S&P Global (S&P) and Crisil Lower India’s FY27 GDP Growth Projection to 6.6%

Key facts

• S&P Global (S&P) has lowered India’s economic growth projection for the financial year 2026-27 (FY27) to 6.6% from its earlier estimate of 7.1%.
• The Gross Domestic Product (GDP) growth for the financial year ended March 2026 (FY26) has been pegged at 7.6%.
• Crisil Chief Economist Dharmakirti Joshi stated that disruption in energy supplies is likely to push India’s retail inflation to 5.1% in FY27 from around 2% the previous year.
• India’s annual GDP growth averaged 7.3% between FY23 and FY26, while the fiscal deficit was reduced from 9.2% in 2020-21 to 4.4% in 2025-26.
• The report noted that Wholesale Price Index (WPI) based inflation is likely to surpass Consumer Price Index (CPI) based retail inflation in the coming months.