India’s electric vehicle market reached a new milestone in September 2026, recording its highest-ever monthly retail sales as demand for cleaner mobility continued to accelerate. According to data from the Federation of Automobile Dealers Associations (FADA), total EV retail sales climbed to 333,634 units, marking a 74% increase from the same month last year.

The strong performance also pushed EV penetration across vehicle categories to approximately 13%, compared with about 10% in September 2025. Rising consumer demand, improved operating-cost economics, a wider selection of electric models and government support contributed to the record monthly performance.

Electric two-wheelers remained the largest contributor to the overall increase. Retail sales in the category reached a record 207,314 units, representing an 88.67% year-over-year increase and a 13.16% rise from August. EV penetration among two-wheelers climbed to 11.6%, compared with 8.2% a year earlier.

Electric passenger vehicles also achieved their strongest monthly performance on record. Sales reached 36,108 units, up 94.56% year over year and 17.63% from the previous month. Their share of the passenger-vehicle market increased to 8.5%, compared with 5.7% during September 2025.

Electric three-wheelers continued to maintain a substantial presence in their segment. Retail sales rose 40% year over year and 7.74% month over month to 86,024 units. EV penetration in the category remained particularly high at 64.9%, highlighting the growing role of electric mobility in commercial and shared transportation.

Electric commercial vehicles also recorded significant annual growth. Sales totaled 4,188 units, more than twice the level recorded a year earlier, representing a 158% year-over-year increase. However, sales were 10.9% lower than in August. Despite the monthly decline, EV penetration in the commercial-vehicle segment increased to approximately 4%, compared with 2.16% a year earlier.

FADA President Sai Giridhar attributed the September surge to several factors, including festive-season demand, improving running-cost advantages, greater model availability and continued policy support.

Government initiatives such as PM E-DRIVE, along with state-level electric-vehicle programs, have continued to support India’s transition toward electric mobility. The latest figures indicate that EV adoption is expanding beyond individual vehicle categories, with two-wheelers, passenger vehicles, three-wheelers and commercial vehicles all contributing to the market’s broader growth.

The record September sales provide another indication of the accelerating adoption of electric vehicles in India as consumers and businesses increasingly consider operating costs, model choice and policy incentives when making vehicle purchases.

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India is emerging as one of the leading developing economies in artificial intelligence, ranking among the top 10 emerging-market performers for AI readiness, according to a new World Bank report. The assessment highlights the country’s large pool of technical talent, globally connected information technology industry and extensive digital public infrastructure as key strengths supporting its AI ecosystem.

The report, titled India and Artificial Intelligence: Seizing the Development Opportunity, also points to a sharp rise in private-sector investment. AI-related private investment in India climbed to approximately $4.1 billion in 2025, more than three times the roughly $1.2 billion recorded in 2024. The increase signals growing interest from investors in India’s expanding artificial intelligence capabilities and technology market.

India’s technology workforce is also continuing to expand through Global Capability Centres, which have become an important part of the country’s services economy. The number of professionals employed by these centers rose to 2.36 million in 2025, compared with 1.9 million the previous year. The growth reflects increasing demand for specialized skills and technology-driven services.

The World Bank said India has an opportunity to use AI beyond commercial applications and apply the technology to broader development goals. Potential areas include improving productivity, strengthening public services and addressing challenges across different sectors of the economy. At the same time, the report cautioned that the long-term effects of AI on economic activity and employment remain difficult to predict.

To ensure that AI benefits reach a wider population, the World Bank recommended policies focused on improving digital and AI infrastructure, strengthening the business environment, expanding access to technology and developing workforce capabilities.

The institution is also supporting targeted AI solutions through its AgriConnect initiative. These “small AI” applications are designed around specific local needs and can be adapted for communities operating with limited resources. Such tools could help extend the advantages of AI while assisting workers and communities as technology changes the nature of work.

For South Asia more broadly, the World Bank expects AI adoption to generate significant benefits when technologies are adapted to local conditions rather than simply imported. The accompanying South Asia Economic Update projects regional economic growth of 6.9% in 2026, keeping South Asia on track to remain the fastest-growing region globally.

With its combination of digital infrastructure, skilled professionals and an internationally integrated IT sector, India is positioned to expand the use of AI across business, public services and development initiatives. The World Bank’s assessment underscores both the opportunities and policy challenges that will shape the country’s AI-driven growth.

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India is working to expand its network of bilateral investment partnerships and expects to conclude at least three new agreements by December, Finance Minister Nirmala Sitharaman said during a discussion at the Munich Leaders Meeting.

Sitharaman said India is negotiating bilateral investment promotion and protection agreements with several countries, including Canada and Russia, as New Delhi looks to strengthen investment ties amid changing global trade patterns. The government is also awaiting Cabinet approval of an updated template for such agreements, which is expected to provide a framework for future negotiations.

Canada could be among the countries to complete an agreement with India, although the timeline may extend into early next year. Sitharaman said India is aiming to finalize agreements with at least three additional countries by the end of December, reflecting the government’s broader push to diversify economic relationships.

The comments came as India and the United States continue negotiations on a bilateral trade agreement that has reached a challenging stage. Sitharaman described the discussions as having reached a “plateau,” indicating that additional concessions from either side could become increasingly difficult.

She said both countries may still have opportunities to find areas where negotiations can move forward. However, the agreement remains the product of intensive discussions, with the trade imbalance between the two countries emerging as one of the central issues Washington wants to address.

Sitharaman also raised concerns about the increasing use of tariffs as a tool for correcting trade imbalances. She argued that if such measures are considered legitimate in India’s case, similar principles should also be applied when the United States addresses its trade relationship with China. In her view, disagreements of this nature should ultimately be handled through negotiations rather than unilateral action.

India’s investment treaty strategy has also evolved as the global economic environment changes. Last week, New Delhi signed a bilateral investment treaty with Saudi Arabia that gives investors a two-year period to pursue remedies through domestic legal channels before they can initiate international arbitration.

Sitharaman noted that this provision represents a notable feature of India’s newer generation of investment agreements. The government is seeking to create investment frameworks that provide clearer protections while balancing investor interests with national policy priorities.

She also emphasized that shifting global trade conditions are encouraging countries to develop relationships with a wider range of economic partners. For India, strengthening bilateral investment and trade arrangements could help create new opportunities as the global economic landscape continues to change.

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India’s broad-based economic reforms over the past decade have strengthened institutions, improved macroeconomic stability and encouraged investment in productive sectors, helping the economy withstand a series of global shocks, Principal Secretary to the Prime Minister Shaktikanta Das has said.

Speaking at the Kautilya Economic Conclave, Das, a former Reserve Bank of India Governor and former Economic Affairs Secretary, said the reforms were designed not as isolated measures but as systemic buffers capable of helping the economy absorb disruptions and recover quickly.

He highlighted flexible inflation targeting, the introduction of the Goods and Services Tax, the expansion of digital payments and banking sector reforms as some of the key measures that have strengthened India’s economic foundations.

India’s resilience has become particularly significant against a global backdrop marked by geopolitical uncertainty, trade fragmentation, technological restrictions, volatile energy prices and elevated public debt in advanced economies.

Das pointed to the strength of domestic demand and investment as important drivers of India’s current growth momentum. Real GDP growth reached 7.8 per cent in the first quarter of 2026-27, while growth remained above 8 per cent across the four quarters spanning July-September 2025 to April-June 2026-27. He said India was now within striking distance of 8 per cent growth.

Macroeconomic stability, Das said, has been another major pillar of the country’s resilience. The flexible inflation-targeting framework introduced in 2016 helped India navigate major disruptions, including the Covid-19 pandemic, the Russia-Ukraine war and conflicts in West Asia.

The government’s sustained approach to fiscal consolidation, while continuing to support growth-enhancing expenditure, has also contributed to greater economic stability. Tax reforms, particularly the GST, created a more integrated national market, reduced cascading taxation and helped accelerate formalisation across the economy.

The strengthening of the banking sector has been another defining feature of India’s economic recovery. Improvements in bank balance sheets and reforms across the financial system have created a stronger platform for credit growth and investment.

Large-scale investment in transport and logistics infrastructure has further reduced economic friction. Initiatives such as PM Gati Shakti, the National Logistics Policy, Sagarmala and UDAN have strengthened connectivity and logistics networks, supporting the foundation for investment-led growth.

India has also sought to reduce its vulnerability to external energy shocks by diversifying its energy mix across fossil fuels, renewable energy, biofuels and nuclear power. Greater diversification has provided the economy with additional resilience amid volatility in global energy markets.

At the same time, India is witnessing a manufacturing resurgence driven by production-linked incentives, semiconductor investments, automation and Industry 4.0 technologies. These developments are expected to play an increasingly important role in strengthening domestic production and integrating India more deeply into global supply chains.

Looking ahead, Das identified artificial intelligence, deeper financial markets, strategic self-reliance, sustainable development and human capital as five areas likely to shape the next phase of India’s economic expansion.

Maintaining the pace of reform will remain critical, he said, as India’s ambition extends beyond rapid growth to building an economy that can sustain strong expansion while remaining resilient to future global disruptions.

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India’s traditional medicine and wellness industry is gaining economic momentum, with the Ayush services sector estimated to have contributed $36.92 billion to the country’s economy in fiscal year 2025. A study by the Research and Information System for Developing Countries (RIS), released during the 11th Ayurveda Day celebrations in Nagpur on September 23, 2026, identifies the sector as one of India’s rapidly expanding service industries.

The research draws on a nationally scaled survey covering 15,914 establishments across all six Ayush systems. According to its findings, the sector recorded a compound annual growth rate of 16.91% between FY23 and FY25 and directly supported approximately 1.76 million livelihoods. Women accounted for 43% of its workforce, highlighting their substantial participation in the industry.

The report projects that India’s Ayush services economy could grow to between $216 billion and $318 billion by 2047. Achieving this expansion will depend on improvements in infrastructure, professional training, quality assurance, digital capabilities and access to international markets.

Union Minister of State for Ayush and Health and Family Welfare Prataprao Jadhav said the findings demonstrate that Ayush has developed into a growing contributor to India’s economy, extending beyond its traditional cultural significance.

Clinics and day-care facilities form the backbone of the industry, together accounting for more than 71% of total revenue. Standalone clinics generated an estimated $16.21 billion, while day-care centers contributed approximately $10.13 billion.

Ayurveda remained the largest individual system, generating an estimated $17.73 billion, or nearly 48% of the sector’s total revenue. The figures underline the importance of established treatment services alongside newer wellness offerings.

The wellness segment, which includes yoga centers, spas and resorts, recorded annualized growth of 21.29%. Yoga centers were a particularly notable contributor, with revenue increasing by approximately 75% over two years.

Medical value travel generated an estimated $1.77 billion in FY25. Although international patients represented around 5% of total patient volumes, they contributed between 15% and 25% of revenue in the hospital segment.

The study also identified digital presence and accreditation as important factors in attracting overseas patients. Establishments with dedicated websites had 3.6 times higher odds of attracting international patients, while NABH or ISO accreditation was associated with twice the odds.

These findings suggest that stronger quality standards, improved online visibility and expanded international outreach could help India’s Ayush industry strengthen its global presence and pursue its long-term growth ambitions.

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India’s Ayush services sector contributed an estimated $36.92 billion to the economy in FY25 and could expand to between $216 billion and $318 billion by 2047, according to a study by the Research and Information System for Developing Countries.

The findings highlight the growing economic role of Ayurveda and other Ayush systems across healthcare, wellness, employment and Medical Value Travel. The sector has recorded a compound annual growth rate of 16.91 per cent since FY23 and currently supports around 1.76 million livelihoods.

The sector also generated an estimated $1.77 billion in Medical Value Travel revenue, underlining the growing role of Ayush-based healthcare and wellness services in attracting international patients.

The study was released during the 11th Ayurveda Day celebrations. The Ministry of Ayush said the research provides the first nationally scaled assessment of the economic contribution of the Ayush services sector through an establishment-level survey covering the major Ayush systems.

According to the study, clinics and day-care centres form the core of the Ayush services economy, together accounting for more than 71 per cent of total sector revenue. Standalone clinics generated an estimated $16.21 billion, while day-care centres contributed around $10.13 billion.

Ayurveda remained the largest individual system, generating approximately $17.73 billion, or nearly 48 per cent of total Ayush services revenue. Hospitals also represented an important component of the sector’s wider economic activity.

Women account for about 43 per cent of the overall Ayush services workforce, with female participation exceeding 50 per cent in several organised segments. Women represent more than 60 per cent of the workforce in wellness establishments offering Ayush-based services, while their participation stands at 58 per cent in educational institutions and 57 per cent in day-care centres.

International patients currently account for only around five per cent of total patient volumes. However, they contribute an estimated 15 to 25 per cent of revenues in the hospital segment, indicating the relatively high economic contribution of overseas patients.

The government said the findings could provide a stronger evidence base for future investment, policy planning and reforms in the sector. The assessment also places greater emphasis on measuring Ayush as an economic activity rather than solely as a traditional healthcare system.

The projected expansion to as much as $318 billion by 2047 would represent a substantial increase from the sector’s current contribution. Growth is expected to be supported by healthcare and wellness demand, employment generation, Medical Value Travel and greater international engagement.

The findings indicate that Ayush is increasingly developing into a broader services economy, with healthcare delivery, education, wellness, tourism and related activities contributing to its overall economic footprint.

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Apple Pay has begun rolling out in India with Axis Bank as its initial banking partner, bringing Apple’s contactless payment service to one of the world’s largest digital payments markets.

The initial rollout supports eligible Axis Bank credit cards on the Visa and Mastercard networks. RuPay cards are not supported at launch, limiting the service’s initial reach among Indian cardholders.

Apple Pay’s availability also depends on whether individual merchants and payment terminals have enabled the service. As a result, users may find that Apple Pay works at one payment terminal but is unavailable at another, depending on the payment infrastructure and acquiring bank involved.

The service is being introduced into a market where UPI dominates everyday digital payments. Unlike UPI, which enables direct bank-to-bank transactions without requiring a card, Apple Pay is primarily a card-based payment service that requires banks, card networks and payment infrastructure providers to integrate with Apple’s platform.

Apple Pay can be used on compatible iPhone, iPad and Apple Watch devices, with Mac support expected to follow. Customers can authenticate payments using Apple’s device security features without entering a payment PIN or receiving a one-time password for each transaction.

The service is expected to be accepted at millions of retail locations across India, including Apple Store outlets and participating brands such as Blinkit, Croma, Ixigo, Reliance brands, Tata 1mg and Zomato.

Apple has also worked with payment service providers including Cashfree, Juspay, Mswipe, Paytm, PayU, Pine Labs, Razorpay and Worldline to support integration across India’s retail payment infrastructure.

Axis Bank is the first banking partner for the initial rollout. Other major card issuers, including HDFC Bank, ICICI Bank and SBI Card, are not supporting Apple Pay at launch as discussions over commercial terms continue.

Apple’s reported commercial terms have emerged as an important factor in the rollout. The company is seeking a transaction fee of around 20 basis points, or 0.2 per cent, according to reports. That would represent a significant portion of the roughly 40 to 50 basis points typically available as margin within the payments layer.

Axis Bank had about 16.3 million credit cards in circulation as of August, compared with approximately 124 million credit cards across India, according to central bank data. The initial partnership therefore gives Apple Pay access to a sizeable existing card base while leaving substantial scope for expansion to other issuers.

Apple Pay and Apple Wallet Vice President Jennifer Bailey said the company was excited to bring the service to India, citing the country’s growing digital payments adoption and consumer focus on security and privacy.

Axis Bank CEO Amitabh Chaudhry said the payments sector was undergoing significant change as technology, security and evolving customer expectations reshape how consumers transact.

The launch gives Indian consumers another contactless payment option, but its initial availability remains narrower than the country’s widely used UPI ecosystem. Broader adoption will depend on additional banks joining the platform, support for more card networks and wider acceptance across payment terminals.

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