.
Key highlights:
- Global economic leadership: India is projected to be among the fastest-growing economies, with FY26 GDP at 6.4% (IMF).
- Robust GDP growth: India’s real GDP grew 7.8% in Q1FY26 driven by government capex, rural demand and services sector expansion.
- Inflation eases: CPI inflation moderated to 1.6% in July 2025, led by a sharp decline in food prices.
- External sector buffers: Forex reserves rose to US$691 billion in August 2025.
- Infra momentum: Cement and steel production grew by 9% y-o-y in FY26 (Apr–Jul), indicating strong infrastructure and construction activity.
- Mixed investment signals: Gross FDI inflow rebounded to 5% y-o-y growth in FY26 (Apr–May), while PE/VC funding continues to face headwinds from global uncertainty.
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