India’s economic activity surged to an 8-month high of 10.1% growth in October, up from 6.6% in September, as reported by credit rating agency ICRA. This rise is attributed to the post-monsoon boost in sectors like mining and electricity, robust festive demand that spurred vehicle sales, fuel consumption, and air travel, along with a significant increase in exports.
ICRA's 'Business Activity Monitor' reported a 9.9% month-on-month growth in October, marking the highest increase since March 2023. Key indicators such as vehicle registrations and electricity demand showed strong growth, with early November data also remaining positive due to continued festive demand. Non-oil exports increased substantially by 25.6%, driven by sectors including electronics, engineering, chemicals, and garments, indicating a projected uptick in GDP growth for Q3 FY2025 compared to the first half of the fiscal year.