2025年上半年印度私募信贷市场研究报告（英文版）.docxVIP

Private

PrivatecreditinIndia

H12025update

Contents

Contents

Executivesummary

1.Macroeconomicoutlook

2.Analysisofcreditdeploymentandgrowth

3.Regulatoryandotherdevelopments

4.Newfundsetupanddealactivity

5.Inthespotlight

6.EYprivatecreditpulsesurveyLeadershipcontacts–bysolutionGlossary

3Privatecredit

3

PrivatecreditinIndia:H12025Update

介4PrivatecreditinIndia:H12025Update

介

Executive

summary

Indiaentered2025withrenewedeconomic

resilience,aseasingglobalin?ation,softening

crudeprices,andasupportivemonetarycycle

helpedcushionexternalvolatility.TheFY25real

GDPgrewat6.5%,poweredbyresilientservices

androbust?scalspending,evenasindustrial

outputandexternaltradelagged.WithCPIin?ationfallingto2.8%byMay,itslowestinsixyears,the

ReserveBankofIndia(RBI)beganacautiousrate-cuttingcycle,shiftingtoaneutralstance.

Againstthisbackdrop,India’sprivatecreditmarketwitnessedasharpspikeindealvalueinH12025,driven,toalargeextent,byonerecord-breaking

transaction.Whiletotaldeploymenttouched

US$9.0billionacross79deals—a53%jumpfromH12024andcloseto3xofH22024levels—the

surgewaslargelyattributabletotheUS$3.1billionraisedbyPorteastInvestment(ShapoorjiPallonji

Group),thelargestonshoreprivatecreditdealeverinIndia.Theabove?guresdonotincludedeals

worthlessthanUS$10million,dealsconcluded

solelybyforeignbanksandoffshorecreditraises,whichwouldsigni?cantlyenhancethesizeofthemarket.

Excludingtheoutlier,privatecreditdealactivityinH12025re?ectedamoremeasured,yet

meaningful,upwardmove—drivenbyshiftsinthebroadercreditlandscape.Whileoverallcredit

deploymentbybanksslowedduetoheightenedrisksensitivityandtighterunderwritingincapital-

intensivesectors,goingforward,NBFCsarelikelytobene?tfromtheRBI’srecen