The Financial Survey tabled in parliament in January had projected actual financial progress of 6.3-6.8 per cent for FY26.
“Snug a quantity north of 6.8 per cent now. My unique vary was 6.3 to six.8 per cent (projected in Financial Survey). Again in August, we have been all involved about whether or not we might even go in direction of the decrease finish of the 6-7 vary.
“Now I believe there may be loads of consolation in saying that it might be undoubtedly north of 6.5 and I'm extra snug saying even north of 6.8 however whether or not I'll put a 7 deal with in entrance of it, I'll watch for the second quarter numbers to come back out earlier than I transfer even a notch larger,” Nageswaran stated at CNBC-TV18's International Management Summit 2025.
India recorded a 7.8 per cent gross home product (GDP) progress within the first quarter of the continued fiscal 12 months primarily pushed by an excellent displaying by the farm sector, and likewise helped by companies like commerce, lodge, monetary and actual property.
The earlier highest tempo of progress within the nation's GDP was recorded at 8.4 per cent throughout January-March 2024, as per the information. India stays the fastest-growing main financial system, as China's GDP progress within the April-June interval was 5.2 per cent.Nageswaran additional stated the tempo of progress would get a lift, if the bilateral commerce deal between the US and India is concluded.”If by some probability, as we're nonetheless hoping, there's a decision on the commerce entrance, then the upward bias will develop into a mainstream forecast,” he stated.
On the Bilateral Commerce Settlement (BTA) with the US, he stated, “hopefully achieved quickly” however didn't give a particular timeframe.
In absence of BTA, the US has imposed a steep tariff of fifty per cent on items from India that took impact on August 27. The tariffs, among the many highest on this planet, embody a 25 per cent penalty for purchasing crude oil from Russia.
On August 7, the Trump administration enforced a 25 per cent tariff on Indian items, citing India's persistent oil imports from Russia and long-standing commerce boundaries.
