India’s Economy Estimated to Grow 7.4% in FY26
India’s economy is estimated to have rebounded strongly inFY26, growing at7.4%compared with6.5%in the previous year, according to government data released on January 7. The pickup reflects a return to stronger momentum after a period of moderation, supported by investment, consumption, and policy measures.
A major driver of growth wasinvestment activity.Gross Fixed Capital Formation (GFCF)is estimated to have grown by7.8%, up from 7.1% in FY25, signalling higher spending on infrastructure, machinery, and long-term projects.
Household consumptionremained robust, withReal Private Final Consumption Expenditure (PFCE)estimated to grow by7%, aided by lower inflation and supportive government policies that maintained purchasing power.
Government initiatives, includingincome tax reliefandrationalisation of GST rates, helped strengthen consumer demand despite uncertainties in the global economy. While exports faced headwinds from trade tensions and tariffs, strong domestic demand cushioned the impact and kept overall growth on track.
Theservices sectorcontinued to drive growth, withReal GVAestimated to rise7.3%. Key contributors include:
Financial, real estate, and professional services, plus public administration and defence:9.9% growth
Trade, hotels, transport, communication, and broadcasting:7.5% growth
Thesecondary sector—manufacturing and construction—grew by7%, reflecting stable demand and ongoing infrastructure activity.
In comparison,agriculture and allied activitiessaw moderate growth of3.1%, whileutilities(electricity, gas, water supply) expanded by2.1%.
Monetary policy also aided growth. TheReserve Bank of Indiacut policy rates by a cumulative125 basis pointsfrom 6.5% over the year. Lower borrowing costs helped households and businesses, boosting spending in interest-sensitive areas like housing and investment.
Overall, FY26 growth highlights India’s resilience, supported by a mix ofpolicy measures, easing inflation, and strong domestic demand, allowing the economy to regain momentum despite global challenges.
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