Research Report

While the year-on-year (YoY) growth in economic activity, as measured by the ICRA Business Activity Monitor - an Index of high frequency indicators, inched up to 8.3% in April 2026 from 8.0% in March 2026, the uptick was not broad-based and was led by a sharp improvement in select indicators such as non-oil exports (partly owing to higher commodity prices). The growth seen in March-April 2026 is lower than 9-11% expansion during November 2025- February 2026, likely reflecting the adverse impact of the West Asia conflict.

EXHIBIT: Level of ICRA Business Activity Monitor (FY2019=100)

Source: ICRA Research