Banks Bet on Loans, Not Bonds — Credit Surges to a Record High 04Mar2026

Banks Bet on Loans, Not Bonds — Credit Surges to a Record High 04Mar2026

 

 

Follow @vrk100

 

 

(The views expressed here are for information purposes only and should not be construed as a recommendation or investment advice. While the author is a CFA Charterholder with nearly 25 years of experience in financial markets, this content is intended to share general insights and does not constitute financial guidance. Please consult your financial adviser before taking any investment decision. Safe to assume the author has a vested interest in stocks / investments discussed if any.) 

 

India’s banks are in the middle of a lending surge. Between Mar2025 and Dec2025, scheduled commercial banks expanded gross credit by Rs 20.8 lakh crore, including a striking Rs 12.5 lakh crore jump in the Oct-Dec2025 quarter alone. 

Deposits grew strongly too, but instead of channeling fresh funds into government bonds, banks deployed almost all of it into loans, pushing the credit-to-deposit ratio to a record high.

This shift matters. When banks choose loans over bonds, it reshapes liquidity conditions, influences bond yields and signals where economic momentum truly lies. 

The latest data suggest that the current cycle is being powered less by large industrial borrowing and more by retail and services credit — a consumption-led expansion that is quietly redefining the balance sheets of India’s banking system.

 

1. Credit Over Bonds:

The shift is clear in the numbers. 

SCBs in India	Agg Deposits	Investments	Credit	change in agg dep	change in inv	change in credit
	Rs lakh crore
Dec.2025	248.57	68.84	203.21	10.75	0.29	12.47
Sep.2025	237.83	68.56	190.73	3.57	1.59	5.87
Jun.2025	234.26	66.96	184.86	8.45	-0.01	2.42
Mar.2025	225.81	66.97	182.44	NA	NA	NA
Change in 3 quarters (b/w Mar2025 & Dec2025)				22.77	1.87	20.77

 

Between Mar2025 and Dec2025, banks overwhelmingly prioritised lending over government securities. Aggregate deposits rose by Rs 22.8 lakh crore in this period, of which Rs 20.8 lakh crore was deployed into loans (over 90 per cenet of increase in deposits), while only Rs 1.9 lakh crore went into government securities. 

This pushed the Credit Deposit Ratio (CDR) to a record 81.7 per cent by Dec2025, while the Investment Deposit Ratio (IDR) slightly declined to 27.7 per cent, indicating that banks were holding a smaller share of deposits in investments (government securities).

After a brief liquidity bulge in Jun2025, banks quickly redeployed funds, pushing the credit-to-deposit ratio above 81 per cent and keeping bond holdings near regulatory comfort levels.

Between Mar2025 and Dec2025, the 10-year government bond (G Sec) yield in India moved in a narrow range, starting at 6.59 per cent at the end of Mar2025, dropping to 6.25 per cent in May2025, and returning to 6.59 per cent by the end of Dec2025. 

The brief dip in May offered a small window of lower borrowing costs, but for most of the period, yields remained elevated compared with previous months. 

Higher yields made fresh bond purchases attractive in theory, but banks faced the risk of mark-to-market losses on older holdings and had seemingly more lucrative opportunities in lending. 

This partly explains why banks largely kept their bond portfolios stable while aggressively deploying deposits into credit.

The result is a banking system that has maximised the deployment of deposits into loans, reflecting strong credit demand and the relative attractiveness of lending in a post-pandemic economy. 

The surge in lending, particularly to households and the services sector, underscores why credit growth has outpaced deposit growth, while bond holdings have stayed close to regulatory minimums.

2. Retail and Services Lead the Way:

Between March and December 2025, the incremental deployment of bank credit was broad-based but clearly tilted toward consumption and services.

Personal loans accounted for the largest share of new lending, rising by Rs 6.77 lakh crore and contributing about 32.5 percent of the total increase. This includes housing, vehicle loans, gold loans and other retail credit, underscoring the strength of household borrowing.

Services was the second-largest contributor, with credit expanding by Rs 5.61 lakh crore, or 27 percent of the total increase. This category spans NBFCs, trade, real estate, tourism and professional services, suggesting that much of the momentum is flowing through service-oriented and intermediary sectors.

Agriculture and MSME each saw credit growth of Rs 2.22 lakh crore, accounting for about 10.7 percent each of the incremental lending. This indicates steady expansion in priority and small-business segments.

Large industry saw a relatively modest rise of Rs 1.47 lakh crore, just 7.1 percent of the total increase, highlighting that the current credit upswing is not being driven primarily by big-ticket corporate borrowing. 

Deployment of Gross Bank Credit by Sectors >

Sector	change	share in
		change
Rupees in lakh crore
Bank credit (total)	20.79	100.0%
Major sector
Personal loans#	6.77	32.5%
Services*	5.61	27.0%
Agriculture	2.22	10.7%
MSME	2.22	10.7%
Large industry	1.47	7.1%
total	18.28	87.9%

 

# personal loans incl loans against jewellery, housing, vehicle loans, etc.

* Services include NBFCs, trade, real estate, prof services, tourism, etc. 

Data source: RBI Monthly Bulletin - Deployment of Gross Bank Credit by Major Sectors

  

3. Key Ratios of Banking Industry

Chart showing key ratios for Scheduled Commercial Banks (SCBs) in India over recent quarters and fiscal years (FY 2013-14 till now), showing how banks balance their investments, lending and liquidity requirements >

Data source:

RBI Monthly Bulletin - Select Economic Indicators (data of IDR and CDR from Mar2024 include impact of merger of HDFC Ltd with HDFC Bank Ltd in Jul2023)

 

 

What the above chart reveals:

The above table presents key ratios for Scheduled Commercial Banks (SCBs) in India over recent quarters and fiscal years, showing how banks manage the balance between lending, investment and regulatory liquidity requirements.

The Investment Deposit Ratio (IDR) and Credit Deposit Ratio (CDR) together indicate how banks allocate funds between investing in government securities and lending to borrowers. 

A review of the data reveals clear trends over the past decade. IDR and CDR were relatively low in Mar2019, at a time when SLR and CRR were slightly higher, reflecting tighter liquidity requirements that limited lending. 

Over subsequent years, as SLR and CRR gradually declined, banks gained more flexibility, enabling both IDR and CDR to rise steadily. 

There was a sharp dip during the COVID-19 period, when credit growth slowed amid economic uncertainty, but the trend reversed strongly in the post-pandemic years.

In the past two to three years, this shift has accelerated. The CDR has climbed from 72.2 per cent in Mar2022 to 81.7 per cent by Dec2025, indicating that credit growth is consistently outstripping deposit growth. 

At the same time, the IDR has slightly declined from 28.7 per cent to 27.7 per cent, showing that banks are holding a smaller share of deposits in investments. 

CRR has also fallen from 4.0 per cent in Jun2025 to 3.0 per cent in Dec2025, freeing up liquidity for lending, while SLR has remained stable at 18 per cent, allowing banks to maintain regulatory buffers without expanding bond holdings.

Overall, the table tells the story of a banking system increasingly favoring loans over bonds. 

With lower CRR and SLR, banks are able to maximise lending, particularly to households and services, while keeping investment in government securities closer to the regulatory minimum. 

This reflects both stronger credit demand and a structural shift in how Indian banks deploy their deposits.

Definitions:

Investment Deposit Ratio (IDR) is the percentage of total deposits that banks invest in government securities.

Credit Deposit Ratio (CDR) is the percentage of total deposits that banks have lent out as loans to borrowers.

Statutory Liquidity Ratio (SLR) is the minimum percentage of deposits that banks must maintain in liquid assets like government bonds.

Cash Reserve Ratio (CRR) is the portion of deposits banks are required to keep as cash reserves with the Reserve Bank of India, which cannot be used for lending or investment. Banks earn zero interest on this.

How do Regulatory Ratios Impacted Bank Lending and Investing Over the Decade

Between Mar2014 and Dec2025, regulatory requirements eased significantly, with CRR plus SLR falling from 27 per cent to 21 per cent. 

Despite this, the Investment Deposit Ratio declined by only about one percentage point, as banks continued to hold a sizeable portion of deposits in government securities for liquidity and risk management. 

At the same time, the Credit-to-Deposit Ratio rose nearly 4 percentage points, showing that banks increasingly prioritised lending over bonds, supported by strong credit demand. Regulatory relief alone does not automatically boost lending—banks balance liquidity risk and returns when deploying funds. 

The merger of HDFC Ltd with HDFC Bank in Jul2023 may have slightly affected IDR and CDR post-merger, as the combined balance sheets changed the composition of deposits, loans and investments.

Since 2014, the RBI has slowly 'unlocked' the vault by lowering SLR and CRR. Banks didn't use that extra freedom to buy more bonds; they used every bit of it to fund the lending boom. 

 

4. Concluding Remarks

With the credit-to-deposit ratio now above 81 per cent, banks have effectively maximised the deployment of deposits into loans, while keeping bond holdings close to regulatory minimums. 

This has implications for bond market liquidity and short-term yields and could influence government borrowing costs. Looking ahead, banks may take a breather in lending over the next two quarters unless deposit growth or credit demand picks up. 

The pace and composition of future lending will depend on household and services demand, corporate borrowing needs and broader liquidity conditions, including bond yields and regulatory ratios.

I wrote this blog to demystify how Indian banks manage their funds, showing how regulatory ratios, credit growth and bond market dynamics influence the balance between lending and investing—areas that can seem complex to many investors.

All data and analysis in this blog are based on publicly available sources and the author’s interpretation; and do not constitute financial advice.

- - -

-------------------

References:

Bloomberg article 26Feb2026 Indian Banks Snap Up Bonds as Holdings Approach Regulatory Floor

For the past 20 years, RBI has not been paying any interest to CRR to banks.  

 

From Farms to Factories to Services: India’s GDP Explained via Production Approach 22Feb2026

From Farms to Factories to Services: India’s GDP Explained via Production Approach 22Feb2026

 

 

Follow @vrk100

 

 

(The views expressed here are for information purposes only and should not be construed as a recommendation or investment advice. While the author is a CFA Charterholder with nearly 25 years of experience in financial markets, this content is intended to share general insights and does not constitute financial guidance. Please consult your financial adviser before taking any investment decision. Safe to assume the author has a vested interest in stocks / investments discussed if any.) 

 

In a previous article a few days ago, we analysed how a country's gross domestic product or GDP can be measured, under expenditure approach, by tracking spending — consumption, investment, government spending and trade.

But GDP can also be measured by looking at what the economy produces. And when we measure production, we are also measuring income — because every act of production generates income for someone (Production / Income approach).

In India’s official data, the production and income approaches are presented together through sector-wise Gross Value Added (GVA).

 

(article continues below)

---------------

Related blogs:

Indian Economy Data Bank 

Understanding India’s GDP – A Simple Guide to the Expenditure Approach 18Feb2026 

What is GDP? 

---------------

2. GDP Formula Under the Production (Income) Approach:

In India, the Ministry of Statistics and Programme Implementation (MoSPI) calculates GDP on the production side using this formula:

GDP at Market Prices = GVA (Gross Value Added) at Basic Prices + Net Taxes on Products

Most countries follow the same formula under the United Nations System of National Accounts (SNA), calculating GDP as the sum of value added by all sectors plus net product taxes.

Terms explained:

Gross Domestic Product, or GDP, is the total value of production of all final goods and services produced within a country’s borders in a given period, usually a year or a quarter. 

Gross Value Added or GVA is the value of goods and services produced by a sector or the economy, minus the value of inputs used in production.

Net Taxes on Products is the difference between taxes on products (like GST, excise, customs) and subsidies on products (like food or fertiliser subsidies). 

Adding this converts production measured at basic prices into current prices, which reflects what consumers actually pay.

So in simple terms:

GDP = Value the economy produces (and earns) + net effect of taxes and subsidies

3. A Two-Person Economy: Ami and Gol:

While the formula may look technical, the underlying idea is quite simple: GDP measures the value that production adds to the economy — and that value becomes someone’s income. 

To see this clearly, imagine a very small economy with only two people.

It is almost a Robinson Crusoe-style island economy — just two people producing and trading. Yet even here, the rules of GDP remain exactly the same. 😁

Ami grows wheat.
Gol produces meat.

Suppose in one year:

Ami produces wheat worth Rs 100.
Gol produces meat worth Rs 150.

The total value of goods produced is Rs 250. That is the GDP of this tiny economy under the production approach.

But notice something important: that same Rs 250 is also the total income earned. Ami earns Rs 100 from selling wheat. Gol earns Rs 150 from selling meat.

Production creates income. Measuring production is therefore also measuring income.

GDP Is About Value Added, Not Total Sales:

Now suppose Gol buys wheat worth Rs 20 from Ami to feed his livestock before producing meat.

If we simply added all sales together, we would end up double-counting that Rs 20. GDP avoids this by counting only value added.

Gross Value Added (GVA) is defined as:

GVA = Value of Output − Value of Intermediate Inputs

In this example:

Ami’s GVA = Rs 100 (she uses no intermediate inputs).
Gol’s output is Rs 150, but he used Rs 20 worth of wheat as input.
So Gol’s GVA = Rs 150 − Rs 20 = Rs 130.

Total GVA in the economy:

Rs 100 + Rs 130 = Rs 230.

This Rs 230 represents the actual new value created in the economy.


Introducing Taxes and Subsidies:

Now let us introduce the role of government.

Suppose the government imposes a tax of Rs 10 on meat. Consumers now pay Rs 160 for meat instead of Rs 150. That Rs 10 goes to the government.

Total GVA remains Rs 230 — because producers still created Rs 230 worth of value.

But GDP at market prices must reflect what buyers actually pay.

So we add taxes on products.

If there are no subsidies, then:

Net Taxes on Products = Rs 10

GDP = GVA + Net Taxes
GDP = Rs 230 + Rs 10
GDP = Rs 240

Now suppose instead the government gives a subsidy of Rs 4 on wheat. Consumers pay Rs 96 instead of Rs 100.

Then:

Taxes on products = Rs 10
Subsidies on products = Rs 4
Net Taxes = Rs 10 - Rs 4 = Rs 6

GDP = GVA + Net Taxes = Rs 230 + Rs 6 = Rs 236

Full Picture:

This tiny example captures the complete production (income) approach.

First, we calculate the value added by each producer — the GVA.

Then we adjust for taxes and subsidies to move from basic prices to market prices.

In general:

GDP = Sum of GVA across all sectors + Taxes on products − Subsidies on products.

Even in this two-person economy, the logic is the same as in a large country like India. The scale is different, but the principle is identical.

Production creates value.
Value becomes income.
And after adjusting for taxes and subsidies, we arrive at GDP.

4. From Two People to 1.45 Billion – How India Measures Production in the Real World

In our small island example, the economy had only two producers — Ami and Gol. We could easily calculate their output, subtract intermediate inputs and arrive at Gross Value Added. The logic was simple because the scale was small.

Now imagine applying the same logic to a country of more than 1.45 billion people.

India obviously cannot track production person by person. Instead, it groups economic activity into broad sectors. The MoSPI compiles national income data by measuring Gross Value Added across these sectors and then adding net taxes on products to arrive at GDP at market prices.

The structure remains the same as in our two-person example. Only the scale changes.

In India’s official national accounts, production is divided into three major sectors:

Primary,
Secondary, and
Tertiary (Services).

These three sectors are further classified as follows by economic activity:

Primary Sector:     
Agriculture, Livestock, Forestry & Fishing, and    
Mining & Quarrying.    
    
Secondary Sector:     
Manufacturing,     
Electricity, Gas, Water supply & Other Utility Services, and     
Construction.    
    
Tertiary Sector:     
Trade, Hotels, Transport, Communication & Broadcasting,    
Financial, Real Estate & Professional Services, and     
Public Administration, Defence & Other Services.*

(* Public Administration, Defence & Other Services category includes the Other Services sector i.e. Education, Health, Recreation, and other personal services)

 

India’s total GVA is the sum of value added across the Primary, Secondary and Tertiary sectors. 

Why GVA matters

GDP gives the overall size of the economy, but GVA shows which sectors are driving growth. Strong growth in agriculture may indicate rising rural incomes. Industry growth signals more manufacturing activity and jobs. 

A booming services sector reflects increasing urban employment and higher incomes in trade, IT, finance, and administration.

The core principle remains unchanged

Whether it is Ami and Gol on a tiny island or 1.45 billion people across India: production creates value, value becomes income, summing value added across sectors gives GVA and adjusting for taxes and subsidies gives GDP. 

The scale changes, but the economic principle does not. 

 

5. What Each Sector Contributes to India’s Economy

According to MoSPI estimates, India's GVA for FY 2025-26 stands at Rs 323.48 lakh crore. Adding Rs 33.66 lakh crore of Net Taxes on Products, we get nominal GDP at current prices of Rs 357.14 lakh crore.

As the chart below shows, the services sector (tertiary sector) commands the largest share of India’s Gross Value Added at 56.4 per cent, making it the biggest driver of economic growth.

Within services, Financial, Real Estate & Professional Services stand out as the largest sub-sector, contributing 23.7 per cent of GVA at market prices. 

This reflects the rapid expansion of banking, insurance, real estate, IT and related professional activities.

They are followed by Trade, Hotels, Transport, Communication & Broadcasting, which together make up 17.4 per cent of GVA, highlighting the importance of distribution, mobility and communication services.

Among the broader economy, Agriculture and allied activities remain significant, contributing 16.8 per cent of total GVA, underlining the continuing role of the primary sector despite the dominance of services.

This sector-wise breakdown explains why India’s GDP has grown into a Rs 357 lakh crore economy, led by a booming services sector with finance and real estate at its core.

 

 

6. Closing Comments

Measuring GDP through the production approach shows not just the size of India’s economy — Rs 357 lakh crore — but where growth comes from. The services sector leads, with finance, real estate and professional services at the forefront, followed by trade, transport and other services. 

Agriculture and manufacturing remain important but contribute less to total GVA. 

This highlights that production creates value, which becomes income; and taxes and subsidies adjust it to market prices. From Ami and Gol to 1.45 billion people, the principle is the same. 

GDP and GVA together tell the story of how India produces wealth and livelihoods.

 

- - -

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References and additional data:

Countries use two methods to calculate GDP: Production approach and Expenditure approach.

Production Approach measures GDP by adding up everything the economy produces. Imagine listing all the goods and services made in a country — from crops and cars to banking and software — and calculating the value added at each stage of production. In short, it answers the question: “How much did we produce?”

Expenditure Approach computes GDP by adding up all the spending on final goods and services. It includes what households spend (consumption), what the government spends (consumption), what businesses invest (investment) and what the country exports minus what it imports. In short, it answers the question: “How much did we spend on what was produced?”

GDP estimates from both methods align because total output in an economy must equal total spending on that output — production and expenditure are simply two perspectives on the same economic activity. 

 

SNA - The United Nations System of National Accounts (SNA) is the internationally accepted framework for measuring GDP in a consistent and comparable way across countries. It provides standardised definitions, classifications and accounting rules that national statistical agencies follow. 

MoSPI press release 07Jan2026 - First Advance Estimates for FY 2025-26 

 

------------------- 

Read more:

Blog of Blogs Theme-wise 

 

Weblinks and Investing

 

India Fixed Income Data Bank

 

Indian Economy Data Bank 

India Forex Data Bank 

 

Who is Eating my Gold ETF Return? (gold data / gold ETF data)

 

JP Morgan Guide to Markets 28Feb2025  

 

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various uploads on Scribd by VRK100  

 

 

 

Understanding India’s GDP – A Simple Guide to the Expenditure Approach 18Feb2026 

 

India’s REIT Market: Institutional Scale, Retail Opportunity 17Feb2026 

 

Is GST Growth Now Tracking Nominal GDP?  15Feb2026

 

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The Next Generation of Market Leaders: A Fresh Look at Nifty Next 50's Corporate Landscape 15Jan2026

 

-------------------

 

Disclosure:  I've got a vested interest in Indian stocks and other investments. It's safe to assume I've interest in the financial instruments / products discussed, if any.

 

Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets.

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Understanding India’s GDP – A Simple Guide to the Expenditure Approach 18Feb2026

Understanding India’s GDP – A Simple Guide to the Expenditure Approach 18Feb2026

 

 

Follow @vrk100

 

 

(The views expressed here are for information purposes only and should not be construed as a recommendation or investment advice. While the author is a CFA Charterholder with nearly 25 years of experience in financial markets, this content is intended to share general insights and does not constitute financial guidance. Please consult your financial adviser before taking any investment decision. Safe to assume the author has a vested interest in stocks / investments discussed if any.) 

 

    Mapping: Expenditure Approach of India GDP Measurement
 

India calculates its national income (GDP or gross domestic product) using global standards, but the terminology often differs from what textbooks teach. 

While students learn the formula Y = C + I + G + (X – M), India’s Ministry of Statistics and Programme Implementation (MoSPI) presents the same idea with more detailed categories. 

In the expenditure approach, MoSPI calculates GDP using the formula:

GDP = PFCE + GFCE + GFCF + CIS + Valuables + Export - Import

For details, check the above table, mapping standard textbook terms to international terms and MoSPI terminology. 

Understanding this mapping makes GDP data much easier to interpret.

Key Terms Explained:

Gross Domestic Product, or GDP, is the total value of production of all final goods and services produced within a country’s borders in a given period, usually a year or a quarter. It measures the size of an economy and how much it produces.

Consumption is the total spending by households on goods and services for everyday use — such as food, clothing, rent, healthcare, education and entertainment. It reflects what people buy to meet their current needs and is usually the largest part of GDP in most countries.

Investment is spending on building future productive capacity. This includes businesses buying machinery and equipment, constructing factories or offices, building infrastructure and adding to inventories. In GDP terms, it refers to real, physical capital that helps produce goods and services in the future.

Exports are goods and services produced within a country and sold to the rest of the world. Because they represent domestic production, they add to GDP.

Imports are goods and services purchased from other countries. They are subtracted in the GDP formula because that spending does not generate domestic production — it reflects output produced abroad.

Consumption Is the Main Engine:

In textbooks, “C” usually refers to private consumption. In India’s official data, consumption includes both Private Final Consumption Expenditure (PFCE) and Government Final Consumption Expenditure (GFCE). 

Together, they form the largest share, more than 70 per cent, of Indian GDP. 

With household spending far exceeding government consumption, the data clearly show that India is primarily a consumption-driven economy.

Investment Means Capital Creation:

Investment is not just about factories and machines. MoSPI divides it into Gross Fixed Capital Formation (infrastructure, machinery, buildings), Changes in Stocks (inventory), and Valuables (such as gold and art). 

Fixed capital formation forms the bulk of investment, indicating ongoing capacity creation in the economy. 

Inventory and valuables are smaller but still included to reflect total capital accumulation.

Trade Adds and Subtracts:

Exports contribute positively to GDP because they represent domestic production sold abroad. Imports, however, are subtracted since they satisfy domestic demand without generating domestic output. 

Traditionally, India's imports exceed exports, meaning net exports reduce overall GDP. This does not signal weakness by itself; it simply reflects trade balance dynamics.

What Are Discrepancies?

The “discrepancies” item is a statistical adjustment. It ensures that GDP calculated from the expenditure side matches GDP calculated from the production side. Differences arise due to data sources and timing, and the adjustment aligns the two estimates.

India GDP: Expenditure Approach and Its Components:

 

The immediately above chart shows India’s nominal GDP for FY 2025–26 at Rs 357 lakh crore, measured using the expenditure approach. 

The largest component is private consumption, followed by investment in fixed capital, while government consumption forms a smaller but steady share. 

The chart also helps readers by mapping familiar textbook terms like consumption, investment, government spending and net exports to the official terminology used by MoSPI. 

It shows that “consumption” corresponds to PFCE and GFCE, “investment” to GFCF, changes in stocks and valuables, and net exports to exports minus imports. 

This mapping clarifies how the simple classroom formula translates into India’s detailed national accounts framework.

 
The Bigger Picture:

India’s GDP composition shows a consumption-led economy supported by strong investment, with trade currently acting as a modest drag.

Understanding how textbook terms translate into official data helps make economic discussions clearer and more meaningful for readers.
 

(the blog is not yet completed, please bear with me -- I shall complete the same in the next two hours or so)

- - -

-------------------

References and additional data:

 

Countries use two methods to calculate GDP: Production approach and Expenditure approach.

Production Approach measures GDP by adding up everything the economy produces. Imagine listing all the goods and services made in a country — from crops and cars to banking and software — and calculating the value added at each stage of production. In short, it answers the question: “How much did we produce?”

Expenditure Approach computes GDP by adding up all the spending on final goods and services. It includes what households spend (consumption), what the government spends (consumption), what businesses invest (investment) and what the country exports minus what it imports. In short, it answers the question: “How much did we spend on what was produced?”

GDP estimates from both methods align because total output in an economy must equal total spending on that output — production and expenditure are simply two perspectives on the same economic activity. 

 

SNA - The United Nations System of National Accounts (SNA) is the internationally accepted framework for measuring GDP in a consistent and comparable way across countries. It provides standardised definitions, classifications and accounting rules that national statistical agencies follow. 

 

MoSPI press release 07Jan2026 - First Advance Estimates for FY 2025-26 

NIPFP Research Paper - Revenue Performance Assessment of Indian GST  

------------------- 

Read more:

Blog of Blogs Theme-wise 

 

Weblinks and Investing

 

India Fixed Income Data Bank

 

Indian Economy Data Bank 

India Forex Data Bank 

 

Who is Eating my Gold ETF Return? (gold data / gold ETF data)

 

JP Morgan Guide to Markets 28Feb2025  

 

Corporate Groups and Listed Companies 29Dec2024

 

Corporate Governance Concerns - Indian Companies 13Dec2024

 

Stocks and Peer Comparison by Industry 16Feb2024  

 

various uploads on Scribd by VRK100  

 

 

 

India’s REIT Market: Institutional Scale, Retail Opportunity 17Feb2026 

 

Is GST Growth Now Tracking Nominal GDP?  15Feb2026

 

Why Food Matters Less in India’s New CPI and What It Means for RBI  30Jan2026

 

Top 10 Equity Indices Powering Passive Investing in India: Big-Picture View  29Jan2026

 

Canada's Mark Carney at Davos: Middle Powers Must Step Up 28Jan2026

 

Nifty IT Underperformance Explained – Nasdaq Outshines Indian IT in 2025  26Jan2026

 

Inside the BSE 500 and S&P 500: Top Stocks, Top Sectors, Big Risks 31Dec2025  

 

JP Morgan Guide to Markets Dec2025 

 

RBI's New Comfort with Foreign Capital Spurs FDI Turnaround in India's Financial Sector 17Jan2026 

 

The Next Generation of Market Leaders: A Fresh Look at Nifty Next 50's Corporate Landscape 15Jan2026

 

Mutual Fund Asset Class Returns 31Dec2025 

 

NSE Emerging Indices Fundamentals Comparison 31Dec2025 (NSE Indices / Nifty Indices) 

  

NSE Indices Calendar Year Returns 2006 to 2025  07Jan2026  

 

-------------------

 

Disclosure:  I've got a vested interest in Indian stocks and other investments. It's safe to assume I've interest in the financial instruments / products discussed, if any.

 

Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets.

------------------------ 

CFA 10 Year Milestone Professional Learning Program 2025 Certificate of Achievement 

 

CFA Charter credentials  - CFA Member Profile

CFA New Badge 

CFA Badge  

 

Viewing Options for this blog in different formats:

Sidebar and so on

 

He blogs at:

https://ramakrishnavadlamudi.blogspot.com/

https://www.scribd.com/vrk100

X (Twitter) @vrk100