India’s economic growth forecasts continue to moderate in the near term, though future forecasts are slightly more optimistic. The government is considering several policy revamps and framework upgrades to boost foreign investment and increase revenue. The judicial system’s digitisation has progressed steadily over the years.
Asian Development Bank. The Asian Development Bank (ADB) recently released its Asian Development Outlook (ADO) July 2026 report. According to this report, India’s GDP growth forecasts are revised down to 6.6% for FY2026 (ending 31 March 2027) and maintained at 7.3% for FY2027. The FY2026 forecast is lowered from 6.9% projected in April (as reported by Asia Law Portal), reflecting elevated energy prices, which squeeze real incomes. Policy interventions to attract more foreign capital, fuel tax cuts, targeted credit support, strong services exports and public capital expenditure will support growth. The FY2027 growth forecast remains unchanged from April, underpinned by improved global conditions and export competitiveness gained through trade agreements with various partners. However, risks tilt to the downside, driven by heightened geopolitical tensions or weather-induced weakness in agriculture. India’s FY2026 inflation forecast is revised up to 5.2%, driven by higher oil prices and a weaker rupee, with food inflation adding further pressure from heatwaves and fading of favourable base effects. The FY2027 forecast is retained at 4.0% as fuel and food prices normalise, supported by favourable base effects. Services edged up slightly, supported by sustained strength in wholesale and retail trade, hotel accommodation and other services, particularly in India.
International Monetary Fund. The International Monetary Fund (IMF) recently released its World Economic Outlook (WEO) July 2026 update. The report titled ‘Global Economy in Crosscurrents of War and Technology’ mentioned that India remains among the fastest-growing major economies, with growth projected at 6.4%, supported by strong momentum in private consumption and services activity. India’s growth is projected at 6.4% in 2026 and 6.7% in 2027. This is a decrease of 0.1 percentage points for 2026 and an increase of 0.2 percentage points for 2027 when compared with the April 2026 WEO projection (as reported by Asia Law Portal). Global growth is projected to be 3.0% in 2026 and 3.4% in 2027, down from the 3.5% average in 2024-25 and broadly unchanged cumulatively compared with the April 2026 WEO forecasts. The modest slowdown reflects the effects of the war in the Middle East being partly offset by accelerated demand-driven momentum in the global technology cycle thanks to advances in artificial intelligence (AI) and its adoption. The impact varies widely based on countries’ exposure to the war and position in the technology value chain.
E-Courts Mission Mode Project. The e-Courts Mission Mode Project is being implemented in phases across the country to strengthen the use of Information and Communication Technology (ICT) in the judicial system. Asia Law Portal provided details of this project. As of 30 June 2026, the Rules for e-Filing have been implemented in 25 High Courts, including the High Court of Uttarakhand and the District Courts under its jurisdiction. As of 30 June 2026, a total of 1.25 crore cases have been filed through the e-Filing system across the country. To create awareness and promote adoption of the e-Filing system across the country, the
e-Committee, Supreme Court of India, in coordination with the High Courts, has undertaken training programs, capacity-building workshops and orientation sessions for Judicial Officers, court staff, advocates and other stakeholders through the State Judicial Academies and the respective High Courts. User manuals, Standard Operating Procedures (SOPs), FAQs and video tutorials have also been prepared and disseminated to facilitate effective use of the e-Filing system.
GCC Opportunities. Union Finance Minister Nirmala Sitharaman recently called for an aggressive push to attract more Fortune Global 2000 companies to establish Global Capability Centres (GCCs) in India, saying the country’s next growth phase must be powered by innovation, intellectual property and global leadership rather than low-cost competitiveness. Speaking at the CII GCC Business Summit here, the minister said around two-thirds of the Fortune Global 2000 companies have yet to establish a GCC in India, representing a major untapped investment opportunity. She said India’s value proposition has evolved from cost efficiency to capability leadership, with enterprises increasingly prioritising innovation, artificial intelligence, engineering and strategic functions over low costs. She urged industry to move up the value chain by creating intellectual property, leading frontier research, developing AI applications, owning product architecture and driving global innovation. India currently hosts more than 2,100 GCCs employing around 2.3 million professionals and generating nearly USD 100 billion in annual revenue. The government, she said, is backing this transition with policy reforms to reduce compliance burdens and provide greater tax certainty. Measures announced in the Union Budget 2026-27 (covered by Asia Law Portal) include a unified safe harbour regime for IT and IT-enabled services, higher safe harbour thresholds, a fast-track Advance Pricing Agreement mechanism and continued investments in digital infrastructure, university townships and city economic regions.
RBI Data Governance Framework. The Reserve Bank of India (RBI) recently issued the ‘Guidance on Regulatory Expectations for Data Governance’ for banks and other Regulated Entities (REs), prescribing a comprehensive framework to strengthen governance of data across the banking system. The guidance aims to improve data quality, accountability, risk management and security while ensuring compliance with the Digital Personal Data Protection (DPDP) Act, 2023 (enforcement of DPDP covered by Asia Law Portal), and other applicable laws. This has become important as the financial sector becomes more digitalised and technology-driven business models grow, making data a critical asset for REs.
AITIGA Joint Committee Meeting. India hosted the 13th ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee and related meetings to review the progress of negotiations under the AITIGA Review. The meetings were held in a hybrid format. The Joint Committee provided strategic guidance to the Sub-Committees in their respective areas of work and urged them to expedite the finalisation of the outstanding chapters under the AITIGA Review. To maintain negotiation momentum, the Sub-Committees were assigned time-bound deliverables and encouraged to work closely to achieve tangible outcomes within the agreed timelines. ASEAN remains one of India’s key trading partners, accounting for around 11% of India’s global trade. Bilateral trade between India and ASEAN reached USD 128 billion during 2025-26, reflecting the strong economic partnership between the two sides and providing further opportunities to expand trade and investment cooperation.
