A research report from State Bank of India's (SBI’s) Economic Research Department has showed that the Indian economy is likely to record a growth rate close to 8.1 per cent for the September-December quarter of current fiscal year (Q3FY26) under the revised series with the new base year of 2022-23. It also said given significant methodological changes, it is difficult to predict the direction of revision.

It said high-frequency activity data indicates resilient economic activity in Q3FY26. It noted that rural consumption remains strong, driven by positive signals from farm and non-farm activity. It said urban consumption shows a consistent uptick since the last festive season, supported by fiscal stimulus.

It further said Scheduled Commercial Banks' (SCBs) deposit growth remains muted compared to credit growth. It said with the rise in CD ratio, the gap between deposits and credit growth has increased, but such gaps are nothing new to the banking system. As per the latest RBI data, aggregate deposits grew by 12.5 per cent, while credit grew by 14.6 per cent.

India witnessed a growth rate of 8 per cent in the first half of the ongoing financial year ending in March 2026 (H1FY26). According to the first advance estimate of the National Statistics Office (NSO) last month, real GDP has been estimated to grow by 7.4 per cent in FY 2025-26 against the growth rate of 6.5 per cent in the previous financial year. The second advance estimates of GDP for FY26, incorporating additional data and revisions, are scheduled to be released on February 27.