India growth to soften first half FY27 then rebound later Nomura sees 6.8% full year

Supply disruptions hit early growth, demand stays strong

Nomura expects India’s growth to slow in the first half of FY27 as supply disruptions weigh on activity, even as demand remains resilient. The economy is forecast to recover in the latter half, leading to 6.8% full-year growth. Supportive policies and easing trade tensions are tailwinds, but the Iran conflict is flagged as a key risk.