India's GDP is projected to grow at 7.4% in FY26, according to the National Statistics Office (NSO), aligning with independent estimates. SBI Research anticipates a slightly higher growth of 7.5% with an upward bias. While nominal GDP growth is estimated at 8%, lower than budgeted, the absolute nominal GDP is marginally higher than projected. This, coupled with higher non-tax revenues and controlled spending, is expected to keep the fiscal deficit within the targeted 4.4% of GDP, despite potential shortfalls in tax collections.