Business

India’s growth has the world rewriting its forecast

By Sohail Khan 4 October 2026, 5:17 pm

Benchmarks
Nifty22,421.95-198.5

FEATURED FUNDS★★★★★

Motilal Oswal Midcap Fund Direct-Growth

5Y Return
19.6 %

Invest Now

Enter search text:

Business News›News›Economy›Indicators›India’s growth is making the world rewrite its forecast: MoSPI Secretary Saurabh Garg

Read Today's Paper

India’s growth is making the world rewrite its forecast: MoSPI Secretary Saurabh Garg
Synopsis

India's continued economic resilience, supported by strong corporate performance and sustained investment activity, is now being reflected in upward revisions to the country's growth estimates by various international agencies, Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation (MoSPI), said.

India's economic resilience reflected in upward growth revisions: MoSPI Secy Saurabh Garg — MoSPI Secretary Saurabh Garg said India’s 7.8% first-quarter growth, strong corporate performance and sustained investment are prompting international agencies to raise their growth forecasts.

India’s stronger-than-expected economic performance is prompting international ratings agencies and research firms to raise their growth forecasts, with sustained investment and robust corporate activity pointing to continued momentum, MoSPI Secretary Saurabh Garg said on Saturday.

Garg, speaking on the sidelines of the Kautilya Economic Conclave, said the economy had retained its resilience after expanding 7.8% in the first quarter of FY27, while activity across manufacturing and services and continued capital spending provided further signs of strength.

Also read: India can sustain around 7% growth despite global concerns: Nilesh Shah

"The first quarter growth rate was anyway at 7.8 per cent. And we are seeing the continued resilience of the economy," Garg said.

Several leading ratings agencies and research firms, including S&P Global Ratings and Fitch Ratings, have revised their India growth projections upwards in recent weeks following the stronger-than-expected first-quarter performance.

Garg said the revisions were consistent with the broader picture emerging from corporate earnings and investment activity, including capital expenditure by private companies.

"Government investment was anyway high. And the other sectors too, whether you look at much of the manufacturing sectors or the service sectors, if you look at some of the service sector growth rates, they have been extremely positive," he said.

Global forecasts catch up with domestic momentum

The MoSPI secretary said the improvement in international growth estimates reflected the positive momentum visible in the Indian economy over recent months and through the first quarter.

"So I think it's the positivity which has been seen over the past few months, over the first quarter and beyond, which is now getting reflected in the revisions that are being made by different international agencies," he said.

The upward revisions come after India's 7.8% first-quarter expansion, which was stronger than the expectations of several forecasters and underscored the strength of domestic economic activity.

Also read: India GDP forecast stays at 7%, uncertainty range remains wide: Economist Arvind Virmani

Oil shock risks contained by policy response

Garg also pointed to the risks posed by tensions in West Asia, particularly through their potential impact on global crude oil prices, but said government measures had helped cushion the Indian economy against external shocks.

He said the response had involved not just government intervention but also adjustments by households and the private sector to changing external conditions.

"…I think that's because of the number of interventions that have been done by the government to ensure that there is no adverse effect of the global oil shocks that are there or the other activities," Garg said.

He said the economy’s resilience in the face of geopolitical and commodity-price risks reflected the combined impact of government measures and responses from households and businesses.

(With inputs from ANI)

Add as a Reliable and Trusted News Source
Add Now!

(You can now subscribe to our WhatsApp channel)

(You can now subscribe to our WhatsApp channel)

Read More News on
India economic growthMoSPISaurabh Gargratings agencies revisionsFY27 growth rateinvestment in Indiacorporate activity Indiamanufacturing and services growthglobal oil shocksKautilya Economic Conclave

Enter search text:

Continue reading with one of these options:
Limited Access
Free
Login to get access to some exclusive stories

& personalised newsletters
Login Now

Unlimited Access
Starting @ Rs120/month
Get access to exclusive stories, expert opinions &

in-depth stock reports
Subscribe Now

Unlock Access to All Exclusives with ETPrime FREE TRIAL

15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers

Trial offer expiring in00 : 05 : 00

I'd rather pay ₹2599 now

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

Prime Account Detected!

It seems like you're already an ETPrime member with

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

Unlock ETPrime's Exclusive Stories Today!

Subscribe to gain powerful insights on business, stock market and industry trends.

Big Price Drop! Flat 40% Off

Student Only Offer

Already a Member? Sign In now

Already a Member? Sign In now
Already a Member? Sign In now

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Special Offer

Get flat 40% off on ETPrime

Avail Offer
Avail Offer

Claim NowAlready a Member? Sign In now

Need Assistance?

Connect with an ETPrime expert for personalized support and guidance

+91 9484700004

' + h3 + '

' + h4 + '

' + listing + '

What’s Included with

ETPrime Membership

1Exclusive Insights That Matter

Uncover the truth with our investigative stories

Make strategic moves using the real-world case studies

Read industry-specific stories to identify emerging trends

Spot opportunities with in-depth insights that matter

Trump temper on H-1B visas is forcing Indians to do these things to stay put in US

What Adani’s US indictment means for India Inc’s overseas fundraising
Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.

Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?
Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?

The problem with lab grown diamonds
Why a falling rupee is a better option for the economy

A list of top 20 momentum stocks that have delivered massive returns in one year