India’s GDP to grow at 7% in FY26, beating world estimates, says Piyush Goyal

Union commerce minister Piyush Goyal

Union Commerce Minister Piyush Goyal on November 20 said he is confident that India’s GDP will likely exceed estimates and grow around 7 percent in FY26.

Goyal’s expectations are higher than the central bank’s so far, which on October 1 revised upward its GDP growth projection for the current fiscal to 6.8 percent.

The second‐quarter GDP, which is yet to be released, is expected to grow around 7 percent, Goyal said during an event, in line with the Reserve Bank of India’s latest estimate.”

"I can assure you, our second quarter number for GDP is expected soon, will be about 7 percent and I think at the end of FY26, we will be growing at 7 percent, well above the world's estimates," Goyal said while addressing an India-Israel Summit in Tel Aviv.

The minister said India will continue to be the fastest growing nation despite the global trade challenges for the next two or three decades.

"Given the volatility one sees around the world, the challenges that global trade and multilateralism is facing, many estimates of growth for this year came out. The IMF first came out with an estimate of 6.7 percent then they thought the US (trade) deal isn't happening so they revised it down to 6.4 percent some others felt it will be close to 6 percent, but even then we will continue to be the fastest growing," he said.

Last week, Moody’s Ratings in its latest Global Macro Outlook said India’s economy will remain one of the fastest-growing globally, with robust infrastructure spending and resilient household consumption helping sustain average annual economic growth of 6.5 percent through 2027.

The ratings agency kept India’s 2025 growth projection unchanged at 7 percent, followed by 6.4 percent in 2026 and 6.5 percent in 2027

Most Indian exports face 50 percent tariffs from the US, which had triggered worries over India’s GDP growth.

The Economic Survey for 2024-25 pegged GDP growth for FY26 at 6.3 to 6.8 percent.

Minister Goyal is on an official visit to Israel from November 20–22, 2025, to hold high-level bilateral meetings with senior Israeli leaders.

Progress on the proposed India–Israel Free Trade Agreement (FTA) is also expected to be reviewed during the visit.