India’s Q2 FY26 GDP data will be announced at 4 pm on Friday, November 28, with analysts expecting robust growth despite a challenging global backdrop. Estimates from major rating agencies place July–September 2025 expansion between 7% and 7.5%. ICRA projects 7% growth, India Ratings 7.2%, while SBI Research is more optimistic at 7.5%. The Reserve Bank of India (RBI) also expects the economy to expand around 7% for the quarter.
Economists attribute the momentum to strong manufacturing activity supported by early festive season demand, GST-driven volume uptick and exporters front-loading shipments to the US ahead of tariff deadlines. However, lower year-on-year government spending may moderate the pace compared to Q1. SBI Research highlights rising investment activity, rural consumption recovery and steady services growth as key contributors. Leading consumption indicators improved significantly in Q2, rising to 83% from 70% in Q1.
The RBI, in its latest report, noted accelerating momentum in October on the back of festive demand and continued benefits of GST reforms. Meanwhile, a Reuters poll pegs Q2 GDP growth at 7.3%, supported by stronger rural spending and government expenditure despite uneven private investment. Analysts believe macroeconomic stability continues to support India’s near-term and medium-term growth outlook.
