India Ratings and Research (Ind-Ra) projects India GDP growth at 6.9% for FY27

Key facts

• India Ratings and Research (Ind-Ra) forecasts real GDP growth of 6.9% in FY27.
• Ind-Ra expects retail inflation to average 3.8% in FY27.
• Union government debt as a percentage of GDP is projected to decline to 55.5% in FY27 from an estimated 56.3% in FY26.
• Ind-Ra anticipates the Indian Rupee to average 92.26 against the US dollar in FY27, compared with 88.64 in FY26.
• Ind-Ra estimates total budget size to rise to Rs 52 lakh crore in FY27 from the budgeted Rs 50 lakh crore in FY26.
• Tax revenue is expected to fall short by Rs 2 lakh crore in FY26, to be offset through higher non-tax revenue and slightly lower capex.
• Fiscal deficit for FY26 is retained at the budgeted 4.4% of GDP, amounting to Rs 15.69 lakh crore in absolute terms.