Macro Indicators — India
Month-over-month trends across industry, demand, and macroeconomic indicators.
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6.3/ 10
PositiveCycle: Mid ExpansionSovereign: StableUpdated 10 Sept 2026
India remains in a Mid Expansion with a Positive macro_rating and macro_score of 6.3, which supports a modest overweight to domestic risk assets.
Model Confidence84%
News SentimentNegative
Forecast (2Q)Mixed
Tactical StanceBalanced
Strategic StanceRisk-On
Suggested Asset Allocation
Equities 42%Bonds 26%Gold / Commodities 14%Cash 10%Real Estate 8%
Detailed Indicators
NegativePositive
Section labels like “Contracting” or “Refreshing” are computed from these tables’ own indicator trends, not analyst commentary. Click a section title below to collapse it.
Softening
3 up · 4 down · 1 flat of 8 tracked.
21 indicators · Latest Jul-26 · scroll inside the table for more
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| Indicator (% YoY growth) | Jul-26 | Jun-26 | May-26 | Apr-26 | Mar-26 | Feb-26 | Jan-26 | Dec-25 | Nov-25 | Oct-25 | Sep-25 | Aug-25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total GST collection | 8 | 6 | 3 | 3 | 2 | 3 | 2 | 1 | -4 | 5 | 9 | 6 |
Consumer price index (CPI) | 4.40 | 4.40 | 3.90 | 3.50 | 3.40 | 3.20 | 2.80 | 1.20 | 0.50 | 0 | 1.40 | 2 |
Wholesale price index (WPI) | — | 10 | 10 | 8 | 4 | 2 | 1 | 0 | -1 | -1 | 0 | 0 |
Unemployment-Urban* | 5.87 | 7.20 | 7.98 | 6.65 | 6.90 | 7.26 | 8.33 | 6.75 | 7.23 | 7.31 | 8.50 | 6.42 |
Unemployment-Rural* | 6.38 | 6.32 | 6.22 | 6.70 | 6.42 | 6.31 | 6.04 | 6.99 | 6.09 | 7.61 | 5.02 | 6.25 |
PMI Manufacturing* | 53.50 | 54.20 | 55 | 54.70 | 53.90 | 56.90 | 55.40 | 55 | 56.60 | 59.20 | 57.70 | 59.30 |
PMI services* | 53.30 | 57.40 | 59.80 | 58.80 | 57.50 | 58.10 | 58.50 | 58 | 59.80 | 58.90 | 60.90 | 62.90 |
PMI composite* | 54.30 | 57.10 | 59.30 | 58.20 | 57 | 58.90 | 58.40 | 57.80 | 59.70 | 60.40 | 61 | 63.20 |
Total vehicles registered | 27 | 24 | 11 | 14 | 26 | 27 | 18 | 21 | 7 | 45 | 11 | 8 |
Passenger Vehicle sales | — | 14 | 23 | 23 | 12 | 11 | 12 | 20 | 22 | 15 | 5 | -3 |
Telecom subscriber base | — | 11 | 11 | 11 | 10 | 10 | 10 | 10 | 9 | 4 | 3 | 2 |
Broadband subscriber base | — | 11 | 11 | 14 | 13 | 12 | 11 | 7 | 6 | 6 | 5 | 4 |
First year premium collection-life insurance | — | 13 | 5 | 39 | 23 | 18 | 22 | 39 | 23 | 12 | 15 | -5 |
Gross premium underwritten-nonlife | 6 | 17 | 9 | 8 | 6 | 13 | 14 | 14 | 24 | 0 | 13 | 2 |
Airport passenger traffic | — | -2 | 5 | -5 | -4 | 0 | 4 | -3 | 7 | 5 | -1 | 1 |
Foreign tourist arrival in India | — | 6 | 10 | -15 | -2 | 6 | 5 | 5 | 0 | -2 | -7 | -1 |
Urban employment | 2 | 3 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 6 | 5 |
Credit card transactions | — | 27 | 27 | 24 | 26 | 24 | 25 | 25 | 28 | 20 | 26 | 26 |
Debit card transactions | — | -9 | -10 | -12 | -11 | -9 | -11 | -11 | -10 | -17 | -14 | -13 |
CMIE consumer sentiment index: Rural* | 122.50 | 122.80 | 118.60 | 121 | 125 | 124.30 | 119.90 | 121.50 | 117.90 | 117.20 | 110.80 | 125.40 |
CMIE consumer sentiment index: Urban* | 109.50 | 108.20 | 110.30 | 110 | 114.20 | 114.80 | 114.20 | 112.80 | 113.30 | 107.30 | 111 | 108.70 |
9 indicators · Latest Jul-26
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| Indicator (% YoY growth) | Jul-26 | Jun-26 | May-26 | Apr-26 | Mar-26 | Feb-26 | Jan-26 | Dec-25 | Nov-25 | Oct-25 | Sep-25 | Aug-25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Exports of goods | — | 15 | 19 | 14 | -7 | -1 | 0 | 1 | 18 | -13 | 5 | 0 |
Imports of goods | — | 31 | 21 | 11 | -6 | 25 | 20 | 11 | -1 | 22 | 28 | -1 |
Export of services | — | 13 | 3 | 13 | 7 | 10 | 10 | 13 | 7 | 3 | 13 | 3 |
Import of services | — | 16 | 6 | 9 | -2 | 16 | 0 | 7 | -2 | 3 | 8 | -5 |
Net FDI* (USD Mn) | — | — | -74 | 6575 | 917 | 2971 | 321 | -506 | -711 | -2443 | -2367 | -201 |
Cumulative gross Direct Tax Collection | — | 12 | 10 | 9 | 5 | 6 | 9 | 8 | 7 | 6 | 3 | -1 |
Revenue expenditure | — | -8 | 12 | 26 | 38 | 0 | -4 | 2 | 18 | -8 | -21 | -26 |
Capital expenditure | — | 66 | -1 | 19 | -42 | 60 | -25 | -25 | -14 | -28 | 31 | 113 |
Subsidy payout | — | 22 | 43 | 51 | 157 | 38 | 22 | 5 | 37 | 30 | 44 | -31 |
Contracting
3 up · 4 down · 0 flat of 7 tracked.
18 indicators · Latest Jul-26 · scroll inside the table for more
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| Indicator (% YoY growth) | Jul-26 | Jun-26 | May-26 | Apr-26 | Mar-26 | Feb-26 | Jan-26 | Dec-25 | Nov-25 | Oct-25 | Sep-25 | Aug-25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
E way bill generated | 6 | 14 | 11 | 12 | 13 | 19 | 16 | 24 | 28 | 8 | 21 | 22 |
Rail freight tonnage | — | — | — | — | — | — | 3 | 3 | 4 | 2 | 4 | 9 |
Cargo handled at airports | — | 17 | 11 | 10 | 0 | 18 | 9 | 10 | 16 | -2 | 3 | 5 |
Cargo traffic at major ports | — | 9 | 7 | 2 | 1 | 5 | 6 | 13 | 15 | 12 | 11 | 3 |
IIP- mining | — | 1 | -2 | -4 | -3 | -2 | 0 | 1 | 3 | 3 | 14 | 14 |
IIP-manufacturing | — | 7 | 5 | 5 | 3 | 6 | 5 | 7 | 8 | 0 | 5 | 4 |
IIP-electricity | — | 10 | 9 | 4 | 1 | 2 | 5 | 6 | -2 | -8 | 3 | 4 |
Power generation | 8 | 8 | 7 | 2 | -1 | -2 | 2 | 4 | -5 | -11 | 1 | 1 |
Coal offtake (except Lignite) | 10 | 0 | -4 | -9 | -9 | -9 | -3 | -5 | -1 | -6 | -2 | 8 |
Consumption of petroleum products | 3 | -3 | -8 | -6 | 2 | 6 | 1 | 5 | 2 | -1 | 7 | 4 |
Cement production | — | — | 8 | 8 | 4 | 9 | 12 | 15 | 12 | 4 | 4 | 4 |
Finished steel consumption | — | 8 | 10 | 8 | 14 | 8 | 8 | 5 | 6 | 2 | 8 | 9 |
Consumption of natural gas (domestic & RLNG) | — | -3 | -2 | -7 | -15 | 2 | 5 | 3 | 2 | -3 | 1 | -1 |
Rural employment | 1 | 3 | 2 | 3 | 4 | 6 | 4 | 7 | 4 | 4 | 4 | 5 |
Reservoir level live storage* (Bn CM) | -36 | -27 | 2 | 10 | 12 | 16 | 10 | 9 | 9 | 6 | 5 | 6 |
Sale quantity of fertilisers | — | — | 0 | 29 | 19 | -4 | -4 | -4 | 7 | -11 | -10 | 27 |
2 wheelers sales units | — | 23 | 18 | 30 | 19 | 33 | 25 | 36 | 23 | 4 | 8 | 11 |
Tractor sales units | 18 | 12 | 19 | 27 | 24 | 31 | 40 | 35 | 30 | 14 | 43 | 25 |
Positive
4 up · 3 down · 1 flat of 8 tracked.
10 indicators · Latest Jul-26
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| Indicator (% YoY growth) | Jul-26 | Jun-26 | May-26 | Apr-26 | Mar-26 | Feb-26 | Jan-26 | Dec-25 | Nov-25 | Oct-25 | Sep-25 | Aug-25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
M3 money supply | 15 | 13 | 12 | 13 | 15 | 11 | 12 | 12 | 10 | 10 | 9 | 10 |
currency with public | 14 | 13 | 13 | 13 | 12 | 12 | 12 | 11 | 10 | 9 | 9 | 9 |
Value of retail payment transactions | — | 17 | 14 | 16 | 15 | 17 | 15 | 16 | 8 | 0 | 6 | 14 |
Volume of retail payment transactions | — | 21 | 21 | 22 | 21 | 23 | 25 | 26 | 30 | 21 | 25 | 31 |
No. of UPI transactions | 22 | 23 | 24 | 25 | 24 | 27 | 28 | 29 | 32 | 25 | 31 | 34 |
No. of IMPS transactions | -24 | -21 | -23 | -19 | -21 | -17 | -16 | -14 | -10 | -14 | -8 | 5 |
Value of Fastag collections | 7 | 6 | 3 | 3 | 6 | 5 | 9 | 11 | 16 | 9 | 20 | 26 |
Volume of Fastag collections | -6 | -6 | -7 | -6 | -4 | -9 | -2 | 1 | 3 | 5 | 14 | 16 |
Outstanding credit of SCBs | 17.50 | 18.60 | 18 | 16.60 | 13.80 | 13.60 | 15 | 15 | 12 | 11 | 10 | 10 |
Outstanding deposits of SCBs | 12.60 | 13.30 | 13.60 | 13.10 | 10.80 | 11.20 | 12 | 13 | 11 | 10 | 9 | 10 |
Weak
2 up · 6 down · 0 flat of 8 tracked.
8 indicators · Latest Jul-26
Sort
| Indicator (% YoY growth) | Jul-26 | Jun-26 | May-26 | Apr-26 | Mar-26 | Feb-26 | Jan-26 | Dec-25 | Nov-25 | Oct-25 | Sep-25 | Aug-25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Active client accounts (NSDL & CDSL) | 16 | 16 | 16 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 18 | 20 |
Net AUM of mutual funds | 14 | 10 | 13 | 17 | 12 | 27 | 20 | 20 | 19 | 19 | 13 | 13 |
Net inflow of mutual funds (equity) | -42 | 23 | 20 | 58 | 27 | -11 | -39 | -32 | -17 | -41 | -12 | -13 |
NSE trading volume | 18 | 21 | 31 | 49 | 45 | 72 | 58 | 45 | 32 | 18 | -2 | -33 |
India VIX* | 11.80 | 13.60 | 16.20 | 18.50 | 27.90 | 13.70 | 13.60 | 9.50 | 11.60 | 12.20 | 11.10 | 11.80 |
Value of SIP contributions | 12 | 17 | 16 | 17 | 24 | 15 | 17 | 17 | 16 | 17 | 20 | 20 |
Net FII* (USD Mn) | 2123 | -5157 | -3450 | -6474 | -12724 | 2497 | -3976 | -2515 | -425 | 1656 | -2702 | -3994 |
Net New SIPs registered (Mn nos)* | 1.11 | 0.49 | 0.25 | -0.06 | -0.06 | 1.60 | 1.87 | 0.89 | 1.40 | 1.52 | 1.37 | 1.41 |
Macro Takeaways
Macroeconomic indicators
- GST collection rises to high single digit levels in the month of July Manufacturing & Services PMI both declined in July
- CPI remained stable at mid single-digit levels Unemployment declined further in urban areas whereas inched up in rural areas
External sector
- Growth of exports of services rose to low teens while goods growth moderated to mid teens Growth of imports of both goods and services surged in June’26
- FDI turns negative in the month of May after a few consecutive months of inflow FII inflows turn positive in July after four consecutive months of outflows
Central government finance
- Cumulative direct tax collections growth inched up in June’26 (achieved 19% of FY27BE Revenue expenditure growth declined in June’26 (achieved 24.6% of FY27BE FYTD vis-à-vis
- FYTD vis-à-vis 18.9% till June’25) 24.5% till June’25)
- Capex growth surged in June’26 (achieved 27.8% of FY27BE FYTD vis-à-vis 25.1% till June’25) Subsidy payout growth declined in the month of June
Industrial activity
- E-way bill generation YoY growth moderated to mid-single digit levels in July’26 Power generation growth remained stable while Coal offtake growth surged
- Petroleum products consumption rebounded to low-single digit levels in the month of July Steel consumption growth moderated to high-single digit level
Demand & consumption
- Auto registrations growth rose and remained strong while PV sales growth softened Air passengers traffic declined MoM in June but continues to be strong
- Foreign tourists' arrival in India rose marginally in June’26 YoY Premium growth of both life insurance and non-life rose in the month of June
Banking and money flow
- Money supply growth surged ahead in July’26 UPI transactions growth softened but stays strong whereas IMPS decline continues
- Decline in Fastag collection transaction volume continues Credit growth and deposit growth both moderated in July, but both remained strong
Rural indicators
- Tractors sales growth declined to low-teen levels while 2Ws sales growth strong in June’26 Reservoir level growth declined in July’26 due to high base (w.r.t July’25)
- Rural employment growth softened further to subdued levels in the month of July Fertilizer sales YoY growth remained muted in May’26
Capital market
- Equity MF net inflows declined MoM but remained strong Growth in SIP contributions further moderated in the month July
- Net New SIPs registered grew further in July’26 Trading volume YoY growth moderated further in the month of July
Economic Calendar
Today · Sat, 12 Sept 2026
Actual
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Forecast
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Previous
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Sun, 13 Sept 2026
Actual
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Forecast
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Previous
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Mon, 14 Sept 2026
Period: AUG
06:30 AMActual
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Forecast
6.7%
Previous
6.65%
Period: AUG
06:30 AMActual
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Forecast
15.0%
Previous
20.05%
Period: AUG
06:30 AMActual
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Forecast
10.0%
Previous
9.78%
Period: AUG
06:30 AMActual
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Forecast
8.5%
Previous
8.29%
Period: AUG
10:30 AMActual
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Forecast
4.7%
Previous
4.45%
Period: AUG
10:30 AMActual
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Forecast
0.6%
Previous
0.88%
Tue, 15 Sept 2026
Period: AUG
10:30 AMActual
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Forecast
5.2%
Previous
5.1%
Period: AUG
-Actual
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Forecast
-
Previous
31.2%
Period: AUG
-Actual
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Forecast
$-33.0B
Previous
$-31.98B
Period: AUG
-Actual
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Forecast
-
Previous
$44.2B
Period: AUG
-Actual
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Forecast
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Previous
$76.2B
Wed, 16 Sept 2026
Period: AUG/31
11:30 AMActual
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Forecast
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Previous
14.2%