India’s GDP Likely Grew 7.2% in Q2: Strong Domestic Demand Drives Momentum

India’s GDP likely grew 7.2% in the September quarter, according to India Ratings and Research (Ind-Ra). Meanwhile, nominal GDP growth slipped below 8% in July–September due to a low deflator, driven by flat wholesale price inflation and benign retail inflation, the agency said.

Ind-Ra noted that the economy has navigated treacherous waters better than expected, supported by robust domestic demand. Retail inflation has declined faster than both the agency’s and the RBI’s expectations, boosting real wages and consumption demand, it added.

“From the demand side, private consumption is a leading growth driver due to steady real income growth in both upper- and lower-income households,” 

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