Bharat Barometer (Mar’26)

Macroeconomic indicators (Score: 1/5*): GST collection growth remained sluggish in March 2026, while the Consumer Price Index (CPI) continued its rise from the bottom reached in October 2025. Manufacturing PMI declined and services moderated, while unemployment fell in urban areas but rose marginally in rural.

External sector (Score: 2/5*): Goods exports experienced de-growth in February 2026, although the growth of service exports remained stable during the same period. Net outflows for both Foreign Direct Investment (FDI) and Foreign Institutional Investment (FII) intensified.

Central government finance (Score: 2/5*): Capital expenditure growth was robust in February 2026, achieving 83% of the full-year target, while revenue expenditure growth remained muted. Subsidy payout growth rose further, and cumulative direct tax collection growth moderated to mid-single digit levels.

Industrial activity (Score: 1/5*): Power generation and coal offtake continued to see de-growth in March 2026, and petroleum product consumption slowed to lower-single digit levels. Conversely, steel consumption grew by double digits, and E-way bill generation remained healthy despite some moderation in growth.

Demand & consumption (Score: 3/5*): Auto registrations growth softened while PV sales growth rose marginally, and air traffic declined month-on-month. Life and non-life insurance premium growth also softened during the month.

Banking and money flow (Score: 3/5*): Money supply growth rose in March 2026, and while credit growth saw a marginal increase, deposit growth softened during the month. UPI transactions remained strong despite softening growth, whereas IMPS transactions experienced further de-growth and Fastag collections decline softened.

Rural indicators (Score:3/5*): Fertiliser sales growth turned positive after two months of de-growth, and reservoir levels saw double digit growth in March 2026. However, sales for tractors and two-wheelers declined, and rural employment growth slowed to mid-single digit levels.

Capital market (Score:3/5*): Equity mutual fund net inflows and SIP contributions both rose in March 2026, maintaining a strong performance. NSE trading volumes declined , and net new SIP registrations turned negative for the month.