India’s economic expansion is expected to slow in the second half of fiscal year 2027 before accelerating to approximately 7.2% in FY28, according to a new report from ICICI Bank.
The lender attributes the near-term moderation to a high base effect, which will weigh on growth figures in the coming quarters despite underlying resilience in the economy.
5% to 6.8% for the current fiscal year, reinforcing the view that the economy is maintaining its pace despite external headwinds.
The bank’s outlook suggests a clear inflection point ahead, with growth momentum returning in FY28.
This projection aligns with broader consensus that India remains one of the world’s fastest-growing major economies, even as it navigates a complex global backdrop.
Deloitte India has previously projected expansion of 6.5% to 6.8% for the current fiscal year, reinforcing the view that the economy is maintaining its pace despite external headwinds.
On the monetary policy front, ICICI Bank anticipates a tightening cycle of 50 basis points.