India’s electricity demand declined by 5.0% on a year-on-year basis during the first 20 days of October 2025, based on provisional data from the Power System Operation Corporation (POSOCO). 

Earlier the demand grew modestly between July and September 2025 with a contraction in Q1 FY2026, largely attributed to an unfavourable base effect, the early onset of the Southwest Monsoon, and above-normal rainfall across much of the country. The electricity demand growth has shown a mixed trend in FY2026 so far. The full-year demand growth for FY2026 is projected at 4.0–4.5%, trailing ICRA’s GDP growth forecast of 6.5%.

Electricity demand dropped by 5.0% YoY in first 20 days of October 2025

Source: ICRA Research, Central Electricity Authority (CEA), POSOCO; Data for Oct-25 is estimated