October and November data signal resilient economic momentum supported by firm demand as fewer working days tempered industrial production and energy use softened. Autos and EVs led consumption on lower GST rates even as logistics and core infrastructure moderated. Q2FY26 GDP data reinforces robust growth momentum, while benign inflation enabled a December repo rate cut. Surplus liquidity is aiding faster transmission into lending rates as credit growth outpaces deposits. Currency volatility persisted on global dollar strength and a weaker rupee, though forex reserves remain sufficient. Indian equities regained traction with returning foreign inflows amid external headwinds.

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