Bharat Barometer (Feb’26)

Macroeconomic indicators (Score: 2/5*): CPI continues to rise from its October 2025 bottom, while GST collection growth remained sluggish in February 2026. Manufacturing PMI increased while services moderated, and unemployment showed a decline in urban areas whereas a marginal rise in rural regions.

External sector (Score: 1/5*): Goods exports growth was muted, and services softened in January 2026, while FDI net outflows intensified in December 2025. Net FII inflows turned positive in January 2026, marking a shift after three consecutive months of outflows. Growth of imports of goods rose while services was muted.

Central government finance(Score:2/5*): Subsidy payout growth rose in January 2025, but capital expenditure continued its trend of degrowth into January 2026. Revenue expenditure de-grew in January 2026, while cumulative direct tax collection growth rose to high single-digit levels.

Industrial activity (Score:3/5*): Petroleum product consumption rose to mid-single digits, while power generation and coal offtake both de-grew in February 2026. Steel consumption growth remained stable, and E-way bill generation growth rose and stayed healthy.

Demand & consumption (Score:3/5*): Air passenger traffic remained strong with a month-on-month increase in January 2026, and foreign tourist arrivals rose further in December 2025. Auto registrations growth rose marginally while PV sales growth softened. Also, Premium growth of life insurance declined while non-life growth was stable.

Banking and money flow (Score:3/5*): Money supply, credit & deposits growth softened in February 2026. UPI transaction growth stayed strong despite slight softening, while IMPS and Fastag collections continued to experience de-growth.

Rural indicators (Score:3/5*): Fertilizer sales growth turned positive after two months of de-growth, and rural employment growth rose to mid-single digits in February 2026. Tractor sales growth increased while two-wheeler sales growth softened, and reservoir levels saw a decline.

Capital market (Score:3/5*): Net New SIP registrations remained positive despite a month-on-month decline, and equity mutual fund inflows remained strong. NSE trading volume growth rose further in February 2026, while the growth of SIP contributions softened to mid-teen levels.