Under baseline assumption of prolonged 50% US tariffs, India's GDP is projected to grow by 6.6% in FY26 before moderating to 6.2% in FY27, as per 2025 Consultation Report. However, India's recent GST rate adjustment is expected to offset tariff impact. Further, India's real GDP expanded by 7.8% in FY26 Q1. Despite uncertainties, India's macroeconomic fundamentals remain strong, it added.