SBI Research Projects India’s FY26 GDP Growth at 7.5%: Key Highlights of Ecowrap Report

India’s economic growth outlook received a positive push as the State Bank of India (SBI) Economic Research Department projected that India’s GDP growth for FY 2025–26 (FY26) will be 7.5% (with an upward bias). This projection was published in SBI’s well-known Ecowrap report released on January 7, 2026.

Notably, SBI’s estimate is slightly higher than the 7.4% First Advance Estimate given by the National Statistical Office (NSO), and also above the Reserve Bank of India (RBI) projection of 7.3% for the same fiscal year. This makes the report an important current affairs topic for UPSC, SSC, Banking, Railways, and State PSC exams.

Exam Hints (Quick Revision)

• What? SBI projects India’s GDP growth at 7.5% for FY26
• By Whom? State Bank of India (SBI) Economic Research Department
• Report Name: Ecowrap Report
• NSO Estimate: 7.4% (First Advance Estimates)
• RBI Projection: 7.3%

Why SBI’s Projection Matters

SBI’s report explained an important observation: the difference between the RBI’s estimate and NSO’s advance estimate generally remains within 20–30 basis points (bps).

Key takeaway:

• SBI stated that NSO’s 7.4% estimate for FY26 is expected and reasonable, and therefore SBI’s 7.5% forecast fits well within the usual variation range.
• This analysis strengthens the credibility of the projection and signals continued economic momentum.

India GDP Overview (FY26)

Real GDP Estimate

According to the NSO:

• Real GDP: ₹201.90 lakh crore
• Growth Rate: 7.4% in FY26

This indicates strong performance in core economic activity after adjusting for inflation.

Nominal GDP Projection

Nominal GDP (includes inflation effect) is expected to rise faster:

• Nominal GDP Growth: 8.0%
• Nominal GDP Value: ₹357.13–₹357.14 lakh crore

Nominal GDP matters greatly for government budgeting, tax revenues, fiscal deficit calculations, and policy planning.

Comparison: SBI vs NSO vs RBI

This comparison is highly useful for exam MCQs and interview discussions.