MUMBAI : State Bank of India (SBI) Research released its latest economic report, "Celebrating Resilience of Indian Economy on India’s 80th Independence Day," projecting real Gross Domestic Product (GDP) growth of 8.0% for the first quarter of FY27. Despite lingering global economic uncertainties, the analysis underscores India's position as one of the world's fastest-growing major economies, backed by expanding banking sector liquidity, solid corporate performance, and accelerating capital inflows. Bank credit demand registered strong year-on-year growth of 19.3% as of late July 2026, alongside a 15.4% surge in deposit growth, significantly augmented by foreign currency deposit inflows.
The report emphasizes remarkable capital mobilization under the Reserve Bank of India's Foreign Currency Non-Resident (Bank) [FCNR(B)] scheme, which secured $52.3 billion by mid-August. Total resource mobilization—including Overseas Foreign Currency Borrowings (OFCBs) and External Commercial Borrowings (ECBs)—is projected to reach between $80 billion and $85 billion by the scheme's completion. Furthermore, corporate performance across 2,257 listed non-BFSI companies demonstrated solid momentum in Q1 FY27, recording a 24% year-on-year rise in net sales, alongside gains in EBITDA and profit after tax (PAT). Improved monsoon spatial distribution and resilient kharif sowing further support a stable macroeconomic outlook.
