'India was, is and will be one of fastest-growing economies': SBI Research
India remains one of the world's fastest-growing economies, demonstrating significant resilience. Strong credit and deposit growth indicate a robust financial sector performance. Foreign currency inflows are bolstering the nation's economic standing. Improved monsoon outlook and better irrigation support the rural economic outlook. The number of high-income taxpayers continues to show a notable…
India is projected to maintain its status as one of the fastest-growing economies globally, according to SBI Research's special report marking the country's 80th Independence Day. The report highlights the nation's resilience, citing strong growth, rising credit and deposits, robust corporate performance, and an improving monsoon outlook.
SBI Research expects real GDP growth of 8% in the first quarter of FY27, with credit growth at 19.3% and bank deposit growth reaching 15.4%. The report also notes that foreign currency mobilisation under the special FCNR(B) deposit scheme has reached USD 52.3 billion, with potential to reach USD 65-70 billion by the end of the scheme's one-month truncation.
The improvement in the rural outlook, indicated by a narrower monsoon deficit and better irrigation coverage, further supports the country's economic growth prospects. However, the report cautions that the current environment still requires credible and sustainable macroeconomic mechanisms to sustain this growth trajectory.
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