Business
Indias GDP Growth Projected At 6.7% In Q1 FY26, Urban Consumption To Rise: Report
New Delhi: India is expected to clock 6.7 per cent growth in the first quarter of the current fiscal (FY26), outpacing the RBI Monetary Policy Committee’s (MPC’s) recent forecast of 6.5 per cent, credit rating agency ICRA said on Tuesday.
The rating agency report projects the growth in the gross value added (GVA) to stand at 6.4 per cent in Q1 FY2026.
Improved transmission of monetary easing and the recent announcement of forthcoming GST rationalisation may help to shore up urban consumption sentiments ahead of the festive season, the report said.
“ICRA estimates a double-digit growth in net indirect taxes (in nominal terms), aided by the sharp uptick in the government of India’s indirect taxes (+11.3 per cent in Q1 FY26 from -3.1 per cent in Q4 FY2025), despite the narrower contraction in its subsidy outgo,” said Aditi Nayar, Chief Economist, Head-Research and Outreach, ICRA.
“Benefitting from robust government capital as well as revenue spending, upfronted exports to some geographies and nascent signals of improved consumption, the pace of expansion in economic activity in Q1 FY2026 is estimated at 6.7 per cent,” Aditi Nayar said.
The rating agency estimates the YoY growth in the services GVA to increase to an eight-quarter high of 8.3 per cent in Q1 FY26, from 7.3 per cent in Q4 FY25, supporting the overall GVA expansion in that quarter.
In particular, the combined non-interest revenue expenditure of 24 state governments reported a double-digit YoY growth of 10.7 per cent in Q1 FY26, up from 7.2 per cent in Q4 FY25.
Likewise, the Central government’s non-interest revenue expenditure saw a turnaround, recording a YoY growth of 6.9 per cent against a contraction of 6.1 per cent in the previous quarter, said the report.
Rural sentiments, as reflected in the Current Situation Index (CSI) improved further in the July 2025 (100.6) round of the RBI’s Rural Consumer Confidence Survey, reflecting favourable trends in farm output in the last two cropping seasons, and the upbeat outlook for the ongoing kharif season, and a considerable cooling in the rural CPI inflation.
As governments across the world restricted the movements of their citizens during Covid lockdowns from 2020, people spent more time online. We bought more online and socialised more online, and this brought us closer to the people who want to scam us. At the same time, realistic video impersonations, voices, websites, and texts became more commonplace, and scammers increased their use of social media including WhatsApp.
The conflict in the Middle East has caused rapid price rises for both petrol and diesel.
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NaBFID signs pact with PDCOR to expand advisory support for state projects – The Times of India
The National Bank for Financing Infrastructure and Development (NaBFID) has signed a Memorandum of Agreement with Projects Development Company of Rajasthan Limited (PDCOR) to strengthen advisory services for state and city-level infrastructure projects.The agreement will also allow both institutions to jointly explore financing and transaction advisory opportunities, including transaction structuring, commercial and technical due diligence, and support for financial closure of projects undertaken by state governments and urban local bodies across India, according to PTI.“This collaboration seeks to enhance access to long-term institutional finance for State Governments and Urban Local Bodies, while strengthening the infrastructure advisory and financing ecosystem,” Rajkiran Rai G., Managing Director of NaBFID, said.He added that the partnership would help both institutions jointly pursue project advisory opportunities, develop replicable financing frameworks, accelerate financial closures and mobilise capital across the infrastructure value chain.Monika Kalia, DMD-CFO, NaBFID, said the tie-up would leverage the strengths of both organisations to provide much-needed advisory support to states and urban local bodies for impactful urban infrastructure projects.Dileep Chingapurath, Chief Executive Officer, PDCOR, said the agreement would address the long-felt need for end-to-end professional support to structure and mobilise sustainable financing solutions, particularly for state governments and their agencies.“Through this collaboration, both institutions aim to enhance the quality of project preparation, mobilise institutional capital more effectively and accelerate the implementation of sustainable infrastructure projects across states and municipalities,” he said.NaBFID is a Development Financial Institution focused on long-term infrastructure financing, while PDCOR is an undertaking of the Government of Rajasthan.
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