Kolkata: India may exceed RBI's GDP growth projection for 2026-27, the chairman of the Economic Advisory Council to the Prime Minister, S Mahendra Dev, said on Wednesday. Speaking at an interactive session with members of the Bharat Chamber of Commerce in Kolkata, he expressed confidence that the economy could achieve 7% growth against the RBI's projection of 6.9%.
"I am more positive about growth and hoping for 7%. Last year we achieved 7.6%, but many said it would not exceed 7%. Our economy has a lot of inherent strength," he said. He noted that India's average GDP growth over the past three years stood at 7.3%, with a fiscal deficit of 4.4% and a central govt debt-to-GDP ratio of 56%.
On the rupee, Dev said the currency is expected to stabilise around Rs 92-93 against the dollar, with foreign investment flows likely to improve as geopolitical tensions ease. The rupee had faced pressure from global uncertainties, including the US-Iran conflict and FII outflows, though a temporary ceasefire has since calmed markets.
Responding to IMF criticism of India's GDP data, he said structural changes in methodology — including better capture of the informal sector — should address concerns going forward.