India Q2 GDP Highlights: Economic growth jumps to six-quarter high of 8.2% — analysts peg FY26 fig at 7%-plus

India Q2 GDP LIVE: Akshat Garg, the Head of Research & Product at Choice Wealth, said that he expects the gross domestic product (GDP) of India to range at 6.8-7% at the end of the financial year 2025-26 after the Q2 GDP was announced to be 8.2% on 28 November 2025.

Garg highlighted that his GDP prediction is based on the resilience of private consumption and manufacturing in India, which underpins the near-term momentum in the Indian economy.

“I expect FY26 GDP of ~6.8–7.0%. Q2’s 8.2% print — powered by resilient private consumption and manufacturing — underpins near-term momentum. Record-low inflation (0.25% in Oct), GST-2.0 reforms and easing policy create room for sustained domestic demand, supporting a constructive medium-term outlook. That said, exports and global trade are the principal downside risks; H2 investment traction will decide fuller upside,” said Garg.

India Q2 GDP LIVE: Manoranjan Sharma, the Chief Economist at Infomerics Ratings, said that the robust GDP numbers released on Friday, 28 November 2025, show that India’s strong growth trajectory is not an isolated spike but a sustained trend.

The expert also highlighted that the robust GDP numbers are based on underlying economic resilience and momentum in the Indian economy.

“Defying earlier projections, India’s GDP growth surged to 8.2% in Q2—its strongest pace in six quarters. The expansion was underpinned by a resilient rural economy, stepped-up government expenditure, and front-loaded export shipments. While private sector capital formation remained muted, the combined strength of rural demand and public spending delivered a powerful boost to overall activity,” said Sharma.

“Private final consumption expenditure—accounting for nearly 57% of GDP—accelerated to 7.9% year-on-year during July–September, up from 7.0% in the previous quarter. Beyond consumption, the standout performer was manufacturing, which registered an impressive 9.1% growth compared with just 2.2% in the same period last year,” said the chief economist.

India’s real GDP growth for the quarter ending September 2025 came in at 8.2%, well above our projections and ahead of consensus estimates. Growth was broad-based on both GDP and GVA metrics. On the supply side, manufacturing and most service-sector categories registered strong expansion. Demand indicators echoed this trend, with private consumption and investment continuing to demonstrate healthy momentum.

With real GDP expanding 8% in H1, full-year growth is now likely to exceed our earlier estimate of 7%, even if activity moderates slightly in the remainder of the year. India is set to retain its position as the fastest-growing major economy globally. Crucially, this period has been marked by high growth accompanied by muted inflation—an indication of the economy’s underlying resilience.

Despite robust growth and a benign inflation environment, we expect the Monetary Policy Committee of the Reserve Bank of India to deliver a 25 bps policy rate cut in the upcoming review. The prevailing macroeconomic configuration—strong output momentum, low inflation, and the prospect of monetary easing—continues to support a favourable outlook for Indian equities.

— Views by Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Group.

Q2 GDP growth at 8.2% has surpassed all expectations. On the back of 7.8% growth in Q1, this raises the H1 FY 26 GDP growth to 8%. This impressive growth reflects a robust economy chugging along despite the Trump tariffs. The standout performance is the 9.1% growth in manufacturing and the 7.3% growth in Gross Fixed Capital Formation.

The 7.9% growth in private consumption expenditure also indicates a revival of consumption. This is despite the postponement of consumption in September in anticipation of GST cuts. Now, 7.2% GDP growth is achievable in FY26.

These GDP numbers are a shot in the arm for bulls who will be emboldened to take the rally forward.

Another fallout from these numbers is that a rate cut is unlikely in December. The economy doesn’t need another monetary stimulus now.

— Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited

India’s Q2 FY2026 GDP growth at 8.2% highlights robust momentum in manufacturing, construction, and services, lifting H1 growth to 8.0%. This performance, well above earlier projections, underscores India’s resilience as the fastest-growing major economy. We expect full-year real GDP growth to hover around 7.2%. From a credit rating perspective, sustained high growth enhances fiscal capacity and cushions external risks, though advancing structural reforms and sustaining investment momentum will be critical to preserving sovereign credit strength over the medium term.

— Rajeev Sharan, Head – Criteria, Model Development & Research, Brickwork Ratings

Gurmeet Chadha, Managing Partner & CIO at Complete Circle Capital, said a series of reforms will ensure economic momentum sustains.

Growth has exceeded expectations dramatically to 8.2%, led by statistically favourable deflator effects, lagged effects of monetary and regulatory easing and limited hit so far on India’s exports. Some of these factors will spill over to 3Q as well, along with improvement in consumer demand, leading to FY26E GDP comfortably hugging 7%+ print.

— Madhavi Arora, Chief Economist, Emkay Global Financial Services

The blockbuster GDP growth has been led by front-loading of exports along with strong government spending, especially capex, amid supportive base effect. With today's print full year FY26 GDP growth will now see an upside and will be close to 7.5%- way above RBI's and govt's estimate.

— Garima Kapoor, Deputy Head of Research & Economist at Elara Capital

Here's a look at how different sectors have growth in the second quarter of FY26.

Government spending decelerated, declining 2.7% year-on-year in the three months through September as compared to growth of 7.4% in the previous quarter, the data released on Friday showed.

From the tertiary sector, financial, real estate & professional services output rose 10.2%, compared with 7.2% in the same period a year ago.

The manufacturing output recorded a 9.1% growth in the quarter under review from a growth of 7.7% in the preceding quarter, while construction expanded by 7.2% in the secondary sector as against 7.6% in the June quarter.

Nominal GDP has witnessed a growth rate of 8.7% in Q2 of FY 2025-26. Real GDP has registered 8.0% growth rate in H1 (April-September) of FY 2025-26, as compared to the growth rate of 6.1% in H1 of FY 2024-25.

India's Q2 FY26 GDP growth came in at 8.2%, exceeding expectations. A Mint poll of 15 economists had pegged GDP growth rate at 7.2%.

As per the release, the secondary sector, recording an 8.1% growth, and tertiary sector, with a 9.2% rise, have boosted the real GDP growth above the 8% mark.

Gross domestic product is expected to have grown 7.3% in July-September from a year earlier, down from 7.8% in the prior quarter, a Reuters poll of economists showed. At this pace, India would remain the fastest-growing major economy.

Economic activity as measured by gross value added (GVA), considered a more stable measure of growth by economists, was estimated to have expanded 7.15%, according to the poll.

The Ministry of Statistics will release GDP data for July-September, the second quarter of fiscal 2025/26, on Friday at 1030 GMT.

India Q2 GDP LIVE: India’s economy appeared on track to deliver another quarter of strong growth, with GDP expected to expand by around 7.5% in Q2 FY26, according to State Bank of India’s latest report. SBI Research said this momentum had been supported by a revival in investment activity, strengthening rural consumption and the demand boost triggered by GST rationalization, which lifted festive spending across sectors. The research house maintained its full-year GDP outlook at 7.2–7.3%, suggesting that India continued to outperform major global economies.

India Q2 GDP LIVE: India's economic growth will likely stay robust at 7.2% in the July-September quarter, even if slightly lower than 7.8% in the preceding one, led by rural demand and the statistical effect of a low base and low inflation, a poll of 15 economists by Mint showed. The official GDP data releases later on Friday.

The economists projected India’s GDP growth in the range of 7% to 7.7% in the September quarter. The high projected growth number is likely due in part to a low base. GDP growth had slowed to 5.6% in the same quarter last year from 6.5% in the preceding quarter.

India Q2 GDP LIVE: The Union Government will announce the country’s economic growth data for the second quarter of FY26 today, 28 November 2025. India’s GDP data will be released later today after the market hours.