India's economy is likely to grow 7.3 percent in the second quarter of FY27, according to the Finance Ministry's nowcasting model, even as the government cautioned that growth momentum has moderated and rising geopolitical, trade and financial risks could weigh on the outlook. "Growth momentum has extended into Q2 FY27, though at a more measured pace," the Finance Ministry said in its September Monthly Economic Review. E-way bill generation and manufacturing PMI have expanded more slowly, while services activity strengthened in August on the back of higher new business and employment, it noted