India’s growth has remained remarkably resilient, with domestic demand—particularly consumption—providing an important anchor. Despite geopolitical disruptions and higher crude oil prices, activity has held up well. A key support has been the relatively limited pass-through of higher global energy prices to retail fuel prices, alongside still-benign underlying inflation, which has protected household purchasing power. At the same time, government supply-side management and continued public capital expenditure have supported broader activity. These factors have translated into strong consumption momentum so far in FY27.