A mix of newly released data on commercial activity shows India’s economy looking up. Wholesale car sales for July showed a bounce. Maruti Suzuki, for instance, recorded a 34% jump in unit sales last month from a year earlier, while rival carmaker Hyundai Motor India posted a 25% increase.
Separately, the government reported GST revenue figures, which point to buoyancy in overall consumption. Gross collections in July rose 15.4% from the same month of 2025 to ₹2.11 trillion, the fastest growth in more than a year.
Corporate earnings for the three months ended on 30 June have been a mixed bag, with cost inflation taking a toll on some businesses. But on the whole, the economy has shown impressive resilience against external shocks delivered by the war in West Asia.
That drag still remains, with US military action showing an inverse link with global oil prices. Thankfully, the effects of this year’s oil shock have wrought less damage than once feared, though market watchers warn that some of the impact has merely been pushed ahead.
Even if so, policymakers have reason to be optimistic on growth. Price stability looks like India’s bigger challenge.
