Deloitte India has projected India's economy to grow between 6.5% and 6.8% in FY27, with economic activity expected to strengthen during the second half of the fiscal year, supported by festive demand, monetary easing and a gradual stabilisation in global conditions. In its latest Economic Outlook report, Deloitte noted that despite rising geopolitical uncertainties and disruptions to global trade, India's macroeconomic fundamentals remain resilient. The report highlighted that the economy entered 2026 with balanced fundamentals, although tensions in the Middle East contributed to higher commodity price volatility, a wider trade deficit, capital outflows and depreciation of the rupee. India's medium-term growth outlook remains positive, supported by robust domestic demand and ongoing economic reforms. The Reserve Bank of India (RBI) has projected GDP growth of 6.6% for FY27, while the economy expanded by 7.7% in FY26.
The report identified India's accelerated pursuit of Free Trade Agreements (FTAs) with major global markets as a key driver of long-term growth and competitiveness. It emphasised the need to complement trade agreements with stronger industrial policies, world-class infrastructure, resilient domestic supply chains, simplified regulatory processes and continued investments in innovation and skills to enhance domestic value addition. Inflation remains a key risk, with higher prices of crude oil, fertilisers, essential minerals and edible oils, coupled with weather-related uncertainties, likely to influence food prices and overall inflation. However, continued policy support, expanding manufacturing capabilities and sustained investment in infrastructure are expected to strengthen India's growth momentum over the medium term, reinforcing its position as one of the world's fastest-growing major economies.
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