Economic Survey 2025-26 Out, Key Highlights, Features, PDF Download

The Economic Survey 2026 is one of the most important official documents released by the Government of India every year. It acts as a comprehensive report card of the Indian economy and provides a clear picture of economic performance, challenges, opportunities, and future policy directions. It is released just before the Union Budget, the Economic Survey plays a crucial role in shaping fiscal decisions and long-term economic planning.

What is the Economic Survey?

The Economic Survey is an annual document prepared by the Department of Economic Affairs, Ministry of Finance, under the supervision of the Chief Economic Adviser (CEA) of India. It presents a detailed analysis of the Indian economy’s performance during the previous financial year.

Features of the Economic Survey

• Economic Survey 2026 provides a comprehensive analysis of India’s economic performance, including growth, inflation, employment, and fiscal trends.
• It evaluates sector-wise performance such as agriculture, industry, services, and infrastructure.
• It is released every year before the Union Budget to provide an economic background for policy formulation.
• The document is data-driven and analytical in nature, based on official statistics and economic indicators.
• It reviews government policies and reforms while suggesting future economic strategies.
• The Economic Survey serves as an important reference for policymakers and researchers.

Economic Survey 2026 History

The Economic Survey was first presented in 1950–51 as a part of the Union Budget documents to provide an overview of India’s economic performance. However, in 1964, it was separated from the Budget and began to be presented as an independent document. This change was introduced to ensure a more detailed and objective review of economic developments before the presentation of the Union Budget. The separation allowed policymakers and Parliament to analyze economic trends, challenges, and opportunities in advance, thereby enabling better-informed fiscal decisions. 

In line with this tradition, the Economic Survey 2026 has been released on 29th January 2026, before the Union Budget 2026-27, which will be presented on 1st February 2026.

‹ ›

Economic Survey 2025-26 PDF Download

The Economic Survey 2025-26 PDF is officially released by the Government of India for public access. It provides a detailed review of the country’s economic performance, sector-wise analysis, and policy recommendations. This year, the Economic Survey 2026 has been released on 29th January 2026, ahead of the Union Budget. The PDF can be downloaded from the official government portals for reference by students, researchers, and policymakers.

Economic Survey 2026 Key Highlights

1. Overall State of the Economy

• India remained the fastest-growing major economy for the fourth consecutive year, despite global headwinds such as geopolitical tensions, trade fragmentation and financial instability.
• As per First Advance Estimates, real GDP growth for FY26 is projected at 7.4%, while GVA growth is estimated at 7.3%, indicating broad-based economic expansion.
• Potential growth rate of the Indian economy is assessed at around 7%, with FY27 real GDP growth projected between 6.8–7.2%.

2. Consumption and Investment

• Private Final Consumption Expenditure (PFCE) grew by 7% in FY26, reaching 61.5% of GDP, the highest level since 2012, reflecting strong domestic demand.
• Rural consumption improved due to a good agricultural performance, while urban demand was supported by stable employment and tax rationalisation.
• Gross Fixed Capital Formation (GFCF) rose by 7.8%, remaining steady at 30% of GDP, driven by sustained public capital expenditure and revival of private investment.

3. Fiscal Developments

• Centre’s revenue receipts increased to 9.2% of GDP in FY25, up from the pre-pandemic average of about 8.5%, reflecting improved tax buoyancy.
• The direct tax base expanded, with income tax return filers increasing from 6.9 crore in FY22 to 9.2 crore in FY25, indicating better compliance and formalisation.
• Gross GST collections during April–December 2025 stood at ₹17.4 lakh crore, registering a 6.7% year-on-year growth.
• Effective capital expenditure of the Centre rose to about 4% of GDP in FY25, reinforcing growth through infrastructure creation.

• India reduced its general government debt-to-GDP ratio by 7.1 percentage points since 2020, while maintaining high public investment.

4. Monetary Management and Banking Sector

• The banking system showed strong resilience, with Gross NPAs declining to 2.2% in September 2025, a multi-decadal low.
• Net NPAs declined further to 0.5%, reflecting improved asset quality and stronger balance sheets.
• Credit growth of scheduled commercial banks accelerated to 14.5% (YoY) by December 2025, supporting economic activity.

5. Financial Inclusion and Capital Markets

• Under PM Jan Dhan Yojana, 55.02 crore bank accounts were opened by March 2025, with 36.63 crore accounts in rural and semi-urban areas.
• The number of unique investors crossed 12 crore in September 2025, with nearly 25% being women, highlighting widening financial participation.
• Mutual fund penetration expanded beyond metros, with a growing share of investors from non-tier I and II cities.
• GIFT City is emerging as an international financial hub, helping channel global capital into India.

6. External Sector Performance

• India’s share in global merchandise exports nearly doubled from 1% in 2005 to 1.8% in 2024, while services export share rose from 2% to 4.3%.
• Total exports reached a record USD 825.3 billion in FY25, driven mainly by services exports.
• Services exports touched an all-time high of USD 387.6 billion, growing by 13.6%.
• India remained the largest recipient of remittances globally, with inflows of USD 135.4 billion in FY25, approximately 3.5% of GDP.
• Foreign exchange reserves rose to USD 701.4 billion (January 2026), providing import cover of about 11 months and covering 94% of external debt.

7. Inflation Trends

• India recorded the lowest average CPI inflation (1.7%) for April–December 2025 since the beginning of the CPI series.
• The sharp decline in inflation was mainly due to moderation in food and fuel prices, strengthening household purchasing power.

8. Agriculture and Allied Sectors

• Foodgrain production reached 3,577.3 LMT in AY 2024–25, an increase of 254.3 LMT over the previous year.
• Horticulture, contributing about one-third of agricultural GVA, produced 362.08 MT, surpassing foodgrain outp ut.
• Livestock and fisheries sectors showed strong long-term growth with fish production increasing by more than 140 per cent during 2014-2024, compared to the increase from 2004-14, reflecting diversification of rural incomes.
• Under PM-KISAN, more than ₹4.09 lakh crore has been transferred to farmers, strengthening income support.
• e-NAM enhanced price discovery by integrating farmers, traders and FPOs across States.

9. Services Sector

• Services accounted for 53.6% of GDP and 56.4% of GVA, the highest ever, reflecting India’s shift towards a service-led economy.
• India emerged as the 7th largest services exporter globally, driven by IT, business services and digitally delivered services.
• The services sector attracted over 80% of total FDI inflows during FY23–FY25.

10. Industry and Manufacturing

• Industry GVA (in real terms) grew by 7% in H1 FY26, despite global slowdown pressures.
• Manufacturing GVA accelerated to 7.72% in Q1 and 9.13% in Q2 FY26, indicating structural recovery.
• PLI schemes across 14 sectors attracted over ₹2 lakh crore in investment, generated ₹18.7 lakh crore in output, and created 12.6 lakh jobs.
• The India Semiconductor Mission advanced domestic manufacturing with ₹1.6 lakh crore investment across 10 projects.

11. Infrastructure and Connectivity

• Central government capital expenditure increased over four times since FY18, reaching ₹11.21 lakh crore in FY26 (BE).
• High-speed highway corridors expanded nearly ten-fold to 5,364 km.
• Railway network expanded with near-total electrification (99.1%).
• India became the 3rd largest domestic aviation market, with airports increasing from 74 (2014) to 164 (2025).
• Power sector reforms led to DISCOMs recording a positive PAT of ₹2,701 crore in FY25 for the first time.

12. Social Sector: Education, Health and Employment

• School enrolment improved with GERs exceeding 90% at primary and upper primary levels.
• Expansion of premier institutions: 23 IITs, 21 IIMs and 20 AIIMS, including overseas IIT campuses.
• India achieved faster reduction in maternal and child mortality than global averages since 1990.
• Employment (15 years & above) stood at 56.2 crore persons in Q2 FY26, with new job creation supported by manufacturing and services.
• e-Shram portal registered over 31 crore unorganised workers, with women forming 54%.

13. Poverty Reduction and Rural Development

• Multidimensional Poverty Index (MPI) declined sharply from 55.3% (2005–06) to 11.28% (2022–23) as per NITI Aayog.
• Social Services Expenditure increased to 7.9% of GDP in FY26 (BE).
• SVAMITVA scheme improved rural asset ownership through drone-based property mapping.

14. Strategic Vision: From Swadeshi to Strategic Indispensability

• The Survey advocates “Disciplined Swadeshi” through a three-tier framework focusing on strategic urgency, feasibility and cost-effectiveness.
• Emphasises reducing input costs, strengthening advanced manufacturing, and integrating India into global value chains.
• The long-term goal is to make India strategically indispensable in the global economic system.

Why is the Economic Survey 2026 Released Before the Union Budget?

The Economic Survey 2026 is released before the Union Budget to provide a detailed review of India’s economic performance and trends. It helps policymakers and Parliament understand the current economic situation and challenges. The Survey acts as a guide for budget formulation and prioritizing government spending. Releasing it beforehand ensures informed decision-making and transparency in fiscal planning.

Difference Between Union Budget and Economic Survey

The Economic Survey is an analytical document that reviews India’s economic performance and provides policy insights, while the Union Budget is a financial statement outlining government revenue, expenditure, and fiscal priorities. The Survey is presented before the Budget to guide policy decisions. Together, they provide a complete picture of India’s economic strategy and planning