DBT Bureau
Pune, 18 Nov 2025
India’s GDP growth for Q2 FY26 is expected to be close to 7.5%, supported by strong festive demand, lower GST rates and a rise in many key economic indicators, according to the latest SBI Research report. The study says that 83% of high-frequency indicators improved in September–October, compared to 70% in Q1, showing stronger economic activity.
SBI also expects GST collections in November 2025 to cross ₹2 lakh crore. Of this, ₹1.49 lakh crore will come from domestic GST, and about ₹51,000 crore from IGST and import-related cess.
The report says GST rationalization has helped consumers save more and spend more. Credit and debit card spending increased across categories like electronics, grocery, travel, and home furnishings. The biggest jump came from e-commerce spending, especially in mid-tier cities.
The festive season also boosted vehicle sales. Car sales grew at double-digit rates across all regions, with rural areas showing the strongest demand. Two-wheeler sales saw very high growth, especially in states like J&K, Uttar Pradesh, and Jharkhand, where yearly growth crossed 100%.
Despite global uncertainties, SBI Research says India’s short-term growth outlook remains positive, supported by strong domestic demand and stable economic conditions.
