ICRA expects its full-year FY26 forecast to 7.5%, just under the NSO's estimate of 7.6%. Official numbers drop on June 5.
Industrial performance took a hit from slower manufacturing, shrinking exports, and margin pressures linked to West Asia issues.
Looking ahead, ICRA now predicts only 6.2% growth for FY27 as global oil prices climb, so things may stay challenging for a while.