India: Monthly Activity Chartbook: Moderation in May consumption activity
Report Coverage
- Broker
- Goldman Sachs
- Region
- United States, India
- Report Type
- Market Report
- Primary Focus
- India
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Report Summary
High frequency activity indicators suggests moderation in consumption activity indicators, while investment activity remained mixed in May. Exhibit 1: Consumption activity moderated in May High Frequency Activity Indicators Sector Indicator May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 3m rolling Light motor vehicle registrations 0.9 6.3 3.5 8.5 13.2 14.0 29.2 26.2 13.0 28.3 23.7 15.3 22.5 20.5 demand Domestic air passenger traffic1 2.6 3.7
Key Takeaways
- , and consumer confidence indicators published by the RBI and CMIE,
- Domestic air passenger traffic for the month of May is estimated from the daily data available from the Ministry of Civil Aviation. Historical data is from Airports Authority of India
- Data in seasonally adjusted index levels
- Rail freight traffic data is available on a monthly basis upto May 2026
- We include the impact of the merger between a bank and a non-bank entity in July 2023. Bank non-food credit data for May is as of May 31 from the RBI's weekly statistical supplement
- State government expenditure is based on the data for 22 states representing 95% of national GDP including: Andhra Pradesh, Assam, Chhattisgarh, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra,
Why This Report Matters
Goldman Sachs's 12-page analysis on "India: Monthly Activity Chartbook: Moderation in May consumption activity" provides institutional-grade insights for investors and professionals seeking to understand current market dynamics and investment implications in this space.
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This summary is for users researching the Goldman Sachs India report. It helps users review India: Monthly Activity Chartbook: Moderation in May consumption activity coverage, key takeaways, and related broker or sector research paths across consumer, GDP, India:; Economics Research, June.
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