India’s growth gets a 7% Crisil upgrade
India's growth outlook has received a 7% upgrade from domestic rating agency Crisil, moving from a previous 6.6% forecast. This upgrade reflects expectations of strong economic growth in the first half of the fiscal year, with the agency citing resilient consumers, investment, and government spending. However, the same outlook comes with a warning, as a strengthening El Nino and elevated energy prices could trigger a fresh inflation shock for an economy where food prices heavily impact household budgets.
Crisil Chief Economist D K Joshi anticipates the economy to grow faster in the first half of FY27 before slowing down in the second half. The agency expects crude oil prices to average $87-93 a barrel in FY27, compared to $70 a barrel in FY26. Monsoon performance, currently 12% below the long-term average, is another key variable that could impact the winter crop and potentially affect economic growth.
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