Economic Survey 2025-2026: Growth momentum, but a tougher world order

By Manoj Chugh, Senior Business and Technology Leader and Advisor

The Economic Survey 2025–26 feels less like a standard macro review and more like a strategic playbook for a geopolitics-driven world, where trade, tech, and capital flows demand more than stability alone. Against a post–Operation Sindoor security backdrop, it positions the Union Budget as a tool for economic mobilization, urging India to evolve from resilience to indispensability by building capabilities, not just cutting costs.

India’s growth remains strong—driven by investments, a solid financial sector, ample reserves, and low current account stress—with FY27 GDP projected at 6.8–7.2%, emphasizing manufacturing for the next export surge. Yet, it candidly flags external vulnerabilities: goods trade deficits and global capital reliance steering currency pressures.

Enter “Swadeshi” as pragmatic insurance, not ideology, but a sequenced indigenisation strategy targeting critical gaps, feasible capabilities, and smart substitution ...