# Moody’s, Jefferies raise India GDP growth forecasts to 7%

2026-09-18T12:42:16+00:00 | Governance | Indian Opinion Desk

Corroboration: 4 independent outlets

Moody's Ratings raised India's real GDP growth forecast for FY2026-27 to 7%, up from 6%, citing the economy's resilience despite the West Asia conflict. Brokerage Jefferies expects 6.5-7% real GDP growth this fiscal, with nominal growth of 11-12%. Both assessments point to strong domestic consumption, rising bank credit, and government infrastructure spending as key supports. Moody's flagged risks from elevated energy prices and El Niño, which could push inflation above its 4.8% forecast. Jefferies noted bank credit grew 17.8% year-on-year in July, with MSME lending surging 24.9%. The brokerage said corporate lending acceleration suggests the long-awaited private sector capex cycle may be starting.

## Indian Opinion Analysis

Moody's raised its FY27 GDP growth forecast to 7% from 6%, and Jefferies sees 6.5-7% growth, both driven by domestic resilience and consumption. The four sources uniformly report these upgrades as positive news, with no critical or opposition framing present. Deccan Chronicle and CNBC TV18 add Moody's caveats on energy prices and El Niño risks, while Hindusthan Samachar notes Moody's forecast exceeds RBI's. Times Now's Jefferies report adds granular credit growth data absent from Moody's coverage. With no stance divergence, the balanced reading is that both foreign brokerages and rating agencies agree on India's outperformance, but the risks of elevated oil prices and El Niño are the concrete watch items when Q3 data is released in December 2026.

## Coverage

- timesnownews.com (neutral report) <https://www.timesnownews.com/business-economy/economy/india-gdp-growth-outlook-jefferies-sees-6-5-7-real-growth-this-fiscal-article-156179839>
  Leads with Jefferies' positive forecast and detailed credit growth data, no critical framing
- cnbctv18.com (neutral report) <https://www.cnbctv18.com/economy/moodys-raises-indias-fy27-real-gdp-growth-forecast-to-7-from-6-credits-fiscal-policies-19993421.htm>
  Leads with Moody's upgrade, adds market decline context but no critical framing
- deccanchronicle.com (neutral report) <https://www.deccanchronicle.com/nation/moodys-ups-indias-fy27-gdp-growth-forecast-to-7-on-strong-domestic-resilience-1988521>
  Leads with Moody's upgrade, foregrounds inflation and El Niu00f1o risks from the text
- english.hindusthansamachar.in (neutral report) <https://english.hindusthansamachar.in/Encyc/2026/9/18/Moodys-raises-Indias-GDP-growt.php>
  Leads with Moody's upgrade, also notes RBI and other agencies forecasts

Tags: GDP, India, Jefferies, Moody's, RBI
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