Growth Up Inflation Down. How India Defied Economic Logic? That question shapes this Core Report Special Edition with Govindraj Ethiraj, as India closes out 2025 with stronger GDP growth even as inflation cooled sharply.

Govindraj Ethiraj speaks with DK Joshi, Chief Economist at CRISIL Ratings, on the biggest macro surprises of 2025 and what India should watch in 2026. They break down why GDP growth was revised up, why inflation fell when it usually rises, and how low nominal growth can quietly impact tax collections and corporate earnings.

You will also hear what powered India’s resilience. Normal monsoon and softer oil prices, strong bank and corporate balance sheets, RBI rate cuts and liquidity support, income tax relief, GST cuts, and state level direct benefit transfers that boosted consumption.

The episode also connects India to the global story. US AI investment boom, trade tensions and tariffs, capital outflows, rupee depreciation, and why markets can stay volatile even when the macro picture looks solid.

Key topics include India GDP growth 2025, CPI inflation, food inflation, deflation signals, RBI repo rate, monetary policy transmission, forex reserves, current account deficit, services exports, GCC expansion, data centre investment, private capex, and what to expect from Budget 2026 and fiscal policy.

If you work in finance, consulting, business, startups, or strategy, this is a clear guide to what these macro shifts mean for demand, hiring, and investing in 2026.

Stay with The Core Report for calm, data driven conversations on India’s economy that help you think clearer in uncertain times.

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