India’s latest wave of economic reforms appears to be delivering at the ground level, with festive consumption data underscoring the impact. Bajaj Finance Ltd., the nation’s largest private-sector non-bank lender, announced a 27% rise in loan volumes and a 29% increase in value disbursed during the September 22–October 26, 2025 festive period, signalling robust consumer sentiment supported by policy-driven purchasing power.
The company disbursed approximately 63 lakh loans and added 23 lakh new customers, of whom 52% were first-time borrowers — a key indicator of widening financial inclusion. This surge aligns with the government’s next-generation GST reforms and recent personal income tax changes, aimed at boosting disposable incomes and making essential and aspirational products more affordable.
Sanjiv Bajaj, Chairman, noted that these reforms are reshaping India’s consumption economy. He highlighted rising confidence among middle- and lower-income families, who are now accessing formal credit more actively. Alongside inclusion, premiumization trends strengthened: loans for 40-inch and above TVs rose to 71% from 67% last year, even as the average ticket size declined 6% — a result of lower GST on consumer durables.
With 239,000 distribution points across 4,200 locations and strong digital platforms, Bajaj Finance is positioned to capitalize on policy-led economic expansion and support India’s vision of broad-based, consumption-driven growth.
