India’s economic momentum remains strong, with the economy projected to grow by 7.35% in the second quarter of the financial year 2026-27.
According to the Finance Ministry’s monthly economic review for October released on October 29, growth is supported by stronger industrial output, higher energy consumption, increased port traffic, robust GST collections and rising automobile sales.
Finance Ministry’s report also highlighted the resilience of India’s external sector amid global uncertainty.
Total merchandise and services exports grew by 11% year-on-year last month. Merchandise exports rose by 23.1%, emerging as the main driver of export growth.
The report also noted that India’s foreign exchange reserves are currently adequate by standard reserve adequacy metrics, providing import cover of 10.3 months.
Earlier, the IMF raised its growth forecast for India in FY27 to 7%, while the World Bank, the Organisation for Economic Co-operation and Development and the Reserve Bank of India project growth of 7.1%.
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