The Indian economy showed renewed vigor in October, after the broad-based moderation in Q2FY25 growth. Weak government expenditure and investment dampened demand side growth, while industrial activity remained soft on the supply side in Q2. Multiple indicators hit record highs in October: vehicle registrations across four and three-wheelers, EV adoption, highway toll collections, service exports, and e-way bills. Agriculture sector remained resilient, supported by comfortable food grain stocks, adequate water storage, and higher estimated crop production. Power demand and generation growth, though subdued, came on a high base. Record domestic institutional investor inflows counterbalancing foreign portfolio outflows. The rupee exhibited stability against the dollar over the last year, with RBI maintaining large forex reserves. Persisting food inflation pushed overall consumer prices above RBI’s upper target band in October.