GST Rationalisation Lowers CPI by 25 bps, Says SBI Research

SBI Research estimates GST rate rationalisation reduced CPI inflation by about 25 basis points during September–November 2025, lower than earlier projections. Including e-commerce discounts, the impact may rise to 35 bps in 2025–26. Inflation is expected to firm up amid rupee weakness, with no immediate change in RBI’s policy stance.