India's GDP Growth Forecast to 7.1%

S&P Global — CRISIL Ratings Intelligence has projected India's real GDP growth to moderate to 7.1% in fiscal 2027 from 7.6% in the previous year. This forecast, presented at the 10th India Outlook Conclave, highlights strong domestic demand, robust consumption, and a broadening private capital expenditure cycle as primary growth engines. Key assumptions include a normal monsoon, benign food inflation, Brent Crude prices between USD 75-80 per barrel, and steady global growth. Public infrastructure spending remains a significant driver, while private investment is picking up in emerging sectors like electronics, semiconductors, and electric vehicles. S&P Global — CRISIL Ratings executives Amish Mehta, Dharmakirti Joshi, and Priti Arora Dhamija emphasized the resilience of India's economy despite global uncertainties, but also noted risks from geopolitical conflicts and commodity price volatility. Industrial capital expenditure is expected to see a 1.5x step-up, with significant growth in new-age industries. Export momentum is anticipated to remain steady, though corporate revenue growth may face pricing pressures in commodity-linked sectors.