Indian households now owe almost half of GDP.
Household financial liabilities hit ₹158.5 lakh crore in March 2026 — 45.9% of GDP, up from 36.4% in 2022. The ratio hasn't fallen in a single quarter since.
CapitalVia Research Desk ·
Data story
28 Sep 2026
28 Sep 2026
Electronics now out-exports textiles 1.9 to 1. A year ago, it was a tie.
In August 2025 India shipped $2.93bn of electronic goods and $2.78bn of textiles and apparel. In August 2026: $5.55bn against $2.92bn. The picture of what India sells the world has changed in twelve months.
Electronics vs textiles & apparel, August
1.9×electronics exports for every $1 of textiles
Electronic goods grew +89.8% year on year. Textiles and apparel grew +5.1%, and ready-made garments alone shrank 2.7%.
August 2025
Electronic goods
$2.93bn
Textiles & apparel
$2.78bn
August 2026
Electronic goods
$5.55bn
Textiles & apparel
$2.92bn
Where August's extra $9.07bn came from
Increase in merchandise exports, Aug 2026 vs Aug 2025, US$ bn
Petroleum products
+2.64
Electronic goods
+2.63
Engineering goods
+2.45
Textiles & apparel (5 groups)
+0.14
Everything else combined
+1.21
Total: $34.74bn → $43.81bn+26.1%
85%
of August's export growth came from just three of 30 product groups: petroleum, electronics and engineering. Take them out and the rest of India's exports grew 7.6%, not 26.1%.
The US is still No. 1, but it is the slow lane
Export growth to India's 10 largest markets, Apr–Aug 2026-27 vs a year earlier; Apr–Aug export value under each name
USA$42.8bn
+6.2%
UAE$13.6bn
−10.6%
China$9.6bn
+38.7%
Singapore$9.5bn
+96.6%
Netherlands$6.9bn
−21.3%
UK$6.2bn
+7.6%
Germany$5.3bn
+13.6%
South Africa$4.8bn
+58.2%
Bangladesh$4.7bn
+5.2%
Malaysia$4.4bn
+75.4%
Dashed line = all markets, +17.8%US share: 22.0% → 19.8%
If you're salaried
If your employer sells abroad, what it sells now matters more than the headline. In April–August, electronic goods exports rose 39.7%; ready-made garments fell 9.1%. Same country, same months, opposite directions.
If you're a founder
A 26.1% month is not a rising tide for everyone. Outside three big groups, growth was 7.6%. Among the 10 largest markets, the fastest-growing this year were Singapore, Malaysia and South Africa, not the usual first calls.
If you set budgets
Exports to everywhere except the US grew 21.1% in April–August, against 6.2% to the US. Its share of India's exports slipped from 22.0% to 19.8%. Revenue plans that lean on one market deserve a second look.
12.7%
Electronics' share of Aug exports (8.4% a year ago)
−9.1%
Ready-made garments, Apr–Aug
+43.9%
Meat, dairy & poultry, Apr–Aug
−13.3%
Spices, August
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