India’s growth may moderate to 6.6% in FY27 amid global energy shocks

Energy and food security reforms are necessary to achieve the goal of a ‘Viksit Bharat’ (developed country) by 2047, it noted.

India’s GDP growth is projected to moderate to 6.6 per cent in FY27 from 7.1 per cent estimated earlier, according to a joint report by S&P Global and Crisil.
Energy and food security reforms are necessary to achieve the goal of a developed country by 2047, it noted.
India should devise a comprehensive energy storage policy to create strategic buffers, the report, titled ‘India Forward’, said.

Titled ‘India Forward’, the report said India is facing external economic shock from energy supply disruptions, rising oil and gas prices and currency volatility, and it should devise a comprehensive energy storage policy to create strategic buffers.

While releasing the report, Crisil chief economist Dharmakirti Joshi said that as the duration of the crisis increases, newer stress points would emerge, and the weakening rupee and rising oil prices are a double whammy of sorts, creating pressure on growth.

Calling for more reforms to deal with the crisis, Joshi said India needs to become more competitive to take advantage of the recently-signed free trade agreements, which give market access through lower tariffs.

Fibre2Fashion News Desk (DS)