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India’s FMCG market saw a surprise revival in July–September, with volumes up 4.7% YoY—led by household care (~6.1%) and stronger personal care—even before the late-Sept GST rate reductions kicked in. Both urban (5.2%) and rural (4.2%) demand improved sequentially, with noodles, snacks, and edible oils also growing. Companies expect the momentum to carry into the festive-heavy next quarter as supply chains normalise.
