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Motilal Oswal Report
India's 7.8% YoY GDP growth in Q1 FY27 marks a strong start to FY27 with a more favorable growth composition. Investments emerged as the key demand driver, with GFCF growth accelerating sharply and its share in GDP rising meaningfully.
Private consumption remained resilient, while stronger exports provided an additional boost. Overall, the demand mix points to a shift toward stronger capital formation without losing the support of domestic consumption.
ALSO READ: India's Q1 GDP Growth: Brokerages Raise FY27 Growth Forecasts, See RBI Rate Hikes — Check Estimates
GVA growth also strengthened to 8.2% YoY in Q1 FY27 (70 bps higher than the brokerage's expectation of 7.5%) from 7.0% in Q1 FY26. Nominal GDP growth stood at 10.3% YoY in Q1 FY27 (expectation was 10%).
The key takeaway is the improving investment cycle, with real fixed investment growth (a proxy for private capex) accelerating to 11.9% YoY in Q1 FY27 from 5.8% a year ago. The share of fixed investment in GDP rose to 34.3%, a 3pp jump from Q1 FY26.
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