SHILLONG — India’s consumer confidence rose again in September, with the latest LSEG-Ipsos reading showing sentiment recovering close to its recent high after a sharp decline in June.
The Primary Consumer Sentiment Index for India increased to 66.92 in September 2026, from 65.26 in August, according to data released on September 11. The index tracks consumer sentiment across 30 markets.
India’s reading has moved sharply during the year. The PCSI stood at 57.26 in March, before rising to 66.17 in April and 66.57 in May. It fell to 63.84 in June, then recovered to 67.08 in July, slipped to 65.26 in August and climbed again in September.
September’s reading was therefore only 0.16 point below July’s 67.08, indicating that the June decline has not developed into a prolonged fall in consumer sentiment. India had the highest consumer confidence among the 30 markets surveyed by Ipsos in July. Its National Index score reached 67.1, making it the only market in the survey to record a score above 60.
The confidence reading, however, covers more than household finances.The LSEG-Ipsos index combines consumer perceptions of economic conditions, employment, personal finances and the investment climate. A higher score can therefore reflect expectations about the economy as well as views about present financial conditions.
All four sub-indices improved among urban Indian consumers in July. Economic expectations increased by 2.7 points, employment sentiment rose 2.8 points, current personal financial conditions improved 2.9 points, while the investment climate recorded the largest increase of 3.7 points.
Ipsos also flags a limitation in how its India results should be interpreted. Its Indian sample is more urban, more educated and/or more affluent than the general population.
The result is a strong national consumer-confidence reading, but not a complete measure of how every Indian household is experiencing the economy. The Reserve Bank of India is collecting additional household-level information through its latest Urban and Rural Consumer Confidence Surveys. The urban survey covers 19 cities, while the rural survey covers 31 states and Union territories.
The RBI surveys ask households about economic conditions, employment, prices, income and spending, providing a separate measure of how consumers assess their financial and economic circumstances.
The rural survey is particularly relevant when interpreting the LSEG-Ipsos figure because the latter’s Indian sample does not represent the country’s entire population.
The September PCSI therefore shows that consumer sentiment remains unusually strong. Whether that confidence is translating into higher household spending is a separate question, requiring evidence from consumption, income, borrowing, vehicle purchases, housing demand and other indicators.
The confidence number is strong. The household picture needs more numbers.
