1、 Private credit in India:H1 2025 Update1 Private credit in India H1 2025 update Private credit in India H1 2025 update Private credit in India:H1 2025 Update2 r Private credit in India:H1 2025 Update3 TOCT Contents Executive summary 1.Macroeconomic outlook 2.Analysis of credit deployment and growth

2、3.Regulatory and other developments 4.New fund setup and deal activity 5.In the spotlight 6.EY private credit pulse survey Leadership contacts by solution Glossary Private credit in India:H1 2025 Update4 1.Executive summary India entered 2025 with renewed economic resilience,as easing global inflati

3、on,softening crude prices,and a supportive monetary cycle helped cushion external volatility.The FY25 real GDP grew at 6.5%,powered by resilient services and robust fiscal spending,even as industrial output and external trade lagged.With CPI inflation falling to 2.8%by May,its lowest in six years,th

4、e Reserve Bank of India(RBI)began a cautious rate-cutting cycle,shifting to a neutral stance.Against this backdrop,Indias private credit market witnessed a sharp spike in deal value in H1 2025,driven,to a large extent,by one record-breaking transaction.While total deployment touched US$9.0 billion a

5、cross 79 deals a 53%jump from H1 2024 and close to 3x of H2 2024 levels the surge was largely attributable to the US$3.1 billion raised by Porteast Investment(Shapoorji Pallonji Group),the largest onshore private credit deal ever in India.The above figures do not include deals worth less than US$10

6、million,deals concluded solely by foreign banks and offshore credit raises,which would significantly enhance the size of the market.Excluding the outlier,private credit deal activity in H1 2025 reflected a more measured,yet meaningful,upward move driven by shifts in the broader credit landscape.Whil