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Finance Minister Nirmala Sitharaman tables FY26 Economic Survey, projecting resilient growth, fiscal consolidation and sector-wise progress ahead of her ninth Union Budget on February 1.
Ahead of the Union Budget 2026-27, Finance Minister Nirmala Sitharaman on Wednesday presented the Economic Survey for FY26 in Parliament, offering a detailed assessment of India’s economic performance and future outlook. The survey reviews key trends in growth, inflation, fiscal health, employment, credit flow, trade and the external sector, and is expected to guide the policy direction of the upcoming budget.
Following the tabling of the survey, Chief Economic Adviser (CEA) V Anantha Nageswaran is set to brief the media on its major findings. Sitharaman will present her ninth consecutive Union Budget on February 1 at 11 am, continuing the practice followed since 2017.
The survey highlights that agriculture remains central to achieving a ‘Viksit Bharat’, playing a crucial role in inclusive growth and improving livelihoods for millions. On currency stability, it notes that a strong and stable currency can only be sustained through export competitiveness, with historical evidence showing that countries with consistent manufacturing export success maintain hard currency strength.
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In the telecom sector, the survey points to early signs of import substitution. Telecom exports are growing at an average annual rate of 1.5%, while imports have declined sharply by 18.5% annually, aligning with the objectives of the Production Linked Incentive (PLI) scheme.
The electronics sector has seen a dramatic transformation. India has moved from being a net importer to becoming the world’s second-largest mobile phone manufacturer, with over 300 manufacturing units. Electronics production value surged nearly 30 times, from ₹18,000 crore in FY15 to ₹5.45 lakh crore in FY25, driven largely by mobile manufacturing and rising exports.
On growth projections, the survey notes that FY26 may witness some moderation, but India continues to maintain strong momentum. GDP growth for FY27 is projected between 6.8% and 7.2%, compared to the FY26 estimate of 7.4%. MoSPI’s first advance estimates place FY26 real GDP growth at 7.4% and GVA growth at 7.3%, reaffirming India’s position as the fastest-growing major economy for the fourth consecutive year.
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CEA Anantha Nageswaran said India has significantly reduced its fiscal deficit as a share of GDP, nearly halving it, even while increasing public infrastructure investment. He noted that deficit reduction has come alongside improved quality of fiscal spending.
The survey cautions about global risks, including prolonged trade conflicts and potential corrections if the artificial intelligence boom fails to deliver expected productivity gains. While global growth is expected to remain modest, easing inflation in major economies could allow more growth-supportive monetary policies.
Despite sharp tariff hikes by the US on Indian exports in 2025, India’s growth has remained strong, aided by structural reforms and policy measures that helped absorb external shocks and sustain momentum.
