Source TOI
NEW DELHI – Prime Minister Narendra Modi on Thursday lauded the Economic Survey 2025–26, describing it as a “comprehensive snapshot” of India’s rapid progress on the “Reform Express.” Tabled in Parliament by Union Finance Minister Nirmala Sitharaman, the report paints a picture of a resilient economy poised to remain the world’s fastest-growing major power despite a “fragile” global landscape.
In a post on X (formerly Twitter), PM Modi emphasized that the Survey reflects the country’s steady momentum. “It highlights strong macroeconomic fundamentals, sustained growth momentum, and the expanding role of innovation, entrepreneurship, and infrastructure in nation-building,” he stated.
The Engines of the ‘Reform Express’
The Survey projects a robust real GDP growth of 7.4% for FY26, marking the fourth consecutive year India has led the pack of major global economies. This growth is anchored by a significant surge in domestic demand and a record-breaking public capital expenditure (Capex) cycle.
Key Economic Indicators at a Glance:
| Indicator | Projected/Current Status |
| :— | :— |
| Real GDP Growth (FY26) | 7.4% |
| Fiscal Deficit Target (FY26) | 4.4% |
| Headline Inflation (Avg. Apr-Dec 2025) | 1.7% (Historic Low) |
| Forex Reserves | $701.4 Billion |
| Unemployment Rate (Dec 2025) | 4.8% |
Strategic Resilience in a Volatile World
A central theme of this year’s report is the transition from “Swadeshi” (Self-Reliance) to “Strategic Indispensability.” The Survey suggests that India is no longer just insulating itself from global shocks but is becoming a vital, reliable hub in global production systems.
The report also highlights the success of the “NUDGE” framework in tax administration, which uses data analytics and gentle prompts rather than “coercive enforcement” to improve compliance. This shift contributed to a record 9.2 crore income tax filings in FY25.
Focus on Inclusive Growth
PM Modi noted that the “Reform Express” is not just about high-level numbers but about improving lives at the grassroots level. The Survey underscores a “Viksit Bharat” (Developed India) roadmap with specific focus areas:
Farmers & MSMEs: Enhanced market support and digital connectivity for small enterprises.
Youth Employment: Implementation of the four Labour Codes to streamline social security and job creation.
Infrastructure: Expansion of high-speed corridors and the aviation sector, with airports doubling from 74 in 2014 to 164 in 2025.
Looking Ahead: 2027 and Beyond
While the outlook remains “rosy” for the domestic market, the Survey warns of external risks, including “geopolitical turbulence” and a structural demand for foreign currency. For the following fiscal year (FY27), the report projects a slightly moderated but steady growth range of 6.8% to 7.2%.
As the Budget Session continues, the insights from this Survey are expected to form the bedrock of the upcoming Union Budget, reinforcing the government’s commitment to “Reform, Perform, and Transform.”
