India’s rising economic resilience is reflected in upward revisions to GDP forecasts by the OECD, S&P Global, Fitch, ADB and Moody’s. Strong 7.8% growth, robust services and manufacturing, accelerating investment, resilient consumption and expanding exports demonstrate broad-based momentum. These trends strengthen India’s productive capacity, domestic demand and global competitiveness despite persistent external uncertainties.
Recently, several major international institutions have raised their growth forecasts for the Indian economy. The latest revisions from the OECD, S&P Global, Fitch Ratings, the Asian Development Bank (ADB), and Moody’s Ratings signal growing recognition of India’s growth momentum and its ability to withstand a challenging global economic environment. The OECD has raised its forecast for India’s GDP growth from 6.3% to 7.1%, while S&P Global has revised its projection from 6.6% to 7%. Fitch Ratings has increased its forecast from 6.4% to 6.9%, ADB from 6.6% to 7%, and Moody’s Ratings from 6% to 7%. Thus, all five have raised their projections, with four now placing India’s growth at around 7% or higher.
The Growth Story So Far
| S. No | Organization | Before | After |
| 1 | OECD | 6.3% | 7.1% |
| 2 | S&P Global | 6.6% | 7% |
| 3 | Fitch Rating | 6.4% | 6.9% |
| 4 | ADB | 6.6% | 7% |
| 5 | Moody’s Rating | 6% | 7% |
These revisions matter because they are not happening in isolation. They coincide with evidence of strengthening domestic economic activity across several key components of GDP. India’s growth story is increasingly supported by multiple engines rather than by a single sector or source of demand. India’s real GDP growth reflects a strong post-pandemic recovery and sustained momentum. After contracting sharply by 5.7% in FY2020-21, the economy rebounded with 9.6% growth in FY2021-22. Growth remained robust at 7.6% in FY2022-23, 7.3% in FY2023-24, and 7.2% in FY2024-25, and accelerated to 7.8% in FY2025-26, highlighting India’s resilience and continued strength despite global economic uncertainties.
The build-up of India’s economic resilience
Growth momentum provides the foundation
The latest quarterly performance helps explain the more positive external assessment of India. Real GDP growth accelerated to 7.8% in Q1 FY2026-27, compared with 6.9% in Q1 FY2025-26. Nominal GDP growth also strengthened to 10.3%, compared with 8.1% a year earlier, taking GDP to ₹88.27 lakh crore. Real GVA growth increased to 8.2% from 7%, while nominal GVA expanded by 11.5%. These figures indicate that the improvement is not confined to headline GDP but is also evident in underlying economic activity.
Services remain a powerful growth engine
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