Even as India’s equity markets continue to glitter on the back of a festive consumption uptick, Aequitas Investment’s latest market commentary has warned that “data is beginning to grind,” signalling early signs of a slowdown in credit growth, exports, and new project announcements.
Siddharth Bhaiya, Managing Director of Aequitas, noted that while the economy remains supported by private capex and policy momentum, “the broader indicators, from industrial credit to export trends, reflect that growth is softening beneath the surface.”
The analysis highlights that new project announcements dropped 46% year-on-year to Rs 5.2 trillion in H1FY26, even as nominal GDP growth slipped to 8.8% in Q1FY25, down from 10.8% in the previous quarter. Industrial credit growth has also eased to 6.5% from 9