Behind every macro trend is a micro-market that matters.
Y-Macro Analytics is India's leading economic intelligence platform that helps organizations move beyond national averages and understand the economic realities driving growth across India's districts. We combine economic forecasting, high-frequency data, and district-level intelligence to reveal where growth is emerging across India.
We see beyond broad indicators to the specific trends that move a region or sector, district by district.
Granular economic intelligence, built for India's depth.
Granular Economic Intelligence
We deliver high-resolution economic intelligence across India's states and districts, revealing the regional and sectoral trends that drive growth, demand and investment.
- District Economic Database covering 700+ districts across income, sector GVA and per-capita series
- State Economic Heatmap, refreshed monthly
- Short and long-term GDP projections at national, state and district level
- State snapshots with district focus, built from official DES and Economic Survey sources
India beyond the metros
We provide deep coverage across Tier II, Tier III and rural markets, the regions driving India's next phase of growth.
- Coverage of Tier II, Tier III and rural markets, not just the metros
- District-level demand and consumption signals from UPI, GST e-Way Bills and Vahan
- Climate-related stress models at district level, including farm income stress
- State political risk and uncertainty indices
Alternative data
Our proprietary models combine official statistics with alternative indicators including GST e-Way Bills, Vahan registrations, RERA, PMAY, satellite data and other high-frequency signals.
- UPI and NPCI merchant-category payment data
- GST e-Way Bills and GSTN collections, tracked monthly
- Vahan vehicle registrations and FASTag toll traffic
- Portfolio stress testing and credit risk advisory built on these inputs
India's economy, read as it moves.
High-frequency signals feeding our models, each with the direction of its latest move.
From district to nation, read micro to macro.
Powered by Y-Macro's proprietary state-level growth models and high-frequency economic indicators.
Districts outpacing India
States outpacing India
UPI consumption by bucket
Year-on-year growth in UPI value by spend bucket.
Sub-sector credit signal
Stress concentrated in mining, food processing and construction. Around 52% of restructured standard advances had slipped into NPAs by Sep-18, down from 64% in Jun-18, reflecting persistent legacy corporate stress.
Slippages increased in textiles, rubber and construction, while agriculture and services GNPA deteriorated. Industry asset quality improved marginally, with average sectoral risk weights declining.
At the onset of COVID, GNPAs surged in construction and gems & jewellery, while services and retail also weakened. Infrastructure and basic metals remained the largest contributors to industrial credit risk.
COVID shifted stress toward MSMEs, personal loans and contact-intensive services (trade, hotels, transport). Personal loans were the only major segment with rising GNPA during FY21. PSB MSME portfolios remained heavily stressed, while regulatory forbearance masked the true extent of deterioration.
Broad-based improvement across industrial sectors, although construction and gems & jewellery continued to exhibit elevated stress. COVID restructuring (RF 2.0) remained concentrated in MSME and retail portfolios.
Industrial asset quality improved across most sub-sectors. Credit-card receivables were the only personal loan segment showing deterioration, while stress increasingly shifted toward unsecured retail and microfinance.
Despite system GNPA falling to 2.3%, above-average stress persisted in agriculture (6.1%), food processing, gems & jewellery, textiles, paper, construction and MSMEs. Off-balance stress emerged in microfinance, small finance banks' unsecured retail books and micro-enterprise lending, indicating migration of credit risk beyond traditional corporate sectors.
System GNPA declined further to 1.8%, but stress remained elevated in agriculture (5.1%), textiles, food processing, paper and construction, while mining was the only industrial sub-sector to worsen year-on-year. Emerging vulnerabilities appeared in NBFC services, fintech small-ticket personal loans and micro-enterprises, with geopolitical risks posing additional downside for MSMEs.
Understand a state's economy beyond headline GDP.
From output and income to sector mix, manufacturing, jobs and district-level dynamics.
Sector composition of GVA
Per-capita electricity consumption
Socio-economic profile
Development indicators beyond output, the human side of the economy.
Forecast tomorrow's economy today.
Historical trends, leading indicators and proprietary econometric models combine to forecast macroeconomic variables across national, state and district levels.
Headline forecasts, FY 2027
From our latest India Macro Outlook. Real growth easing to an equilibrium pace with inflation inside the RBI band.
An integrated platform for India's economic intelligence.
From macro forecasts and state dashboards to sector outlooks and district intelligence, our products provide decision-ready insights across every layer of India's economy.
Trusted by organisations making high-impact decisions across India.
We work across a handful of sectors where sub-national economic signal changes the decision. A short view of what we do, the method stays in the room.
Veteran economists. Academic rigour.
Economists and data-science analysts with two decades of combined experience across economics research, banking and management consulting, supported by senior advisors from the academic world who guide our model methodologies.
Theoretical and research guidance.
Zooming in on Data, focusing on Insights.
Let's solve your next
economic intelligence challenge.
Whether you're evaluating markets, forecasting demand, underwriting credit or planning expansion, we'll build intelligence tailored to your decision.
