India Economy and Digital India Snapshot

Finding reliable, consolidated economic data for India has always been frustrating. Official sources are scattered across dozens of websites, news reports often cite outdated figures, and comparative context is rarely provided. I created this page to solve that problem for myself—and to share it with others who want accurate, up-to-date numbers in one place.

Summary: India at a Glance (January 2026)

India's economy crossed $4 trillion in nominal GDP in FY2024-25, positioning the nation to overtake Japan as the world's 4th largest economy by early 2026. Meanwhile, inflation plunged to a historic low of 1.33% in December 2025—a 389 basis point drop year-on-year—with food prices entering deflation territory.

The digital ecosystem achieved even more striking milestones. Internet users crossed the 1 billion mark in June 2025, making India only the second country after China to reach this threshold. UPI processed a record 21.6 billion transactions in December 2025 alone, with annual volumes reaching 228.3 billion transactions worth ₹299.7 lakh crore (~$3.4 trillion)—nearly matching India's nominal GDP.

Financial inclusion accelerated dramatically: demat accounts surged to 210 million (up 46% YoY), quadrupling since 2019. The 5G user base reached 394 million, now representing 32% of mobile subscribers. Forex reserves hit an all-time high of $709.4 billion, providing 11 months of import cover.

Key risk: The Buffett Indicator (market cap to GDP) stands at 138%—well above the 81-85% historical average—suggesting stretched equity valuations despite strong economic fundamentals.

India Economics Statistics …

GDP (nominal):

$4.19 trillion (Approx. ₹357.14 lakh crore). Ranked 4th in the world behind the USA, China, and Germany.

YoY Growth: +8.0% (from ₹330.68 lakh crore in FY25)

This measures the Gross Domestic Product or the gross output of the nation, keeping in mind current prices, and doesn't account for inflation. India overtook Japan in mid-2025 to become the world's 4th largest economy. Real GDP growth moderated from 8.2% to 6.5% in FY25. India is projected to overtake Germany by 2027–28 to become the 3rd largest economy.

GDP (PPP):

$17.6 trillion (Approx. ₹1,540 lakh crore). Ranked 3rd in the world behind USA, China.

YoY Growth: +6.5% (from ~$16.5 trillion in FY24)

GDP using PPP (purchasing power parity). The "parity" here refers to what a basket of goods can be purchased for in different countries' currencies and makes adjustments accordingly. India represents 8.53% of world GDP in PPP terms.

Gini Coefficient:

25.5 (0.26) — consumption-based, 2022 survey

YoY Change: -3.3 points (from 28.8 in 2011 survey)

Indicator of income inequality. The lower the number, the better. India's Gini coefficient (consumption-based measurement) makes it the 4th most equal country globally—ahead of all G7 and G20 nations, lower than China (35.7) and the United States (41.8). Note: Income-based Gini (~0.41) tells a different story.

Per Capita Income (nominal):

$2,832 (Approx. ₹2,36,647). Ranked 136th in the world.

YoY Growth: +9.9% (from ₹2,15,284 / ~$2,540 in FY24)

The average income earned per person in a year. Despite strong GDP growth, per capita income remains modest due to India's large population of 1.4+ billion.

Per Capita Income (PPP):

$10,123 (Approx. ₹8,87,000). Ranked 119th in the world.

YoY Growth: +6.4% (from ~$9,510 in FY24)

Inflation (CPI):

1.33% (December 2025)

YoY Change: -3.89 percentage points (from 5.22% in December 2024)

Refers to the increase in the price of goods and services in an economy. CPI (consumer price index) is a weighted average cost of a basket of products and services consumed by the average consumer. Inflation crashed to historic lows, with food prices entering deflation at -2.71%. October 2025 recorded a record low of 0.25%. A new CPI series (base 2024=100) launches February 2026.

10 Year G-Sec Yield:

6.72% (January 2026)

YoY Change: -2 basis points (from 6.74% in January 2025)

The yield of 10-Year Government securities is considered the benchmark for overall interest rates. Yields have remained remarkably stable despite RBI's 125 bps in rate cuts during 2025, reflecting confidence in India's fiscal trajectory.

Forex Reserves:

$709.4 billion (Approx. ₹62.3 lakh crore). Ranked 4th in the world behind China, Japan, and Switzerland.

YoY Growth: +15% (from ~$617 billion in January 2025)

Foreign exchange reserves are assets denominated in foreign currency (mostly in U.S. Dollars), held by the central bank or other monetary authority. India's reserves hit an all-time high of $709.4 billion on January 23, 2026, providing approximately 11 months of import cover.

NSE Market Capitalization:

$4.94 trillion (Approx. ₹452 lakh crore). Ranked 5th in the world.

YoY Growth: +3% (from ₹439 lakh crore in December 2024)

NYSE (US) is ranked 1st with a market cap of ~$30 trillion; NASDAQ (US) is ranked 2nd with a market cap of ~$26 trillion; Shanghai Stock Exchange (China) is ranked 3rd; London Stock Exchange is ranked 4th.

The aggregate valuation of all stocks listed on the National Stock Exchange. NSE reached a record ₹479 lakh crore ($5.32 trillion) on January 2, 2026, before correcting. NSE now has 2,671 listed companies and remains the world's largest derivatives exchange by contract volume.

BSE Market Capitalization:

$5.30 trillion (Approx. ₹464 lakh crore). Ranked 6th in the world.

YoY Growth: +4% (from ~$5.13 trillion in December 2024)

The aggregate valuation of all stocks listed on the Bombay Stock Exchange. BSE is Asia's oldest exchange with 5,400+ listed companies.

Market Cap to GDP:

138%

YoY Change: +3 percentage points (from 135% in December 2024)

Yardstick to measure if the market is overvalued/undervalued (also known as the Buffett Indicator). Considering the long-time average of 81-85%, current levels suggest overvaluation, though India's structural average has shifted upward due to increased retail participation and growth premium.

% of Household Financial Assets in Equities:

11.1%. The average is 30% for emerging markets, 15% for China, 50% for the US.

YoY Growth: +1 percentage point (from ~10% in FY24)

Unique Demat Accounts: 210 million (+46% YoY from 143.9 million)

Indian household participation in the stock market has quadrupled since 2019 (from 39.3 million demat accounts). 46 million new demat accounts were added in 2024 alone (3.8 million monthly average). NSE now has 11+ crore unique registered investors. This structural shift represents a fundamental change in how Indians save and invest.

NSE Nifty 50/BSE Sensex - Historical Return:

12.9% (10 Years CAGR) — Stable YoY

12.2-12.3% (5 Years CAGR) — Stable YoY

9.1-9.3% (1 Year Return) — Normalized from ~20% in FY24

Rolling return of the Nifty, BSE Sensex based on CAGR (compounded annual growth rate). Nifty 50 reached an all-time high of 26,373 on January 5, 2026, while Sensex peaked at 85,978 in September 2024. Historical analysis reveals no negative rolling 10-year period for Nifty 50 from 2000-2025. It is recommended to stay invested for a longer duration (>5 years) to reap the benefits of the stock market.

Digital India Statistics …

India has emerged as a digital powerhouse, rapidly closing the gap with China and the US in the new-age economy. The Digital India initiatives continue to drive this transformation, positioning the nation to become one of the Top 3 economies in the world.

The statistics below capture this remarkable digital evolution …

Number of Mobile Phone Subscriptions:

1.172 billion (117 crores). Ranked 2nd in the world (China is 1st; Indonesia, USA, Brazil are ranked 3rd, 4th and 5th respectively).

YoY Growth: -0.7% (from 1.18 billion in 2024)

This number represents active subscriptions after TRAI's cleanup of inactive connections. The market has matured with wireless subscribers remaining relatively flat. Mobile connectivity has been the fundamental driver of Digital India's progress, with 5G services now covering major urban areas. Teledensity stands at 82.75%.

Average Mobile Connection Per User:

0.83

YoY Change: Stable

Unlike many developed markets with 1.2+ SIMs per person, India's ratio indicates substantial headroom for growth. Some connections are also employed by machines and IoT devices (e.g., intrusion detection systems, home automation, modems, industrial devices, etc.).

Number of Smartphone Users:

690 million (69 crores). 85.5% household penetration.

YoY Growth: +4-5% (from ~660 million in 2024)

Android Phones: 94.81% (-0.35 pp YoY)

Apple Phones: 4.88% (+0.35 pp YoY)

5G Users: 394 million (+46% YoY from 270 million)

Apple continues making headways in India with iOS shipments growing 27% YoY, aided by local manufacturing. The 5G user base now represents 32% of total mobile subscribers. Q3 2025 smartphone shipments hit a 5-year high of 48 million units.

Number of Internet Users:

1,003 million (100+ crores). 68.6% penetration.

YoY Growth: +5.1% (from 954 million in 2024)

India crossed 1 billion internet subscribers in June 2025—a historic milestone. Ranked 2nd in the world.

China has the highest number with over 1.1 billion internet users.

US (312 million), Indonesia (220 million), and Brazil (175 million) are 3rd, 4th, and 5th respectively.

Urban India: 57.8% of subscribers

Rural India: 42.2% of subscribers (Rural teledensity: 45.03 vs Urban: 110.79 per 100)

India crossed the historic milestone of 1 billion internet users in June 2025. Broadband users now constitute 97.7% of internet subscribers (980 million). The rise in internet use has fueled the growth of India's startup ecosystem and digital economy.

% of Mobile vs Desktop Internet Users:

73.5% (Mobile) vs 26% (Desktop)

YoY Change: -3.3 pp Mobile / +3.3 pp Desktop

Worldwide, the average is 60% (Mobile) vs 40% (Desktop).

For the US it is 51% (Mobile) vs 49% (Desktop).

For China it is 70% (Mobile) vs 30% (Desktop)

India remains one of the world's most mobile-first internet markets, with 41% of users accessing the internet exclusively via smartphones. This pattern reflects both affordable mobile data pricing (among the world's cheapest at $0.07/GB) and limited fixed broadband infrastructure outside metropolitan areas.

Average Download Speed:

Mobile Download Speed: 100.78 Mbps (ranked 26th in the world)

YoY Growth: +6.5% (from 94.62 Mbps in January 2025)

The global average is 55-60 Mbps. India is now 1.8x faster than global average.

Fixed Broadband Download Speed: 63.55 Mbps (ranked ~80th in the world).

YoY Growth: +8.4% (from 58.62 Mbps in January 2025)

The global average is 113 Mbps

5G rollout (since October 2022) has transformed mobile connectivity—speeds improved 627% from 13.87 Mbps (September 2022) to 100+ Mbps today, rising from 47th to 26th globally. Notably, India now has faster mobile internet than fixed broadband, an unusual global pattern reflecting the country's mobile-first development strategy.

Volume of UPI Transactions (CY 2025):

21.63 billion transactions per month (2,163 crores) as of December 2025

YoY Growth: +29% (from 16.73 billion in December 2024)

228.3 billion annual transactions (+32.6% YoY from 172.2 billion in CY 2024)

UPI (Unified Payments Interface), developed by NPCI (National Payments Corporation of India), is the world's largest real-time payment system. India now processes approximately 49-50% of all global real-time payments. UPI represents 85% of India's digital payment volumes and is live in 12+ countries including UAE, Singapore, France, and Mauritius.

Value of UPI Transactions (December 2025):

$336 billion (₹27.97 lakh crore) per month

YoY Growth: +20% (from ₹23.25 lakh crore in December 2024)

Annual Value (CY 2025): $3.4 trillion (₹299.7 lakh crore) — +21.4% YoY

UPI annual transaction value has crossed $3.4 trillion—approaching India's nominal GDP! The platform handles more value than the combined card networks in India.

Average UPI Transaction Value:

$14.75 (₹1,293-1,348)

YoY Decline: -9 to -12% (from ₹1,478 in 2024)

86% of transactions are below ₹500 (+4 pp YoY)

The declining average transaction size reflects deep penetration into daily micro-payments—chai, vegetables, auto-rickshaws—signaling genuine grassroots adoption rather than just high-value transfers.

Number of Banks Live on UPI:

685

YoY Growth: +11-14% (from ~615 in 2024)

Active UPI Users: 491+ million (+23-25% YoY from ~400 million)

Merchants on UPI: 65 million

QR Codes Deployed: 678 million (+111% YoY from 321 million)

Transaction Success Rate: 99.2% (Stable YoY)

P2M (Person-to-Merchant) Share: 63% (+6 pp YoY)

The number of participating banks has more than doubled since 2022, while the QR network doubled in one year. PhonePe leads with 46-48% market share, followed by Google Pay (35-37%) and Paytm (~7%, down from 11%). NPCI extended the 30% market cap deadline to December 2026. The growing P2M share (63% of volume vs 37% P2P) shows UPI's evolution from peer transfers to everyday commerce. RBI Digital Payments Index reached 493.22 in March 2025 (4.9x growth from base of 100 in March 2018).

Sources

Data compiled from the following authoritative sources (January 2026):

Government & Regulatory Bodies:

Ministry of Statistics and Programme Implementation (MoSPI/NSO) – GDP, CPI, National Accounts, First Advance Estimates

Reserve Bank of India (RBI) – Forex Reserves, G-Sec Yields, Monetary Data, Digital Payments Index

Press Information Bureau (PIB) – Official Government Statistics, GDP Press Releases

Telecom Regulatory Authority of India (TRAI) – Telecom Subscriber Data, Internet Statistics, Quarterly Performance Reports

National Payments Corporation of India (NPCI) – UPI Transaction Data

Securities and Exchange Board of India (SEBI) – Market Data, Demat Accounts, SEBI Bulletin

International Organizations:

International Monetary Fund (IMF) – World Economic Outlook October 2025, GDP Rankings

World Bank – GDP, Per Capita Income, Gini Coefficient, Poverty and Inequality Platform

World Federation of Exchanges (WFE) – Stock Exchange Rankings

Stock Exchanges & Depositories:

National Stock Exchange of India (NSE) – Market Capitalization, Index Returns, Facts & Figures

Bombay Stock Exchange (BSE) – Market Capitalization, Sensex Data

NSDL & CDSL – Demat Account Statistics

Research & Analytics:

Ookla Speedtest Global Index – Internet Speed Rankings

DataReportal / We Are Social – Digital 2025 India Report

Ericsson Mobility Report November 2025 – 5G Statistics

IDC – Smartphone Market Data

StatCounter – Mobile OS Market Share, Traffic Statistics

Trading Economics – Economic Indicators

News & Financial Media:

Business Standard, Business Today, Economic Times, Mint – Market Data, Financial News

India Brand Equity Foundation (IBEF) – Economic Reports

Last Updated: January 2026. Data points reflect the most recent available figures as of the update date. Some figures are provisional and subject to revision.