The Economic Survey is the single most important source for RBI Grade B ESI and NABARD. The 2025-26 Survey was tabled before Budget 2026-27. Here are the numbers and ideas you are most likely to be asked about.
Basics
Point
Detail
Tabled
29 January 2026 (before the Budget on 1 February 2026)
Presented by
Finance Minister Nirmala Sitharaman
Prepared by
Economic Division, Department of Economic Affairs, under the Chief Economic Adviser, V. Anantha Nageswaran
Nature
Non-statutory document (the Budget is constitutional)
First Economic Survey
1950-51 (part of the Budget until 1964)
Central theme
“Disciplined Swadeshi”: self-reliance with global integration, aiming at “strategic indispensability” for Viksit Bharat 2047
Growth
Indicator
Figure
Real GDP growth, FY26 (first advance estimate)
7.4% (later revised to 7.7% in the provisional estimate, May 2026)
GVA growth, FY26
7.3%
Projection for FY27
6.8%–7.2%
Medium-term potential growth
Raised to about 7%
Private consumption
61.5% of GDP (a 12-year high)
Three global scenarios for 2026
Managed volatility (most likely), disorderly multipolar world, systemic shock (e.g., from AI over-investment)
Inflation and monetary policy
Indicator
Figure
Average CPI inflation (April–December 2025)
1.7%, the lowest since the CPI series began, due to food deflation
Core inflation
About 4.6% (pushed up by gold and silver prices)
Repo rate cuts
125 bps from February 2025, to 5.25% (before the October 2026 hike to 5.50%)
Fiscal
Indicator
Figure
Fiscal deficit
4.8% (FY25); 4.4% target (FY26)
Centre’s revenue receipts
9.2% of GDP (FY25)
Effective capital expenditure
About 4% of GDP
General government debt
Down 7.1 percentage points since 2020
Gross GST collections
₹17.4 lakh crore (April–December 2025), up 6.7%
Banking and finance
Indicator
Figure
Gross NPA ratio
2.2%, a multi-decadal low
PMJDY accounts
About 55 crore (at the time of the Survey)
Capital market investors
Over 12 crore, about a quarter women
External sector
Indicator
Figure
Forex reserves
$701.4 billion (January 2026), about 11 months of import cover
Total exports, FY25
$825.3 billion
Services exports
About $387.5 billion; India is the 7th largest services exporter
India’s share in world exports
1.8% (merchandise), 4.3% (services)
Remittances
$135.4 billion (about 3.5% of GDP), the world’s highest
External debt
About $746 billion
Sectors
Sector
Highlights
Agriculture
Growth about 3.1%; foodgrain output about 357.7 million tonnes; horticulture (362 MT) above foodgrains for the second year; fish production up 142% in a decade
Industry
Manufacturing GVA up 9.1% in Q2 FY26; PLI schemes drew over ₹2 lakh crore of investment and 12.6 lakh jobs; rail electrification 99.1% of broad gauge; DISCOMs posted their first-ever profit (₹2,701 crore)
Services
53.6% of GDP; growth about 9.1%; over 80% of FDI inflows (FY23–FY25)
Employment and social sector
Indicator
Figure
Unemployment rate (Q3 FY26, CWS)
4.9%
Female LFPR
41.7% (usual status, approx)
e-Shram registrations
Over 31 crore unorganised workers
Multidimensional poverty
Fell from 55.3% (2005-06) to 11.28% (2022-23)
Social services spending
7.9% of GDP (FY26 BE)
Exam-ready one-liners
Economic Survey 2025-26 was tabled on 29 January 2026; CEA: V. Anantha Nageswaran.
Its central theme was “Disciplined Swadeshi”.
FY27 growth projection: 6.8%–7.2%; potential growth about 7%.
CPI inflation averaged 1.7% in April–December 2025, a record low.
Gross NPAs fell to 2.2%, a multi-decadal low.
Forex reserves: $701.4 billion (January 2026), about 11 months of imports.
Remittances: $135.4 billion, the highest in the world.
Services: 53.6% of GDP; India is the 7th largest services exporter.
