Why in the news
After Washington announced 26% tariffs, officials insisted the range set earlier still holds while brokerages trimmed forecasts.
Key facts
- Range origin: January Economic Survey.
- FY25: real growth may have reached 6.5% (second advance estimates).
Brokerage views
| Firm | Outlook |
|---|
| Goldman Sachs | 6.1% for FY25 and FY26 |
| Nomura | 6.2% FY25, 6.0% FY26 |
| HSBC and UBS | 20-50 bps FY26 drag without a US deal |
US tariffs by country
| Country | Rate |
|---|
| India | 26% |
| Vietnam | 46% |
| China | 54% |
| Bangladesh | 37% |
| Thailand | 36% |
| Indonesia | 32% |
Exam angle
- Range source: Economic Survey.
- Nominal growth assumption: 10.1%.