India Macro Monitor as of 04 Sep 2026
3-year window · percentile & range over window · shaded: NBFC / IL&FS · COVID-19 · SVB / bank stress
Summary
Δ columns = change over 1 week / 1 month / 6 months (— where the series is too infrequent to resolve that horizon). %ile = where today's level sits within its 3-year range (0 = 3Y low, 100 = 3Y high).
Indicator Latest
Δ 1w Δ 1m Δ 6m
3Y range %ile Rates & Credit Repo rate 5.25% — — -0.25 pp 5.25% – 6.25% — OIS 6M 5.47% +0.00 pp -0.19 pp +0.06 pp 5.36% – 6.99% 23 OIS 1Y 5.76% -0.02 pp -0.29 pp +0.27 pp 5.41% – 7.12% 33 AAA−Gsec spread 107 bps — +16 bps +18 bps 32 bps – 107 bps 100 AAA−AA− spread 283 bps — -5 bps +49 bps 198 bps – 298 bps 86 AAA YTM 7.71% — +0.30 pp +0.53 pp 6.59% – 7.91% 81 Banking Credit growth YoY 17.70% — +1.70 pp +5.90 pp 9.00% – 21.10% 70 Deposit growth YoY 12.20% — -0.10 pp +2.00 pp 9.40% – 14.20% 64 Credit − Deposit gap +5.50 pp — +1.80 pp +3.90 pp -0.9 – +7.4 pp 69 Flows SIP contribution ₹31,961 cr — +180 cr +959 cr ₹16,042 cr – ₹32,087 cr 97 MF net equity ₹50,643 cr — -9,954 cr +7,178 cr ₹11,422 cr – ₹98,833 cr — MF net debt ₹-91,475 cr — -25,481 cr -19,274 cr ₹-1.30 L cr – ₹14,529 cr — Real economy 2W sales 1,818,289 — -10,169 +501,398 1,202,600 – 3,149,846 71 PV sales 416,555 — +5,702 +36,884 282,945 – 554,228 83 2W sales YoY 28.25% — +7.03 pp +18.75 pp -17.30% – 51.80% 89 PV sales YoY 19.13% — -9.50 pp -7.47 pp -16.70% – 37.10% 71 Nominal GDP YoY 9.10% — — +0.50 pp 8.60% – 11.50% 36
Charts
Policy & market rates
repo + OIS, %
Repo 5.25%
-0.25 pp · 6m
5.25% ◄5.47% 5.76%
7.3 6.8 6.2 5.6 5.0 Feb 25 May 25 Aug 25 Dec 25
Corporate credit spread — AAA − G-Sec
duration-matched, bps
107 bps
+16 bps · 1m
116.0 92.8 69.5 46.2 23.0 Sep 23 Sep 24 Sep 25 Aug 26
Corporate credit spread — AAA − AA−
duration-matched, bps
283 bps
-5 bps · 1m
310.0 279.0 248.0 217.0 186.0 Sep 23 Sep 24 Sep 25 Aug 26
Credit YTMs
AAA / AA− / matched G-Sec, %
AAA 7.71%
+0.30 pp · 1m
7.71% ◄10.54% 6.64%
11.1 9.7 8.2 6.8 5.4 Sep 23 Sep 24 Sep 25 Aug 26
Bank credit vs deposit growth
SCB, YoY %
Credit 17.70%
+1.70 pp · 1m
17.70% ◄12.20%
23.6 17.7 11.8 5.9 0.0 Sep 23 Aug 24 Jul 25 May 26 17.7 12.2
Credit − Deposit growth gap
SCB, pp (credit minus deposit)
+5.5 pp
+1.80 pp · 1m
8.4 5.8 3.2 0.7 -1.9 Sep 23 Aug 24 Jul 25 May 26 +5.5
SIP contribution
monthly, ₹ cr
₹31,961 cr
+180 cr · 1m
35937.4 26953.1 17968.7 8984.4 0.0 Sep 23 Sep 24 Aug 25 Jul 26
Mutual-fund net flows
monthly, ₹ cr — equity & debt shown separately
Equity ₹50,643 cr
-9,954 cr · 1m
₹50,643 cr ◄₹-91,475 cr
126273.4 55385.7 -15502.1 -86389.8 -157277.5 Sep 23 Aug 24 Jul 25 Jun 26
Auto retail growth
FADA registrations, YoY %
2W 28.25%
+7.03 pp · 1m
28.25% ◄19.13%
60.1 38.7 17.2 -4.2 -25.6 Sep 23 Sep 24 Aug 25 Jul 26 28.2 19.1 11.8 10.9 10.1 9.2 8.3 Sep 23 Jul 24 May 25 Mar 26 Sources: AMFI (SIP), FADA (auto retail), RBI (repo, banking), FBIL (OIS),
NSE/Nifty (credit). %ile = rank of latest within the 3-year window.
Generated 2026-09-04 00:00 from series_store.