September data signals improving economic activity with FY2026 GDP forecasts revised higher. Consumption strengthens across digital payments, toll, fuel demand, and air travel with EV adoption surging, though 3-wheelers decline. Supply indicators mixed: robust ports, rail, e-way bills, capex rebound, and steady goods exports contrast with moderate industrial output and weak services trade. Inflation reaches eight-year low as food prices ease. Monetary easing likely nears end as RBI holds rates in October, prioritizing deeper transmission; private banks show swifter pass-through. Rupee strengthens against major currencies during October (as of 24th), supported by large forex reserves providing 9-month import buffer

Click the link to access the Annexure to NIIF’s Monthly Economic Report for October 2025