Ind-Ra projects India's economic growth to slow down to 6.7% in FY27

20 May 2026 Evaluate

Amid ongoing uncertainty over West Aisa crisis, India Ratings & Research (Ind-Ra) has projected India's economic growth to slow down to 6.7% in the current fiscal year (FY27) on decelerated demand and supply. The agency believes higher fuel and food prices due to the West Asia conflict's uncertainty and the likely impact of evolving El Nino on agriculture from mid-2026 will pull down GDP growth in FY27. Besides, Indian economy is estimated to have grown 7.6% in FY26. It also said that retail inflation is likely to stay within the Reserve Bank of India’s (RBI's) tolerance band at 4.4% despite recent fuel price hikes. Ind-Ra's projections are lower when compares to 6.9% GDP growth and 4.6% inflation projection by the RBI.

Ind-Ra Director - Economics Megha Arora said ‘Major headwinds include geopolitical developments, particularly the West Asia conflict, high headline inflation, a depreciated currency from weak capital inflows, weaker-than-expected capex especially by the government to reduce fiscal risks, weak global trade growth, strong FY26 growth (base effect), low industrial production as measured by the Index of Industrial Production (IIP), and notably, the likely El Nino weather pattern from mid-2026’.

The agency has assumed average oil prices at $95/bbl in FY27 and expects the government, oil marketing companies and consumers to share the burden of high global oil prices with consumers sharing the least burden. It estimates that a $10/bbl increase in crude oil prices could reduce GDP growth by 44 bps, while a 10% reduction in capex could lower GDP growth to 6%.

It expects the government to announce easy access to credit and measures like credit guarantees as opposed to direct cash transfers to shield people and small industries from the impact of the West Asia crisis. For the April-June quarter of the current fiscal year, Ind-Ra estimates GDP growth at 6.7 per cent and said the El Nino impact is likely to be felt more in July-September quarter, as against the June quarter. Ind-Ra estimates rupee-dollar exchange rate to average Rs 94.28, a depreciation of 6.7 per cent year-on-year in FY27. The Indian rupee touched a record low of 96.47 to a dollar on May 19, 2026.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Fiduciary-first advisory model.
As SEBI-registered IAs, we are legally and ethically bound to act in the best interests of our clients. We do not sell or distribute any financial products. This ensures our guidance is 100% unbiased and conflict-free.
Deep fundamental research + robust valuation discipline.
Built on more than 15 years of equity research, our framework combines quality assessment, intrinsic value estimation, and a sensible margin-of-safety approach.
Process—not predictions.
We don’t rely on guesswork or market timing. Instead, we focus on asset allocation, risk management, and long-term compounding.
Technology + Human Intelligence.
We believe a combination of both is essential for investing success. We constantly innovate and upgrade in-house tools, financial X-rays, and portfolio analytics so that our team of analysts and advisors are equipped with the best.
Partner with Clients.
We follow a DIWM (Do-It-With-Me) approach where we partner clients in setting goals, financial planning, educating on our investing process and share decision-enabling resources transparently with our clients who retain control on execution.

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

Investing in stocks, mutual funds, debt, and gold
Quality-at-Reasonable-Price way of investing in stocks
Constructing Direct Stock Portfolios with Core, Booster, and Amplifier stocks
A Mutual Fund Portfolio that delivers consistent out-performance and meaningful diversification (low overlap)
Periodic review and rebalancing
Clear Buy-Sell-Hold, and Position-sizing frameworks

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
Logo:
Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
Brand Logo:
SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.