Consumer spending on the rise

Nearly 11 lakh new credit cards were issued in September, compared to 6.9 lakh cards last year, taking the total number in circulation to 11.3 crore.

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Consumer spending in India surged sharply after the rollout of GST 2.0 and the onset of the festive season. In the first three days following the GST rate cut announced in September 2025, the daily average spending through credit cards rose nearly five times to about Rs 20,000-25,000 crore, compared to the usual Rs 5,000-6,000 crore. The monthly data further reflects how strong this trend has become. Monthly spending crossed Rs 2.16 lakh crore, up 22% year-on-year from Rs 1.77 lakh crore in the same month last year. E-commerce platforms recorded the biggest jump, with spending of over Rs 1.44 lakh crore, while instore transactions through PoS machines exceeded Rs 72,000 crore. The government's decision to cut GST rates from September 22 made several products cheaper.