India, May 19 -- ICRA Limited has lowered India's GDP growth projection for FY27 to 6.2 per cent from its earlier estimate of 6.5 per cent, citing elevated crude oil prices amid ongoing tensions in West Asia.
The rating agency expects crude oil prices to average around USD 95 per barrel in FY27, higher than its previous assumption of USD 85 per barrel, due to persistent geopolitical uncertainties in the region.
Aditi Nayar said the upward revision in crude oil assumptions has led the agency to trim its baseline GDP growth forecast for FY27.
For FY26, ICRA has projected India's economic growth at 7.5 per cent, slightly below the National Statistical Office's second advance estimate of 7.6 per cent.
Published by HT Digital Content Service...