New Delhi, Aug 15 (IANS) India’s economy remains on a resilient growth path with a real GDP growth of 8 per cent expected in the first quarter of fiscal 2027, a report said on Saturday.
Celebrating India’s 80th Independence Day, the report from SBI Research noted strong credit and deposit momentum in the country alongside large foreign‑currency inflows.
In addition, credit demand grew by 19.3 per cent for the fortnight ended July 31, while deposit growth picked up speed and grew 15.4 per cent, supported by substantial FCNR(B) inflows.
Nearly $52.3 billion had been mobilised under the FCNR(B) scheme till August 13, the report added, and despite the scheme’s one‑month truncation, the research firm forecasted up to $70 billion of FCNR(B) mobilisation by the end of the window.
The report also said that total mobilisation could reach $80–85 billion, including OFCBs (overseas foreign currency borrowings) and ECBs (external commercial borrowings).
However, RBI has already recouped around $31 billion of foreign currency assets as of August 7, equivalent to nearly 55 per cent of the amount mobilised.
“The surge in bank deposits and foreign-currency funding should lower the counterfactual level of G-Sec yields through deposit-to-yield transmission gaining credence,” it said.
The clearest beneficiary should be the 3–7-year segment due to maturity matching, carry and lower supply pressure, followed by the 7–10-year segment.
The report also noted a reversal in foreign institutional investor flows from earlier outflows to inflows after policy measures announced by the RBI and the government.
“India is and will continue to be one of the fastest-growing economies in the world,” the firm said.
The corporate performance of 2257 listed non-BFSI companies remained resilient in Q1 FY27, with net sales, EBITDA and PAT increasing by 24 per cent, 9 per cent, and 4 per cent, respectively, over Q1 FY26
—IANS
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