India’s GDP for Q2 FY2025-26 brought in another massive upside surprise, growing at 8.2% year-on-year. We now expect the full-year growth to be revised substantially upward, as the third-quarter numbers are likely to remain strong due to spending during festivities, buoyed by the rollout of GST 2.0 and slowing inflation. India’s strong growth story is a reminder that when going gets tough, the tough get going. A stunning growth rate of 8.0% in the first half of the year, despite global headwinds, higher US tariffs on Indian exports, and volatility in capital flows, highlights the underlying strength of robust private consumption and investment, supported by easing inflation and favourable rural conditions.