India Ratings projects the country's GDP to grow at 6.9% in FY27, moderating from an estimated 7.4% in FY26. The agency anticipates a continued 'Goldilocks' scenario with stable growth and low inflation (3.8%), supported by domestic reforms like income tax cuts, GST rationalization, and new free trade agreements. However, potential risks include an El Niño pattern, currency pressures, sluggish global trade, and a slower-than-expected consumption and investment revival. Services are expected to drive GVA growth, while agriculture growth is forecast to moderate.