Mixed signals in May 2025: Urban demand softened with vehicle sales dropping, rural demand rose via two-wheelers and MGNREGS, petroleum consumption rebounded, while unseasonal rains cut electricity demand. Overall activity remained robust with strong GST, e-waybills, and digital payments.

• Urban passenger vehicle sales fell sharply in May 2025, especially in entry-level segments, signaling demand moderation.
• Rural demand improved with higher two-wheeler retail sales and increased MGNREGS household demand amid lean agricultural periods.
• May 2025 saw a four-month high in petroleum consumption driven by petrol, while electricity demand dipped due to monsoon effects.