New Delhi, August 15, 2026; India is set to remain among the world’s fastest-growing economies despite continuing global uncertainties, according to a special SBI Research report released on the occasion of the country’s 80th Independence Day.
“India was. India is. And India will continue to be one of the fastest-growing economies in the world,” SBI Research said, highlighting the country’s ability to withstand successive global and domestic challenges.
The report pointed to strong economic indicators, including robust credit demand and growth in bank deposits. SBI Research said credit growth stood at 19.3 per cent for the fortnight ended July 31, while bank deposit growth reached 15.4 per cent.
SBI Research had earlier projected real GDP growth at 8 per cent for the first quarter of FY27, reflecting continued momentum in economic activity.
The report also highlighted foreign currency inflows under the special FCNR(B) deposit mobilisation scheme. As of August 13, FCNR(B) deposits mobilised stood at USD 52.3 billion, while total mobilisation, including overseas foreign currency bonds and external commercial borrowings, reached USD 56.8 billion.
Despite the shortening of the scheme’s duration, SBI Research expects FCNR(B) mobilisation to reach USD 65-70 billion by its conclusion. Total mobilisation, including OFCBs and ECBs, could potentially reach USD 80-85 billion.
The research report said the Reserve Bank of India had recouped around USD 31 billion in foreign currency assets as of August 7. It added that stronger deposit growth and foreign-currency funding could provide support to the government securities market.
The 3-7 year segment is expected to benefit the most from lower supply pressure and maturity matching, followed by the 7-10 year segment, according to the report.
SBI Research also observed a reversal in foreign portfolio investor flows following measures announced by the RBI and the government.
Corporate performance remained another positive indicator. Among 2,257 listed non-BFSI companies, net sales increased 24 per cent in Q1 FY27, while EBITDA and profit after tax rose 9 per cent and 4 per cent, respectively.
The report also highlighted an improving rural outlook. The nationwide monsoon deficit narrowed to around 13 per cent after a significant shortfall in June was partly offset by surplus rainfall in July and normal rainfall in August.
Kharif sowing remained only 2 per cent below the previous year’s level, which SBI Research said indicated improved irrigation coverage.
The report further noted a rise in high-income taxpayers. The number of taxpayers reporting income of Rs 100 crore and above increased 39 per cent to 576 in assessment year 2026, while those earning Rs 1 crore and above rose 14 per cent to 5.36 lakh.
While highlighting India’s economic resilience, SBI Research cautioned that the current environment still requires credible and sustainable macroeconomic mechanisms to maintain growth momentum.
The report presents a positive outlook for India’s economy as the country marks its 80th Independence Day, with growth, financial-sector strength, corporate performance and rural recovery emerging as key pillars of economic resilience.
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