Union Budget: Policy and regulatory support helped boost consumption in 2025, reflected in strong GST collections and higher retail credit, aided by income tax relief, GST rate rationalisation and a cumulative 125-basis-point repo rate cut by the RBI. Retail lending led credit growth, while bank credit is expected to grow 11–12% and NBFC/HFC lending 18–19% this fiscal. However, weak deposit mobilisation and sluggish private investment remain concerns.