ICICI Bank cuts India's FY27 growth forecast to 6.9%
Business
ICICI Bank just trimmed its growth forecast for India in FY27 from 7.2% to 6.9%.
The main reason? Expected energy supply hiccups, especially around March and April, which could hit industries like fertilizers and metals as household demand for LNG and LPG is prioritized, reducing industrial gas supply.
ICICI warns of production and export slowdowns
On top of that, shipping disruptions in the Middle East (especially through the Strait of Hormuz) could make exporting goods tougher for India, piling onto earlier challenges from US tariffs.
ICICI points out this combo could slow down production and exports in late FY26 and early FY27, even though India was growing strong at 7.8% as recently as December 2025.