GDP growth, lower deficit, strong exports set Budget 2026 tone -- Key numbers from Economic Survey
&imwidth=600&imheight=450&format=webp&quality=medium "GDP growth, lower deficit, strong exports set Budget 2026 tone -- Key numbers from Economic Survey")
Finance Minister Nirmala Sitharaman Photograph: (ANI)
Tabled in Parliament by Finance Minister Nirmala Sitharaman, the Economic Survey 2025–26 outlines a cautious yet optimistic growth path ahead of Budget 2026. It projects GDP growth up to 7.2%, lower inflation, fiscal consolidation, strong exports, rising capex and improving jobs.
Indian Union Minister Nirmala Sitharaman on Thursday (Jan 29) tabled the Economic Survey 2025–26, in the Lok Sabha. This year's "report card" of the Indian economy has laid out an ambitious but cautious roadmap for India's medium-term growth. India's Chief Economic Adviser (CEA) V. Anantha Nageswaran is scheduled to hold a press conference soon. Released ahead of the Union Budget 2026, the Economic Survey 2025-26 sets the tone for the government's economic approach. Earlier, PM Modi said that India is onboard “Reform Express” setting the tone for upcoming Budget.
Economic Survey of India
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic advise. It provides insights into the state of the economy and various indicators for 2025-26 (April-March), as well as an outlook for the next fiscal.
Key numbers in Economic Survey
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- The GDP Growth (FY27) is projected in the range of 6.8 per cent to 7.2 per cent for the next financial year.
- Thereal GDP Growth (FY26) is estimated at 7.4 per cent based on the First Advance Estimates.
- Nominal GDP Growth expected to accelerate to 10 per cent in FY27, following an 8 per cent growth estimate for FY26.
- India's medium-term potential growth has been revised upward to 7.0 per cent.
- Fiscal Deficit Target set at 4.4 per cent for FY26, down from 4.8 per cent in FY25.
- Headline inflation (CPI) reached a record low of 1.7 per cent (April–December 2025), largely due to a sharp drop in food prices.
- The RBI cumulatively cut the repo rate by 125 basis points in 2025 to support growth amid easing inflation.
- Central capex reached ₹11.21 lakh crore in FY26 budget estimates, rising to 3.1 per cent of GDP.
- Agriculture is pojected to record 3.1 per cent growth in FY26.
- Manufacturing & Construction are estimated to grow at 7 per cent.
- Unemployment Rate dropped to a low of 4.7 per cent in November 2025.
- A historic 34.56 GW addition is recorded in renewable energy in the first eight months of FY26.
- Total Exports reached a record $825.3 billion in FY25, with continued momentum into FY26 despite global headwinds.
- Services Exports grew by 6.5 per cent(April–December 2025), hitting an all-time high of $387.5 billion in FY25.
- Current Account Deficit (CAD) remained moderate at 0.8 per cent of GDP in H1 FY26.
- Foreign Direct Investment (FDI) Gross inflows increased 16.1 per cent year-on-year in the April–November 2025 period.
- S&P upgraded India from BBB- to BBB (first major upgrade in more than 20 years).
- Merchandise exports grew 2.4 per cent to 6.4 per cent.
- Services exports increased 6.5 per cent.
