Overview

• Official figures show GDP rose 7.8% year on year in April–June, beating forecasts and marking a five‑quarter high.
• Modi said gains span manufacturing, services, agriculture and construction, and he reiterated India’s push toward third‑place in the global economy.
• The U.S. now applies about 50% tariffs on many Indian goods after a 25% reciprocal duty and an additional 25% tied to Russian oil purchases, which India called unfair.
• Economists warned the headline may be flattered by a single‑deflator method and lower oil prices, with HSBC estimating a small lift to manufacturing and overall growth.
• Policy signals include next‑generation reforms, GST rate pruning up for discussion at the GST Council this week, and export relief measures reported to be in preparation.