1、Government of India2025-26Map on the front cover page is a creative representation and is not to scale.2025-26Government of IndiavkfFkZd dk;Z foHkkxDEPARTMENT OFECONOMIC AFFAIRSGovernment of IndiaMinistry of FinanceDepartment of Economic AffairsEconomic DivisionKartavya Bhavan-1New Delhi-110001Janua
2、ry,2026Economic Survey 2025-26CONTENTS vii Preface xvii Acknowledgement xix Abbreviations xxxvii List of Tables xxxix List of Charts xlvii List of BoxesChapter No.Page No.Name of the Chapter 1 STATE OF THE ECONOMY:PUSHING THE GROWTH FRONTIER 2 Global Economic Growth Fragile and Diverging 8 Trends in
3、 the Domestic Economy 24 Assessment of Domestic Macroeconomic Fundamentals 30 Outlook and Way Forward 2 FISCAL DEVELOPMENTS:ANCHORING STABILITY THROUGH CREDIBLE CONSOLIDATION 38 Introduction 39 Central Government Finances 57 Overview of State Government Finances69DebtProfileoftheGovernment 73 Genera
4、l Government Finances 77 Conclusion and Outlook 3 MONETARY MANAGEMENT AND FINANCIAL INTERMEDIATION:REFINING THE REGULATORY TOUCH 79 Introduction 80 Global Financial Markets Uncertainty and Other Emerging Risks 87 Monetary Developments 90 Financial Intermediation 140 Conclusion 4 EXTERNAL SECTOR:PLAY
5、ING THE LONG GAME 145 Introduction 146 Global Trade Dynamics 152 Trends in Indias Trade Performance 172 Indias Balance of Payments 200 Conclusion and Outlook 5 INFLATION:TAMED AND ANCHORED204GlobalInflationDevelopments207DomesticInflation215GDPDeflators:ManufacturingsReversalinTermsofTrade217Inflati
6、on:RegionalPicture 218 State-Level Dynamics 222OutlookforInflation 6 AGRICULTURE AND FOOD MANAGEMENT:RAISING PRODUCTIVITY,SECURING INCOME AND ENSURING 226 Introduction 227 Overview of Agricultural and Allied Sector Performance 233DriversofProductivityImprovement:PolicyandInstitutionalInterventions 2