PL Wealth, the wealth management arm of PL Capital (Prabhudas Lilladher) has released its Market Outlook – September 2025, highlighting India’s resilient macroeconomic momentum despite global challenges. It retains a positive long-term outlook for Indian Equities, backed by a normal monsoon, sustained policy reforms, government capex, and the financialization of savings which continue to underpin India’s growth trajectory. The report notes that India’s GDP for Q1 FY26 surprised on the upside at 7.8% YoY, aided by robust manufacturing, front-loaded government capex, and a favorable deflator, outperforming
expectations of 6.9%. The outlook has been further buoyed by the GST rationalization effective September 2025, which is expected to lift growth by 0.2–0.3%, spur consumption, and ease inflationary pressures.
According to Inderbir Singh Jolly, CEO, PL Wealth Management, “India’s structural growth story remains intact with reforms, capex momentum, and low inflation providing strong tailwinds. While tariff headwinds and global volatility weigh on near-term sentiment, we believe disciplined investors can use market volatility to accumulate quality assets for long-term wealth creation”.
“Markets are navigating global volatility with resilience, but the near-term picture remains
clouded by tariffs and FPI outflows. We continue to believe that disciplined, long-term
investors should use volatility to build exposure to quality companies, while fixed income
and precious metals provide tactical opportunities in the current environment,” added
Inderbir Singh Jolly, CEO, PL Wealth.
Adding to the positives, S&P upgraded India’s sovereign rating to BBB (stable) after 18 years, citing growth resilience and fiscal prudence. While, CPI inflation dropped to a 97-month low of 1.55% in July 2025, creating policy space for rate cuts. Services activity also remains robust, with the Services PMI at a 15-year high of 62.9 in August.