India’s economy is projected to grow at a robust 7.4% in 2025-26, in line with market expectations, but economists cautioned about moderation in the second half of the fiscal year amid global headwinds, softer nominal growth and an uneven sectoral outlook. The National Statistical Office’s (NSO) First Advance Estimate (FAE) pegs real GDP growth at 7.4% and gross value added (GVA) at 7.3% for FY26. Rating agency ICRA noted that the estimates implicitly place second-half growth at 6.9% for GDP and 6.8% for GVA, marking a slowdown from the 7.9–8.0% expansion recorded in the first half.