However, the FY27 projection is lower than the government's latest estimate of 7.4 per cent growth for FY26. The external environment remains uncertain, and the outlook for the global economy remains dim over the medium-term. Against this backdrop, the domestic economy remains on a stable footing. “Private consumption expenditure (PFCE) growth remains resilient, increasing from 6.8 per cent in FY12-FY20 to 7.2 per cent in FY25, before moderating slightly to 7 per cent in FY26. India’s industrial path is unfolding at a time when the global economy is marked by supply-chain realignments and a more fragmented global order.