RBI Bulletin: November high-frequency indicators show economy holding firm as robust demand sustains growth momentum

Reserve Bank of India

India’s economic resilience extended well beyond the strong six-quarter high GDP growth recorded in Q2FY26, with high-frequency indicators for November signalling that the momentum remained intact despite a challenging global backdrop, according to the Reserve Bank of India’s (RBI) monthly bulletin released today.

“High-frequency indicators for November suggest that overall economic activity held up,” bulletin said.

India’s economy extended its strong run for a third consecutive quarter, growing at a six-quarter high of 8.2 percent in July–September (Q2FY26) compared with 7.8 percent in the previous quarter, helped by robust manufacturing and a buoyant services sector, especially financial, real estate and professional services.

The print comfortably beat a recent Moneycontrol poll of economists, which had pegged Q2 growth at 7.3 percent, and was well above the RBI’s 7 percent projection for the quarter.

The latest data underscores that consumption-led domestic strength continued to buffer the economy from external headwinds, particularly the ongoing slowdown in global trade, bulletin added.

Demand conditions remained robust, with indicators of urban demand strengthening further. While services sector activity continued to register strong expansion in activity, manufacturing showed some signs of deceleration, bulletin said.

In November, the merchandise trade deficit narrowed on account of a surge in merchandise exports and a contraction in merchandise imports.

In November, global uncertainty, including trade and policy uncertainties, retreated further from its highly elevated levels. Global economic activity expanded at a steady rate in November, aided by new export orders and the strengthening of trade in manufacturing and services, bulletins said.

The month of November also saw China’s trade surplus reach a record of more than USD 1 trillion for the year so far.