Economic Survey 2026 Out, Key Highlights, Significance

Economic Survey 2026 is the annual flagship economic report of the Government of India that evaluates the country’s economic performance over the past fiscal year (FY 2025-26) and sets the analytical backdrop for the Union Budget 2026-27. It was tabled in Parliament on January 29, 2026 by Finance Minister Nirmala Sitharaman, ahead of the Budget presentation.

What Is the Economic Survey?

The Economic Survey is an authoritative annual document prepared by the Department of Economic Affairs under the Ministry of Finance, with guidance from the Chief Economic Adviser (CEA). It reviews macroeconomic performance, fiscal trends, and sector-wise developments, offering policymakers, businesses, investors, and academics a data-driven assessment of the economy.

Typically released before the Union Budget, the Survey helps shape expectations around fiscal priorities, growth strategies, structural reforms, and policy focus for the coming year.

Why the Economic Survey 2026 Matters

The Economic Survey 2026 plays a crucial role in India’s economic planning and market expectations:

It evaluates the overall health of the Indian economy during the previous financial year.
It highlights key macroeconomic trends such as GDP growth, inflation, fiscal deficit, employment, and external trade.
It provides policy direction and reform priorities that guide the upcoming Union Budget.
It helps investors, policymakers, researchers, and students understand the government’s economic thinking.
It bridges the gap between economic data and fiscal policymaking, ensuring informed budget decisions.

Economic Survey 2026 PDF Download

The Government of India releases the Economic Survey 2026 PDF on the official Union Budget website after it is tabled in Parliament. The link to download the Economic Survey 2026 has been provided below.

Download Economic Survey 2026 PDF Click here

Who Prepares the Economic Survey 2026?

The Economic Survey 2026 is prepared by the Department of Economic Affairs under the Ministry of Finance, Government of India. It is drafted under the leadership of the Chief Economic Adviser (CEA). A team of economists and experts contributes to its analysis and data compilation. The Survey is finally presented in Parliament by the Union Finance Minister.

Economic Survey 2026 History

The Economic Survey of India was introduced in 1950–51 as an official document to review the country’s economic condition after Independence.
In the initial years, the Economic Survey was presented along with the Union Budget as part of the budget documents.
From 1964 onwards, the Economic Survey began to be presented separately, usually one or two days before the Union Budget.
The responsibility of preparing the Survey was assigned to the Department of Economic Affairs under the Ministry of Finance.
Over time, the Survey evolved from a basic economic review into a comprehensive analytical report covering macroeconomic trends, sectoral performance, and policy challenges.
The introduction of the Chief Economic Adviser (CEA) strengthened the intellectual and analytical depth of the Survey.
In recent decades, the Survey has included thematic chapters, data-driven analysis, and reform-oriented recommendations.
Today, the Economic Survey 2026 continues this long tradition by combining historical data, current economic assessment, and future policy direction for India.

Also Read: Parliamentary System of India

Economic Survey 2026 Important Highlights

1. State of the Economy

The global economy remains vulnerable due to persistent geopolitical conflicts, trade fragmentation, and financial stress, with delayed spillover risks still unfolding.
Against this uncertainty, India stands out as the fastest-growing major economy, with real GDP growth projected at 7.4% and GVA growth at 7.3% in FY26, reflecting macroeconomic resilience.
India’s potential growth rate is estimated at around 7%, indicating sustained medium-term growth capacity, while FY27 growth is projected between 6.8–7.2%.
Private Final Consumption Expenditure grew by 7%, reaching 61.5% of GDP, driven by low inflation, stable employment, rising real wages, and improved rural incomes.
Investment momentum strengthened, with GFCF growing 7.8% and remaining at 30% of GDP, supported by public capex and a revival in private investment sentiment.
On the supply side, services continued to drive growth, with services GVA expanding 9.3% in H1 FY26, showing broad-based sectoral expansion.

2. Fiscal Developments

The government’s commitment to credible fiscal consolidation enhanced macroeconomic stability, resulting in three sovereign credit rating upgrades in 2025.
Centre’s revenue receipts increased to 9.2% of GDP in FY25, compared to a pre-pandemic average of 8.5%, reflecting improved tax buoyancy and compliance.
Non-corporate tax collections rose structurally, aided by formalisation, digitisation, and income growth, while income tax return filings expanded to 9.2 crore in FY25.
GST collections reached ₹17.4 lakh crore (Apr–Dec 2025), growing 6.7% YoY, consistent with nominal GDP trends and robust transaction volumes.
Effective capital expenditure rose to about 4% of GDP, reinforcing the growth-investment cycle and crowding in private capital.
Despite increased spending, general government debt-to-GDP declined by 7.1 percentage points since 2020, underlining fiscal sustainability.

3. Monetary Management & Banking Sector

India’s monetary and financial system displayed strong resilience in FY26, supported by calibrated monetary policy and strengthened regulatory oversight.
Bank asset quality improved sharply, with GNPA declining to 2.2% and Net NPA to 0.5% (September 2025), the lowest levels in decades.
Credit growth accelerated to 14.5% YoY by December 2025, reflecting improved demand conditions and effective policy transmission.
Capital adequacy and provisioning levels remained strong, ensuring buffers against potential future shocks.
The IMF–World Bank FSAP 2025 recognised India’s financial system as resilient, diversified, and adequately capitalised even under stress scenarios.

4. Financial Inclusion & Capital Markets

PM Jan Dhan Yojana significantly deepened financial inclusion, with 55.02 crore accounts opened, enabling universal access to basic banking.
Targeted credit schemes such as PM Mudra Yojana, Stand-Up India, and PM SVANidhi expanded institutional finance for MSMEs, women, and informal workers.
Capital market participation expanded rapidly, with demat accounts crossing 21.6 crore and unique investors exceeding 12 crore by September 2025.
Nearly one-fourth of investors are women, indicating improving gender inclusion in financial markets.
Mutual fund participation expanded beyond metros, reflecting increased financial literacy and regional diffusion of savings.
GIFT City is emerging as a strategic international financial centre for channelising global capital into India.

5. External Sector

India’s export competitiveness improved steadily, with its share of global merchandise exports rising to 1.8% and services exports to 4.3% by 2024.
Total exports reached a record USD 825.3 billion in FY25, driven mainly by high-value and digitally delivered services.
Services exports grew 13.6% to USD 387.6 billion, reinforcing India’s position as a global technology and business services hub.
India’s current account deficit remained moderate at ~1.3% of GDP in Q2 FY26, supported by strong services exports and remittances.
Remittance inflows reached USD 135.4 billion, making India the world’s largest recipient and strengthening external stability.
Forex reserves rose to USD 701.4 billion, providing substantial import cover and insulation from global volatility.

6. Inflation

India recorded its lowest average CPI inflation at 1.7% (Apr–Dec 2025) since the inception of the CPI series.
Inflation moderation was largely driven by easing food and fuel prices, which constitute over half of the CPI basket.
India achieved one of the sharpest inflation declines among EMDEs, falling by about 1.8 percentage points over the previous year.
Low inflation improved real incomes, boosted consumption, and supported investment sentiment.
Anchored inflation expectations strengthened macroeconomic stability.

7. Agriculture & Food Management

Foodgrain production increased to 3,577.3 LMT in AY 2024–25, aided by a good monsoon and higher yields in major cereals.
Structural diversification continued, with livestock GVA rising nearly 195% and fisheries production increasing over 140% since 2014.
Horticulture emerged as a growth engine, contributing ~33% of agricultural GVA and surpassing foodgrain output.
Agricultural marketing reforms strengthened through e-NAM, improving price discovery and market access.
PM-KISAN income support (₹4.09 lakh crore) and assured MSP enhanced income stability and resilience among farmers.
Pension support under PM Kisan Maandhan Yojana strengthened long-term social security for farmers.

8. Services Sector

Services’ contribution increased to 53.6% of GDP and 56.4% of GVA, indicating structural transformation toward a service-led economy.
India emerged as the 7th largest services exporter, with strong growth in IT, professional services, and digital trade.
The sector remains the largest magnet for FDI, accounting for over 80% of inflows during FY23–FY25.
Digitally delivered services expanded India’s global footprint with minimal physical constraints.
Services continue to act as the primary stabiliser during global manufacturing slowdowns.

9. Industry & Manufacturing

Industrial activity strengthened in FY26, with Industry GVA growing 7% in H1, despite weak global demand.
Manufacturing growth accelerated, with GVA rising 7.72% in Q1 and 9.13% in Q2 FY26, indicating structural recovery.
PLI schemes catalysed investment of ₹2 lakh crore, generated ₹18.7 lakh crore output, and created 12.6 lakh jobs.
India’s innovation ecosystem improved, with its Global Innovation Index rank rising to 38th in 2025.
The India Semiconductor Mission advanced strategic capabilities with ₹1.60 lakh crore investment across 10 projects.
Manufacturing integration with global value chains improved through targeted industrial policies.

10. Investment & Infrastructure

Government capital expenditure increased 4.2 times since FY18, positioning infrastructure as the key growth multiplier.
National highways expanded by ~60%, and high-speed corridors grew nearly ten-fold, improving logistics efficiency.
Railways achieved 99.1% electrification, reducing energy costs and emissions.
India became the 3rd largest domestic aviation market, enhancing regional connectivity.
Power sector reforms resulted in DISCOMs posting profits for the first time, alongside falling AT&C losses.
Renewable energy reached ~50% of installed capacity, supporting India’s climate commitments.

11. Education & Health

School enrolment improved, with GER at 90.9 (primary), 90.3 (upper primary), and 78.7 (secondary).
Higher education access expanded through 23 IITs, 21 IIMs, and 20 AIIMS, including international campuses.
NEP 2020 reforms introduced flexible entry-exit, multidisciplinary learning, and academic credit portability.
India achieved 86% reduction in maternal mortality since 1990, far exceeding global averages.
Significant declines were recorded in IMR, U5MR, and NMR, reflecting improved healthcare delivery.

12. Employment, Skills & Social Progress

Total employment reached 56.2 crore in Q2 FY26, indicating labour market stability.
Organised manufacturing employment grew 6% YoY, adding over 10 lakh jobs in FY24.
e-Shram portal registered over 31 crore unorganised workers, with strong female participation.
National Career Service improved job matching by mobilising over 80 million vacancies.
Multidimensional poverty declined sharply to 11.28% (2022–23) from 55.3% (2005–06).
The Survey advocates disciplined Swadeshi, transitioning from self-reliance to strategic indispensability in global value chains.

Structure of the Economic Survey 2026

The Economic Survey 2026 is structured to provide a comprehensive and systematic analysis of India’s economy. It is generally divided into two main volumes, each focusing on different aspects of economic performance.

Volume I: State of the Economy
This volume focuses on the overall macroeconomic framework of the country. It analyses GDP growth trends, inflation, fiscal stability, monetary conditions, and the external sector, along with key challenges and future growth prospects.
Volume II: Sectoral Performance
This volume provides a detailed sector-wise review of the economy, covering agriculture, industry, and services. It also examines employment, social sector development, banking and financial markets, infrastructure, and price trends.

The Economic Survey 2026 serves as the analytical foundation for the Union Budget 2026. It reviews the performance of the Indian economy in the previous financial year and highlights key challenges and opportunities. Based on this assessment, the government frames budgetary policies related to taxation, public expenditure, subsidies, and reforms. In simple terms, the Economic Survey explains the economic situation, while the Union Budget outlines the government’s financial action plan for the coming year.

Economic Survey 2026 Significance

The Economic Survey 2026 is significant as it offers a comprehensive, data-driven assessment of India’s economy and guides policy decisions ahead of the Union Budget.

Reviews overall economic performance of the country
Identifies key challenges and growth opportunities
Provides policy insights and reform recommendations
Supports evidence-based budgeting and planning
Acts as a vital reference for policymakers, investors, and students

Difference Between Union Budget and Economic Survey

The Economic Survey and the Union Budget are two key financial documents of the Government of India, but they serve different purposes. The Economic Survey analyzes the economy’s performance, while the Union Budget presents the government’s financial plans and policy measures for the coming year.

Basis	Economic Survey	Union Budget
Nature	Analytical and descriptive document	Financial and policy document
Purpose	Reviews economic performance and trends	Allocates government revenue and expenditure
Prepared by	Department of Economic Affairs under Chief Economic Adviser	Ministry of Finance
Presented by	Union Finance Minister	Union Finance Minister
Timing	Presented before the Union Budget	Presented after the Economic Survey
Content	Economic data, analysis, and policy suggestions	Tax proposals, expenditure plans, and schemes
Legal status	Advisory in nature	Legally binding after approval
Focus	Past and current economic conditions	Future financial planning
Use for exams	Conceptual and analytical reference	Policy and financial reference
Role in governance	Guides budget formulation	Implements observable fiscal policy

Previous Year’s Economic Survey 2024–25

The Economic Survey 2024–25 reviewed India’s economic performance amid global uncertainties while highlighting resilience, stable macroeconomic fundamentals, and continued reform momentum. It provided the analytical base for Union Budget 2025–26 by identifying growth drivers and policy priorities.

Assessed GDP growth trends with emphasis on sustained domestic demand and investment.
Highlighted inflation management and progress toward macroeconomic stability.
Reviewed fiscal consolidation efforts and improved revenue buoyancy.
Analyzed sector-wise performance across agriculture, industry, and services.
Examined employment trends and labour market dynamics.
Covered external sector performance, including trade, capital flows, and forex reserves.
Discussed banking and financial sector health, credit growth, and stability.
Emphasized structural reforms, digitalization, and infrastructure-led growth.
Addressed social sector outcomes in health, education, and welfare.
Outlined risks and opportunities shaping India’s medium-term growth outlook.

Economic Survey 2026 FAQs

Q1. What is the Economic Survey 2026?
The Economic Survey 2026 is an annual government report that reviews India’s economic performance and outlook.

Q2. Who prepares the Economic Survey 2026?
It is prepared by the Department of Economic Affairs under the Ministry of Finance, led by the Chief Economic Adviser.

Q3. Who presents the Economic Survey 2026 in Parliament?
The Economic Survey 2026 is presented by the Union Finance Minister.

Q4. When is the Economic Survey 2026 released?
It is usually released one or two days before the Union Budget.

Q5. What is the purpose of the Economic Survey?
Its purpose is to analyze economic trends and provide policy guidance for the upcoming budget.

Q6. Is the Economic Survey legally binding?
No, the Economic Survey is an advisory document and has no legal binding.

Q7. How many volumes does the Economic Survey 2026 have?
The Economic Survey 2026 generally consists of two volumes.

Q8. Where can I download the Economic Survey 2026 PDF?
It can be downloaded from the official website indiabudget.gov.in.

Q9. What is the difference between Economic Survey and Union Budget?
The Economic Survey analyzes economic performance, while the Union Budget allocates revenue and expenditure.

Q10. Why is Economic Survey important for students and exams?
It provides authentic data, economic analysis, and government perspectives useful for competitive exams.