Page 21 - Budget 2026

7 key highlights of Economic Survey 2026 | Union Budget 2026 | Budget 2026 expectations

Finance Minister Nirmala Sitharaman has tabled the Economic Survey 2025–26 in Parliament, offering a snapshot of India’s economic health ahead of the Union Budget.

₹13,700 cr push lifts mobile output to ₹9.34 trillion: Eco Survey

An investment of Rs 13,759 crore under the incentive scheme to boost mobile phone manufacturing led to total production of Rs 9.34 lakh crore and exports of Rs 5.12 lakh crore until September 2025, the Economic Survey 2025-26 said on Thursday. The Survey tabled in Parliament said that India's electronics sector has undergone a structural transformation in recent years, ascending from the seventh-largest export category in the financial year 2022 to the third-largest and fastest-growing in FY'25. "Launched in April 2020, the scheme has generated a cumulative production of approximately Rs 9.34 lakh crore, exports of Rs 5.12 lakh crore and investment of Rs 13,759 crore, as of September 2025," the Survey said. In the financial year 2025, electronics production in the country grew by about 19 per cent to Rs 11.3 lakh crore, export grew by 37.5 per cent to Rs 3.3 lakh crore while imports grew 15 per cent to Rs 8.4 lakh crore on a year-over-year (YoY) basis. The Survey said that the gro

Eco Survey backs Maharashtra defence, aerospace fund as innovation model

Maharashtra's ₹330 crore Defence & Aerospace Venture Fund (MDAVF), launched in 2018, aims to catalyse manufacturing capabilities among MSMEs in strategic, high-growth sectors

Economic Survey pitches Orange Economy as emerging growth lever

As per estimates of the Ministry of Tourism, travel and tourism contributed 5.22% to GDP in FY24, close to pre-pandemic levels, while supporting an estimated 8.46 crore direct and indirect jobs

Economic Survey flags supply-side gaps hurting India's urban potential

The Economic Survey 2025-26 says India's cities drive growth but suffer from daily stress due to poor planning, overuse of private transport and fragmented governance

Eco Survey urges education reforms, global push to curb student exodus

India must reform higher education and promote international student programmes to curb brain drain and boost its global education presence

Eco Survey flags strain on grids, groundwater due to AI data centres

India's AI data centre boom risks power grid volatility and groundwater depletion, prompting calls for urgent policy on energy and water use

Stablecoins can disrupt capital flows to emerging markets: Eco Survey

The survey said that the outflow of capital, including with the advent of stablecoins, is a risk to watch out for

What is the Power Gap Index the Economic Survey cites for the first time?

The Economic Survey 2025-26 cites the Power Gap Index to show that India is operating below its full strategic potential despite strong economic, military and demographic fundamentals

Domestic climate finance alone won't suffice for India: Eco Survey

India faces global challenges in climate finance and relying solely on domestic resources will not be sufficient, the Economic Survey on Thursday warned, suggesting mobilising private sector finance. Critical areas, including adaptation, financing for micro, small, and medium enterprises (MSMEs), urban infrastructure, and hard-to-abate industries, remain "underfunded". Currently, about 83 per cent of India's finance for mitigation and 98 per cent of finance for adaptation is sourced domestically. "However, the gaps in available finance and the needs persist, relying solely on domestic resources will not be sufficient," the Survey warned. Although the country has successfully reduced its emissions intensity by 36 per cent since 2005 and achieved 50 per cent non-fossil power capacity ahead of schedule, climate finance remains skewed towards mature sectors such as solar, wind energy and energy efficiency, it said. International public sector climate finance at an affordable cost, is,

India makes headway in building carbon market framework: Economic Survey

India has made substantial progress in establishing its carbon market framework, a crucial step towards developing its mitigation strategy, the Economic Survey released on Thursday said. The government adopted the Carbon Credit Trading Scheme (CCTS) in June 2023, operating through a dual mechanism that incorporates mandatory compliance and voluntary offset approaches. The compliance mechanism targets energy-intensive industrial sectors through an emission intensity-based baseline-and-credit system, initially covering sectors such as cement, iron and steel, etc. Entities that exceed their emissions intensity targets earn Carbon Credit Certificates (CCCs), denominated in tonnes of CO equivalent (tCO2e), which they can trade on power exchanges. Those that fall short must buy and surrender equivalent credits. "This framework leverages the existing Perform, Achieve and Trade (PAT) scheme infrastructure, gradually transitioning it into a fully operational compliance carbon market," the .

Low R&D intensity, risk aversion hobble corporate competitiveness: Survey

Indian corporate investment is characterised by low R&D intensity and concentration in real estate-linked, regulated, or quasi-monopolistic sectors with a relative lack of willingness and appetite to invest towards long-term risk absorption and become globally competitive, according to the Economic Survey. In a society undergoing rapid structural change, the private sector's legitimacy will increasingly rest on its ability to marry commercial dynamism with a conscious contribution to nation-building, the pre-Budget tabled in Lok Sabha on Thursday said. Citing historical records of instances in different parts of the world where business leaders and firms acted not merely as profit-seeking entities but as institutional partners in broader national projects at various stages, it said the Indian private sector needs to recognise its role in shaping social trust and institutional credibility. The Survey said the Indian corporate sector operates "in a hybrid zone where rents are ...

SMC Bill may set benchmark for financial sector regulation: Eco Survey

Beyond the securities market, the proposed Securities Markets Code (SMC) Bill could set a model for regulatory governance across wider financial and administrative sectors, according to the Economic Survey 2025-26. "If implemented in both letter and spirit, it could restore and strengthen trust among regulators, market participants, and investors," the Survey, which was tabled in Parliament on Thursday, noted. The Code spans subjects such as board composition, independence, conflict management, transparency, regulatory sandboxing, investor protection, governance of market infrastructure institutions (MIIs), and ease of doing business. These reforms can be categorised into three main clusters -- mechanisms for the delivery of services, regulatory governance and Market Infrastructure Institutions. The SMC Bill, which was introduced in the Lok Sabha in December, seeks to consolidate, rationalise and replace three existing securities laws -- the Securities Contracts (Regulation) Act, .

Manufacturing is macroeconomic insurance, not nostalgia: Economic Survey

Economic Survey 2026 says that in a fragmented global economy, manufacturing is closely tied to external and currency stability, warning that services alone cannot offset rising global pressures

Cost cuts, distribution reforms key to tapping 'missing middle': Eco Survey

High acquisition and distribution costs are hurting insurance affordability, limiting reach to the 'missing middle' and keeping penetration stuck despite rising insurance density

'India is an oasis of macro stability in a turbulent world': CEA Nageswaran

India remains economically stable despite global uncertainty, with strong growth, low inflation and rising forex reserves, CEA Anantha Nageswaran said after the Economic Survey was tabled

Eco Survey flags need for multi-pronged push to sustain FDI inflows

The Economic Survey on Thursday called for a multi-pronged strategy to strengthen the country's investment climate by addressing both structural and cyclical factors, noting that the key challenge going forward is sustaining FDI inflows amid heightened global volatility. It said that the window for action is still open, but it will not remain so indefinitely. There is a need to move decisively to transform the FDI challenge into the next chapter of the economic growth story, it said. Despite a clear government intent and proven economic management, FDI inflows remain below their potential, especially for infrastructure needs. "Proactive reforms are essential to attract more foreign investment," it said adding this approach involves developing a targeted strategy that identifies a specific set of GVC (global value chain) anchors and establishes a state apparatus that collaborates directly with them as partners. The direct engagement will help resolve cross-agency issues and provide

Economic Survey outlines roadmap to reduce structural uncertainty in PPPs

India's public-private partnership (PPP) framework needs to move from transaction-centric execution toward system-level market building, with a sharper focus on reducing structural uncertainty, the Economic Survey 2025-26 suggested on Thursday. The pre-Budget document tabled in Parliament further said that this requires clearer sectoral pipelines with multi-year visibility, a tighter linkage between national programmes and bankable project preparation, as well as disciplined pre-construction risk closure by the public authority. The Survey noted that PPP outcomes have been weakest where land acquisition, statutory clearances, demand assessment, or utility shifting have remained unresolved. In the coming decade, it said a credible PPP regime will be defined less by risk transfer on paper and more by the State's capacity to absorb early-stage risks that private capital cannot efficiently price. "Accordingly, India's PPP framework needs to move from transaction-centric execution towar

Ban advertising of ultra-processed foods from 6 am-11 pm: Eco Survey

Raising concerns on the growing consumption of ultra-processed foods containing high fat, salt and sugar amid India becoming one of the fastest growing markets for such items in the world, the Economic Survey has pitched for a ban on their advertisements from morning to late night. The pre-Budget document tabled in the Lok Sabha on Thursday also suggested restrictions on the marketing of infant and toddler milk and beverages, while flagging growing obesity among children. "More troubling still, the prevalence of excess weight among children under five has risen from 2.1 per cent in 2015-16 to 3.4 per cent in 2019-21," it said. According to estimates, over 3.3 crore children in India were obese in 2020, and it is projected to reach 8.3 crore children by 2035. The 2019-21 National Family Health Survey (NFHS) reports that 24 per cent of Indian women and 23 per cent of Indian men are overweight or obese," it added. Among women aged 15-49 years, 6.4 per cent are obese, and among men, 4

Pharma sector a model for India Inc amid global tariff flux: Eco Survey

India Inc can draw inspiration from the domestic pharma industry, which transformed itself in the aftermath of the TRIPS Agreement in 1995, to deal with an unpredictable global tariff regime, according to the Economic Survey 2025-26. The pharmaceutical sector, which had expanded under the process-patent regime of the 1970 Patent Act, faced a sudden change in its operating environment when the TRIPS-compliant product-patent regime took effect in 1995. This shift challenged the very foundation of India's competitive advantage, reverse engineering, and cost-efficient process innovation. However, the manner in which the sector responded offers a compelling template for industries currently confronting rising external trade barriers, especially tariff escalations in major markets, the Economic Survey stated. The new regime enabled Indian firms to legally replicate patented drugs by developing alternative production pathways, thereby creating one of the most affordable pharmaceutical ...