In this edition:

• Market overview: 2025 India market review

• India macro review

• India outlook 2026

India enters 2026 with a macro landscape that looks increasingly resilient. Growth has firmed, inflation has eased to multi year lows, and policy support is gaining traction as rate cuts flow through the system. At the same time, front loaded public capex, expanding bank credit and newly implemented reforms, ranging from streamlined labour codes to lighter quality control norms, are beginning to reshape the operating environment for businesses. These shifts are not only easing bottlenecks but also strengthening India’s competitiveness at a moment when global conditions remain uneven.

Against this backdrop, the coming year could offer a rare intersection of structural reform momentum and improving cyclical conditions.

How might India’s evolving macro foundation and reform tailwinds translate into compelling long term opportunities in 2026? 

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Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 20 January 2026. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results. 

Date of first use: 20 January 2026
Doc ID: 5025944