ICRA Lowers India FY27 GDP Growth Estimate to 6.2 Per Cent

Key facts

• ICRA has lowered India's Gross Domestic Product (GDP) growth estimate for FY27 to 6.2 per cent from an earlier projection of 6.5 per cent.
• For FY26, ICRA projects GDP growth at 7.5 per cent, which is marginally lower than the National Statistical Office (NSO) Second Advance Estimate (SAE) of 7.6 per cent.
• Global brokerage Morgan Stanley has projected India's GDP growth to be 6.8 per cent for 2026, supported by strong domestic demand and government-led capital expenditure.
• ICRA expects crude oil prices to average USD 95 per barrel in FY27, adjusted from the previous estimate of USD 85 per barrel due to the West Asia crisis.
• India's merchandise exports fell by 2.8 per cent on a Year-on-Year (YoY) basis in the March quarter of 2025-26, following a 1.4 per cent rise in the December quarter.