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Economist and Founder, Nikore Associates, Mitali Nikore told Times Now Digital, “Fitch and S&P’s growth upgrade for FY27 confirms what the June quarter already showed-India’s growth is broad-based, not confined to services. Industrial output, exports and government capex are all pulling in the same direction, and that’s a healthier growth mix than we’ve seen in recent years. But two flags in the same report deserve equal attention. Rainfall is 15% below normal for the season, which is a direct risk to farm incomes and food inflation, the two variables that will decide whether rural consumption holds up in the second half. S&P still expects the RBI to raise rates by 25 basis points even as growth strengthens, which tells you inflation risk is now seen as the more binding constraint. The real test for FY27 is whether this growth shows up in household incomes and formal job creation, beyond the investment and export numbers.”