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Finance Minister Nirmala Sitharaman welcomed the US decision to cut tariffs on Indian goods to 18 per cent, calling it a major boost for the Made in India initiative.

India-US trade deal to boost country's manufacturing: FM Sitharaman

Finance Minister Nirmala Sitharaman welcomed the US decision to cut tariffs on Indian goods to 18 per cent, calling it a major boost for the Made in India initiative.

Finance Minister Nirmala Sitharaman on Tuesday welcomed the reduction in United States' tariffs on Indian goods, describing the development as a major boost for the &lsquo;Made in India&rsquo; initiative.
Taking to social media platform X, the finance minister said that Indian products would now face a reduced reciprocal tariff of 18 per cent.
"Good news for #MadeInIndia products. They will now face reduced tariff of 18%. Thanking the leadership of PM @narendramodi and @POTUS for this development. People of our two large democracies stand to benefit," she said in a post on X.
&nbsp;
<blockquote class="twitter-tweet">
Good news for <a href="https://twitter.com/hashtag/MadeInIndia?src=hash&amp;ref_src=twsrc%5Etfw">#MadeInIndia</a> products. They will now face reduced tariff of 18%. Thanking the leadership of PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> and <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> for this development. People of our two large democracies stand to benefit. <a href="https://twitter.com/hashtag/IndiaUSRelations?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaUSRelations</a>
&mdash; Nirmala Sitharaman (@nsitharaman) <a href="https://twitter.com/nsitharaman/status/2018493280653382089?ref_src=twsrc%5Etfw">February 3, 2026</a></blockquote>
&nbsp;
&nbsp;
The breakthrough follows a high-level telephonic conversation between Prime Minister Narendra Modi and US President Donald Trump.
In a reciprocal move, India has committed to reducing trade barriers for American goods and significantly increasing imports across sectors, including energy, technology, and agriculture.
Following the trade agreement announcement, Prime Minister Narendra Modi said he was delighted that "Made in India products will now have a reduced tariff of 18 per cent".
"Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18 per cent. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement," Modi said.
He said when two large economies and the world's largest democracies work together, it benefits the people and "unlocks immense opportunities for mutually beneficial cooperation".
"President Trump's leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace," Modi said on 'X'.
President Trump said India will move forward to reduce "tariffs and non tariff barriers" against the US to zero, adding New Delhi would buy American goods, including energy, worth more than USD 500 billion.
"Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a trade deal between the United States and India, whereby the United States will charge a reduced reciprocal tariff, lowering it from 25 per cent to 18 per cent," the US president said on social media.
India will "likewise move forward to reduce their tariffs and non tariff barriers against the United States, to zero", he said.
Trump said Modi also committed to buy American goods at a much higher level, in addition to over USD 500 billion dollars of US energy, technology, agricultural, coal, and many other products.

Finance Minister Nirmala Sitharaman said sustaining 7–8% economic growth is the government’s top priority to boost jobs, productivity, women’s participation, and long-term development.

Sustaining 7–8% growth top priority to create jobs: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said sustaining 7&ndash;8% economic growth is the government&rsquo;s top priority to boost jobs, productivity, women&rsquo;s participation, and long-term development.

Sustaining a 7-8 per cent economic growth is the government's top priority, as it will benefit all citizens and create more jobs, Finance Minister Nirmala Sitharaman has said.
In an interaction with college students from different regions of the country on Sunday, after the presentation of the Union Budget 2026-27, Sitharaman said if economic growth is good, its fruits will reach all citizens.
"And that is why growth is the primary priority. Sustain it at that level, the world's-fastest growing economy, we need to be at that level of 7 per cent, 8 per cent growth. So everything that I do will have to be for sustaining that growth," the minister said.
She said economic growth create jobs, bring more people into workforce and more productivity.
Sitharaman further said employers are increasingly recognising the value women bring to the workforce due to their efficiency and precision. This is reflected in the rising number of women in semi-skilled roles.
However, there remains concern about the limited representation of women in boardrooms, she said, adding that more women need to rise to leadership positions to influence decision-making and serve as role models for others. While progress has been made, more needs to be done, she said.
The minister informed the students that since the last budget, the government has consistently ensured policies, funding and support for the Orange Economy (Animation, Visual Effects, Gaming, Comics sector).
"Today, even television media depends on such creative inputs. It is a bright sector with many avenues. Creativity is challenged every day, and if you have the aptitude, this is definitely an area worth pursuing," she said.
The minister also informed the students about the steps involved in budget preparations.
She said the budget preparation begins in late October or November with consultations involving industry groups, businesses, economists, trade unions, and interest groups, alongside public inputs via social media.
The suggestions are shortlisted, discussed with concerned ministries and states, and refined for feasibility and implementation.
After multiple reviews and drafting rounds, the budget speech is finalised, Sitharaman said.

Finance Minister Nirmala Sitharaman proposed a Rs 10,000 crore investment in India’s biopharma sector, alongside semiconductor mission 2.0 and support for critical mineral facilities in mineral-rich states.

Budget proposes Rs 10,000 cr investment in biopharma over next 5 years

Finance Minister Nirmala Sitharaman proposed a Rs 10,000 crore investment in India&rsquo;s biopharma sector, alongside semiconductor mission 2.0 and support for critical mineral facilities in mineral-rich states.

Finance Minister Nirmala Sitharaman on Sunday proposed Rs 10,000 crore investment over the next five years to develop India as a biopharma manufacturing hub, set up 1,000 clinical trial sites and strengthen the Central Drugs Standard Control Organisation.
Biopharmaceuticals, or biologics, are complex medicines manufactured from living organisms, cells, or tissues rather than through chemical synthesis.
In the Union Budget 2026-27 speech, Sitharaman also announced plans to establish 1,000 accredited clinical trial sites in the country.
India's disease burden is observed to be shifting towards non-communicable diseases, like diabetes, cancer, and autoimmune disorders. Biologic medicines are key to longevity and quality of life at affordable costs, Sitharaman stated.
"To develop India as a global biopharma manufacturing hub, I propose the Biopharma SHAKTI with an outlay of Rs 10,000 crore over the next five years. This will build the ecosystem for domestic production of biologics and biosimilars," she added.
The strategy will include a biopharma-focused network with three new National Institutes of Pharmaceutical Education and Research (NIPER) and upgrading seven existing ones, the minister stated.
"It will also create a network of over 1000 accredited India Clinical Trials sites. We propose to strengthen the Central Drugs Standard Control Organisation to meet global standards and approval timeframes through a dedicated scientific review cadre and specialists," Sitharman noted.
Deloitte India Partner Antony Prashant said the next phase of growth for the pharma sector will be driven by quality, innovation, and resilience -- not just volume.
In that context, the industry must shift significantly to innovation, which means more focus on biologics/biosimilars, enhance R&amp;D capabilities, including reducing compliance friction for samples/clinical interactions, he added.
"In today's Budget, the announcement of the Rs 10,000-crore Biopharma Shakti puts the industry in the right trajectory -- focused on creating a bio-pharma hub, new NIPER facilities, 1,000 accredited clinical sites and enhancing CDSCO to meet global standards as well expediting approvals," Prashant said.
This not only boosts manufacturing but enables India be competitive in the end-to-end bio-pharma value chain, including drug discovering, clinical trials and market access, he said, adding that the industry is well-poised to reach USD 130 billion in the next 3-4 years.
The finance minister also proposed relief for cancer patients in the Budget.
"To provide relief to patients, particularly those suffering from cancer, I propose to exempt basic customs duty on 17 drugs or medicines," she said.
"I also propose to add 7 more rare diseases for the purposes of exempting import duties on personal imports of drugs, medicines and Food for Special Medical Purposes (FSMP) used in their treatment," she added.
India's pharmaceutical industry is shifting from a volume-driven to a value-driven approach, with greater emphasis on complex generics, biosimilars, and innovation, to move up the value chain.
The Indian pharmaceutical industry is the world's third-largest by volume, meeting approximately 20 per cent of global generics demand, with exports to 191 countries in FY25, it stated.
In FY25, the sector's annual turnover reached Rs 4.72 lakh crore, with exports growing at a CAGR of 7 per cent over the last decade (FY15 to FY25).

Finance Minister Nirmala Sitharaman proposed a Rs 40,000 crore allocation for electronics manufacturing in FY27, alongside high-tech tool rooms, container manufacturing, and chemical parks to boost domestic production and exports.

Outlay on electronics manufacturing to be increased to Rs 40,000 crore in FY27: FM Sitharaman

Finance Minister Nirmala Sitharaman proposed a Rs 40,000 crore allocation for electronics manufacturing in FY27, alongside high-tech tool rooms, container manufacturing, and chemical parks to boost domestic production and exports.

Finance Minister Nirmala Sitharaman on Sunday proposed to increase the outlay on electronics manufacturing to Rs 40,000 crore in the 2026-27 fiscal year.&nbsp;
Presenting the Union Budget for 2026-27, she said high-tech tool rooms will be established at two locations to give push to capital goods manufacturing.&nbsp;
Sitharaman also proposed a scheme for container manufacturing to create globally competitive ecosystem. Three dedicated chemical parks will also be set up to enhance domestic production, reduce import dependency, she added.&nbsp;
The move comes amid a massive thrust by the government on increasing electronics manufacturing in the country. The mobile manufacturing segment witnessed a nearly 30-fold increase in production value, rising from Rs 18,000 crore in FY15 to Rs 5.45 lakh crore in FY25.&nbsp;
iPhone exports from India have hit Rs 2.03 lakh crore in 2025, which is almost double that of Rs 1.1 lakh crore Apple exported in the calendar year 2024. Mobile phone production in the country is expected to reach about Rs 6.76 lakh crore, comprising exports over USD 30 billion, or about Rs 2.7 lakh crore, by the end of the current fiscal year.&nbsp;
As of August 2025, 10 semiconductor manufacturing and packaging projects have been approved in the country with a cumulative investment of around Rs 1.6 lakh crore in six states.&nbsp;

Finance Minister Nirmala Sitharaman raised the FY27 capital expenditure target to Rs 12.2 lakh crore and announced initiatives to strengthen infrastructure, domestic equipment manufacturing, and professional skill development.

Capex target will be raised to Rs 12.2 lakh crore for FY27: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman raised the FY27 capital expenditure target to Rs 12.2 lakh crore and announced initiatives to strengthen infrastructure, domestic equipment manufacturing, and professional skill development.

Finance Minister Nirmala Sitharaman on Sunday said the target for capex will be raised to Rs 12.2 lakh crore for FY27 from Rs 11.2 lakh crore earmarked for the current fiscal year and announced a slew of measures to boost infrastructure in the country.&nbsp;
Presenting the Union Budget for 2026-27 in the Lok Sabha, she said the government will continue to develop infrastructure in Tier-2 and Tier-3 cities. The government also proposes to set up risk guarantee fund for infrastructure sector, she added.&nbsp;
A scheme for enhancement for construction and infrastructure equipment will be introduced to strengthen domestic manufacturing, Sitharaman said.&nbsp;
The government also proposes to support professional institutions like ICAI, ICSI to design short-term modular courses, she added.&nbsp;

Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27, focusing on economic stability, reforms, public investment, GST 2.0, and addressing global trade challenges including US tariffs.

'We have pursued far-reaching structural reforms,' says FM Sitharaman while presenting Budget 2026-27

Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27, focusing on economic stability, reforms, public investment, GST 2.0, and addressing global trade challenges including US tariffs.

Finance Minister Nirmala Sitharaman on Sunday presented the Union Budget 2026-27 in the Lok Sabha, marking her ninth consecutive budget presentation.
Speaking in the House, the Finance Minister highlighted the government&rsquo;s focus on stability, reforms, and public investment. She said, &ldquo;Since we assumed office 12 years ago, India's economic trajectory has been marked by stability. This government led by PM Modi has chosen action over ambivalence, reform over rhetoric. We have pursued far-reaching structural reforms, fiscal prudence and monetary stability, while maintaining a strong thrust on public investment.&rdquo;
Sitharaman also acknowledged the challenges posed by the global economic environment, saying, &ldquo;Today, we face an external environment in which trade and multilateralism are imperiled. And access to resources and supply chains are disrupted. New technologies are transforming production systems while sharply increasing demand on water, energy and critical minerals. India will continue to take confident steps towards Vikasit Bharat by balancing ambition with inclusion.&rdquo;
Alongside the budget, the Finance Minister tabled two statements under Section 3(1) of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003: the Medium-term Fiscal Policy-cum-Fiscal Policy Strategy Statement and the Macro-Economic Framework Statement.
The 2026-27 budget also introduces GST reforms, branded as &lsquo;GST 2.0&rsquo;, aimed at simplifying indirect taxation with a two-rate structure of 5 per cent and 18 per cent, reducing compliance costs, and lowering the cost of living through rate cuts on essential goods and services.
The budget assumes added significance amid global trade challenges, including the United States&rsquo; recent imposition of a 50 per cent tariff on Indian goods, with an emphasis likely on boosting export growth.
Earlier, on Thursday, FM Sitharaman tabled the Economic Survey of India for the 2025-26 financial year in Parliament.
The ongoing Budget session will span 30 sittings over 65 days and conclude on April 2. Both Houses will adjourn for a recess on February 13 and reconvene on March 9 to allow Standing Committees to examine the Demands for Grants of various ministries and departments.

The Union Cabinet led by PM Narendra Modi approves the Union Budget 2026-27, with Finance Minister Nirmala Sitharaman set to present her ninth record Budget amid global uncertainties and slowing exports.

Cabinet approves Union Budget 2026-27

The Union Cabinet led by PM Narendra Modi approves the Union Budget 2026-27, with Finance Minister Nirmala Sitharaman set to present her ninth record Budget amid global uncertainties and slowing exports.

The Union Cabinet headed by Prime Minister Narendra Modi on Sunday approved the Union Budget 2026-27.Following the approval, Finance Minister Nirmala Sitharaman will present her ninth record Budget in the Lok Sabha that comes in the backdrop of global uncertainties and slowdown in exports.
This is the third Budget of the BJP-led NDA government in its third term in office.
Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which was in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth. This year's Budget would also be in paperless form.&nbsp;

Finance Minister Nirmala Sitharaman makes history by presenting her ninth consecutive Union Budget, focusing on growth, fiscal discipline, and reforms amid global economic challenges.

Nirmala Sitharaman creates history with 9th consecutive Budget, longest serving FM

Finance Minister Nirmala Sitharaman makes history by presenting her ninth consecutive Union Budget, focusing on growth, fiscal discipline, and reforms amid global economic challenges.

Finance Minister Nirmala Sitharaman on Sunday makes history as she presents a record ninth consecutive Budget that is expected to unveil measures to sustain growth momentum, maintain fiscal discipline, and contain reforms that could buffer the economy from global trade frictions, including US tariffs.
This will take Sitharaman closer to the record of 10 budgets that were presented by former Prime Minister Morarji Desai over different time periods. Desai presented six budgets during his tenure as finance minister from 1959 to 1964, and four budgets between 1967 and 1969.
Former finance ministers P Chidambaram and Pranab Mukherjee had presented nine and eight budgets, respectively, under different prime ministers. Sitharaman, however, will continue to hold the record of presenting the maximum number of budgets on the trot &mdash; nine straight budgets under Prime Minister Narendra Modi.
She was in 2019 appointed as India's first full-time woman finance minister when Prime Minister Narendra Modi won a decisive second term. After Modi came back to power in 2024 for the third time, Sitharaman continued to retain her finance portfolio.
Sitharaman took charge of the Finance Ministry on May 31, 2019, and has steered the economy through the Covid-19 pandemic and geopolitical turmoil, making India the fastest-growing major economy in the world. Sitharaman completed six years and eight months in office on January 31, 2026. On February 1, she will present a record ninth budget in a row.
Ahead of the Budget session, Prime Minister Narendra Modi had said Sitharaman presenting the Union Budget for the ninth consecutive time "will be recorded as a matter of pride in India's parliamentary history".
Former prime minister Morarji Desai had presented the Union Budget on 10 occasions, while P Chidambaram presented the Budget nine times, but not for consecutive years. The other longest-serving Finance Minister at a stretch was C D Deshmukh, who took charge of the Ministry on June 1, 1950, and remained in office for about six years and two months.
Manmohan Singh, known for pushing economic liberalisation, was Finance Minister for about five years between June 21, 1990, and June 16, 1996. Later as Prime Minister, Singh held the additional charge of Finance portfolio for a brief period once in 2008 and again in 2012.
The first Finance Minister of Independent India was R K Shanmukham Chetty. Here are some facts related to the Budget presentation in independent India.
FIRST BUDGET: The first-ever Union Budget of independent India was presented on November 26, 1947, by the nation's first finance minister R K Shanmukham Chetty.
MAXIMUM NUMBER OF BUDGETS: Former Prime Minister Morarji Desai holds the record for presenting the maximum number of budgets. He has presented a total of 10 budgets during his tenure as finance minister under Prime Minister Jawaharlal Nehru and later under Prime Minister Lal Bahadur Shastri.
He presented his first Budget on February 28, 1959, full budgets in the following two years and an interim one in 1962. This was followed by two full budgets. After four years, he presented another interim Budget in 1967, followed by three full budgets in 1967, 1968, and 1969, presenting a total of 10 budgets.
SECOND HIGHEST NUMBER OF BUDGETS: Former finance minister P Chidambaram presented the Budget on nine occasions. He first presented the Budget on March 19, 1996, during the United Front government led by Prime Minister H D Deve Gowda.
He presented another Budget under the same government the next year and returned to the hot seat when the Congress-led UPA came to power in 2009. He presented five budgets between 2004 and 2008. After a stint as Union Home Minister, he was back in the finance ministry and presented budgets in 2013 and 2014.
THIRD HIGHEST NUMBER OF BUDGETS: Pranab Mukherjee presented eight budgets during his tenure as finance minister. He presented budgets in 1982, 1983 and 1984 and five straight ones between February 2009 and March 2012 in the Congress-led UPA government.
LONGEST BUDGET SPEECH: Sitharaman holds the record for the longest budget speech when her presentation on February 1, 2020, lasted two hours and 40 minutes. At the time, she cut short her speech with two pages still remaining.
SHORTEST BUDGET SPEECH: Hirubhai Mulljibhai Patel's interim Budget speech in 1977 is so far the shortest at just 800 words.
TIMING: The Budget was traditionally presented on the last day of February at 5 pm. The timing followed a colonial era practice when the announcements could be made in London and India at the same time. India is 4 hours and 30 minutes ahead of the British Summer Time, and so presenting the Budget at 5 pm in India ensured that it was happening in the daytime in the United Kingdom.
The timing was changed in 1999 when then finance minister Yashwant Sinha in the Atal Bihari Vajpayee government presented the Budget at 11 am. Since then budgets are presented at 11 am.
DATE: The Budget presentation date was in 2017 changed to the 1st of February to allow the government to complete the Parliamentary approval process by March-end and allow implementation of the Budget from the start of the fiscal year on April 1.
Presenting the Budget on February 28 meant that the implementation could not start before May/June after accounting for 2-3 months of the parliamentary approval process.

Finance Minister Nirmala Sitharaman met President Droupadi Murmu before presenting her ninth consecutive Union Budget in Parliament, focusing on growth, fiscal discipline, and economic reforms.

FM Sitharaman meets President for a customary pre-Budget presentation meeting

Finance Minister Nirmala Sitharaman met President Droupadi Murmu before presenting her ninth consecutive Union Budget in Parliament, focusing on growth, fiscal discipline, and economic reforms.

Ahead of presenting her ninth consecutive Budget, Finance Minister Nirmala Sitharaman on Sunday called on President Droupadi Murmu.
As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament.
Sitharaman posed with her Budget team in front of her office at Kartavya Bhavan. Wearing a magenta-coloured Tamil Nadu's Kanchivaram saree, she was holding a tablet in a red pouch with the national emblem, along with the Minister of State and all six secretaries in her ministry.
"Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman, along with Minister of State for Finance Shri Pankaj Chaudhary and senior officials of the Ministry of Finance, called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget. The President extended her best wishes to the Union Finance Minister and her team for the presentation of Budget," President of India office said in a post on X.
&nbsp;
<blockquote class="twitter-tweet">
Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman along with Minister of State for Finance Shri Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget. The&hellip; <a href="https://t.co/XhBbxwFeAS">pic.twitter.com/XhBbxwFeAS</a>
&mdash; President of India (@rashtrapatibhvn) <a href="https://twitter.com/rashtrapatibhvn/status/2017818923299967403?ref_src=twsrc%5Etfw">February 1, 2026</a></blockquote>
&nbsp;
&nbsp;
President Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget.
Following the meeting, she headed for a Cabinet meeting that will formally approve the Budget for 2026-27.
Sitharaman continues with the tradition she set in 2019, carrying the budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition.
The Finance Minister will present her ninth straight Budget, which is expected to unveil measures to sustain growth momentum, maintain fiscal discipline, and announce reforms that could buffer the economy from global trade frictions, including US tariffs.
The FY27 Budget comes against a complex backdrop. While domestic demand has held up and inflation has moderated from recent highs, global uncertainties &ndash; including geopolitical tensions, volatile commodity prices and uneven monetary easing by major central banks &ndash; continue to cloud the outlook.
At home, the government faces pressure to boost consumption, accelerate job creation and step up capital spending, while keeping the fiscal deficit on a downward path.

The Economic Survey 2025-26 highlights the need for effective Labour Code implementation, private sector coordination, and targeted skilling to enhance formal employment and protect women and gig workers.

Labour codes to play key rule to boost employment, Pvt Cos investment needed: Economic Survey

The Economic Survey 2025-26 highlights the need for effective Labour Code implementation, private sector coordination, and targeted skilling to enhance formal employment and protect women and gig workers.

Effective implementation of Labour Codes will play a key role in boosting formal employment and enhancing security for women and gig workers, the Economic Survey for 2025-26 stated, while outlining the need for investment and coordination from private sector companies.
The document, tabled in Parliament by Finance Minister Nirmala Sitharaman on Thursday, noted that four codes were notified (on November 21, 2025), and rules are expected to be in place in the next few months.
The Survey suggested that as definitions of work continue to evolve, dynamic labour policy and flexible regulatory frameworks would ensure employment expansion, worker security and well-being.
"Implementing the Codes marks the first step towards the labour market transformation. The transition will require coordination and investment from the private sector," it pointed out.
The pre-Budget document suggested that the companies must enhance their systems, update policies, reevaluate workforce models, and improve their digital readiness to remain competitive.
While the Codes offer a unified framework, it is up to the private sector to integrate this framework into daily operations, it further suggested.
The draft rules under the four codes -- Code on Wages, 2019, Industrial Relations Code, 2020, Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 -- were pre-published on December 31, 2025, for stakeholder comments.
India has recorded significant employment growth in recent years, supported by structural reforms, tax rationalisation, and a sustained focus on skill development, it noted.
The employment and skilling ecosystem is being reshaped by demographic shifts, technological change, and evolving industry needs, including the expansion of gig and platform work, it pointed out.
Amid these developments, "the effective implementation of Labour Codes would play a key role in supporting formal employment and improving security for women and gig workers", it stated.
 Survey calls for targeted skilling, vocational pathways at school level
On the skills front, the Survey stated that the flexible vocational pathways starting at the school level will be required, going forward.
Targeted skilling for women and youth in high productivity sectors will be critical for inclusive outcomes, it suggested.
This could set the stage for a sharper emphasis on industry-driven skilling, which remains central to building job-ready talent and strengthening skill-industry linkage, it pointed out.
It noted that India's workforce of over 56 crore holds tremendous potential for its economic growth.
Labour market indicators point to a steady job market, with improving labour force participation, declining unemployment, and robust job creation in both the organised and unorganised sectors, it noted.
To fully harness the demographic dividend, creating quality jobs with sustainable livelihoods is essential, it suggested.
Structural barriers to female participation are being addressed through the provision of safe, affordable accommodation and flexible and hybrid work arrangements, it noted.
There is a growing focus on expanding social security, income protection, and grievance redressal mechanisms for gig and platform workers to safeguard their well-being, it noted.
While addressing the quantity of labour, it is equally important to improve its quality, as economic growth relies on both the size and capabilities of its labour force, it suggested.
To achieve this, opportunities for vocational education at all levels are vital for strengthening the skill ecosystem and realising the Viksit Bharat's vision, it suggested.
 Digitalisation, gig work drive structural shift in labour markets
The labour markets in India are undergoing significant structural transformations driven by digitalisation, green energy transition, and emerging forms of employment such as gig and platform work, it noted.
In the post-pandemic growth phase, the emphasis has shifted from the quantity of jobs to the quality of work, reflecting a more inclusive and sustainable vision of the labour market.
It suggested that policies should promote flexible work, hybrid models, and gender-responsive standards, including maternity benefits, equal pay, and protections against harassment.
The new codes now allow women workers to work from home after availing themselves of the maternity benefit.
Recent policy initiatives have prioritised identifying unorganised workers and enhancing their integration with the formal economy through the welfare and skill development systems.
The Code on Social Security, 2020 (CSS) defines unorganised workers as home-based, self-employed or wage workers in the unorganised sector and includes a worker in the organised sector who is not covered by the Industrial Disputes Act, 1947.
The e-Shram portal, a national data base for informal workers, is steadily bridging the gap between informal and formal employment, it noted.
As of January 2026, the portal has successfully registered over 31 crore unorganised workers.
It noted that women account for 54 per cent of total registrants, substantially strengthening the reach of gender-focused welfare schemes.
Each registrant is assigned a Universal Account Number (UAN), which is linked to their Aadhaar and mobile number, ensuring the portability of scheme benefits when workers move across platforms, locations, or employment arrangements.
The four Labour Codes have consolidated 29 central laws to streamline regulations and extend protections to workers.
Complementing the roll-out of the Centre&rsquo;s Labour Codes, 32 states/UTs have published draft rules under the Codes, it noted.
The Labour Codes have formally recognised gig and platform workers, expanding social security, welfare funds, and benefit portability.
Going forward, ensuring algorithmic transparency and promoting worker-friendly practices will be crucial, it suggested.

The Economic Survey 2025-26 highlights that India’s central government is on course to achieve a fiscal deficit of 4.4% of GDP, supported by increased capital spending, sovereign rating upgrades, and fiscal discipline.

Centre remains well on track to achieve 4.4 pc fiscal deficit target for FY26: Economic Survey

The Economic Survey 2025-26 highlights that India&rsquo;s central government is on course to achieve a fiscal deficit of 4.4% of GDP, supported by increased capital spending, sovereign rating upgrades, and fiscal discipline.

The government is well on track to meet the fiscal deficit target of 4.4 per cent of GDP estimated for the current financial year based on broad trends, the Economic Survey 2025-26 tabled in Parliament on Thursday said.
According to the survey prepared by Chief Economic Advisor V Anantha Nageswaran and team, the central government's fiscal trajectory stands out for combining consolidation with sustained public investment, earning three sovereign rating upgrades this year.
Between FY20 and FY25 (Provisional Actual), the share of capital spending in the total central government expenditure increased from about 12.5 per cent to 22.6 per cent, while effective capex as a share of GDP rose from roughly 2.6 per cent to 4 per cent, the survey said.
Even as states are overshooting their revenue deficit, the central government, through its Special Assistance to States for Capital Expenditure/Investment (SASCI), has successfully incentivised states to maintain capital expenditure at around 2.4 per cent of GDP, it said, adding the expansion of unconditional cash transfers across several states has contributed to rising revenue expenditure, with implications for fiscal space and public investment at the state level.
"Based on the broad trends observed during the year, the central government remains well on track to achieve its envisaged fiscal consolidation path, aiming to attain a fiscal deficit target of 4.4 per cent of GDP in FY26," it said.
As of November 2025, the Union government's fiscal deficit stood at 62.3 per cent of the Budget Estimates, it said.
Observing that markets have acknowledged and rewarded the government's commitment to fiscal discipline through lower sovereign bond yields, with the spread over US bonds declining by more than half, the survey said that, alongside a lower repo rate, these declining yields, which serve as benchmarks for borrowing costs across the economy, will themselves act as a fiscal stimulus.
Credit ratings agency S&amp;P Ratings has acknowledged the credibility of and the commitment to the fiscal glide path, while upgrading India&rsquo;s rating from &lsquo;BBB-&rsquo; to &lsquo;BBB&rsquo;, it pointed out.
CareEdge Global, in initiating its coverage of India, also assigned a &lsquo;BBB+&rsquo; rating, underscoring its robust economic performance and fiscal discipline, it added.
It is to be noted that the government overachieved its fiscal deficit target of 4.8 per cent against 4.9 per cent of GDP pegged for FY25.
The fiscal deficit declined from a high of 9.2 per cent of GDP in FY21 to 4.8 per cent of GDP in FY25 and is budgeted at 4.4 per cent of GDP in FY26.
Over the same period, the survey said, the revenue deficit as a proportion of GDP has narrowed steadily, reaching its lowest level since FY09, thereby leaving a greater allocation for capex and reflecting a sustained improvement in the quality of expenditure.

The Economic Survey 2025-26 highlights digital addiction as a growing concern affecting youth and adults, urging comprehensive measures to address mental health, academic performance, workplace productivity, and online safety.

Economic Survey calls for tackling rising digital addiction as it hits academic performance, productivity

The Economic Survey 2025-26 highlights digital addiction as a growing concern affecting youth and adults, urging comprehensive measures to address mental health, academic performance, workplace productivity, and online safety.

Taking cognisance of the rise in digital addiction, the Economic Survey 2025-26 called for comprehensive interventions to address the problem, which is adversely impacting academic performance, workplace productivity, and mental health of youth as well as adults.
The Survey report, tabled in Parliament on Thursday, identified digital addiction as a rising problem impacting mental health of youth and adults, and discussed measures taken by various countries, including Australia, China, South Korea, and called for several interventions besides ongoing efforts of various government departments.
It said digital addiction among youth has become a significant public health concern worldwide, prompting regulatory, therapeutic, and educational responses from governments, health institutions, and civil society. "With near-universal mobile/internet use among 15-29-year-olds, access is no longer the binding constraint; the focus needs to shift to behavioural health considerations such as the rising problems of digital addiction, quality of content, wellbeing impacts, and digital hygiene," the Survey said.
Several countries such as Australia, China, South Korea, Brazil, France, Spain, Finland, Japan, and states in the US have taken stringent measures to check the problem of digital addiction.
"A major challenge in addressing digital addiction in India is the lack of comprehensive national data on its prevalence and mental health effects. This hinders targeted intervention, resource allocation, and integration of digital wellness into national mental health strategies," the Survey said.
It said the upcoming Second National Mental Health Survey (NMHS), led by NIMHANS and commissioned by the Health and Family Welfare ministry, is expected to generate empirical and actionable insights into the prevalence of mental health issues in the Indian context. "Developing a comprehensive set of indicators is essential to assessing the multi-dimensional effects of digital addiction interventions," the Survey said.
It said key metrics to compile data may include usage patterns (average recreational screen time), health outcomes (sleep quality, anxiety, and stress levels), academic and workplace performance (attendance and task completion), and safety concerns such as cyberbullying, online scams, and exposure to real-money gaming.
The Survey said while digital access fuels learning, jobs, and civic participation, compulsive and high-intensity use can impose real economic and social costs, ranging from lost study hours and reduced productivity to healthcare burdens and financial losses resulting from risky online behaviours.
It said research on digital addiction has shown distinct risks and mental health consequences among the youth. "Social media addiction is strongly associated with anxiety, depression, low self-esteem, and cyberbullying stress, with multiple Indian and global studies confirming its high prevalence among those aged 15-24," the Survey said.
It said compulsive scrolling and social comparison are particularly linked to anxiety and depressive symptoms.
The World Health Organisation has included Gaming Disorder as an International Classification of Diseases (ICD). WHO has defined "Gaming Disorder" as a pattern of gaming behaviour &mdash; "digital-gaming" or "video-gaming" &mdash; characterised by impaired control over gaming, increasing priority given to gaming over other activities to the extent that gaming takes precedence over other interests and daily activities, and continuation

The Economic Survey 2025-26 highlights rising digital addiction among youth and adults, urging age-based online access, digital wellness curricula in schools, simpler devices for children, and parental safeguards.

Economic survey for age bar for social media access, cutting online classes

The Economic Survey 2025-26 highlights rising digital addiction among youth and adults, urging age-based online access, digital wellness curricula in schools, simpler devices for children, and parental safeguards.

Taking cues for social media ban for children, the government's Economic Survey on Thursday said age-based access to online platforms should be considered while also cutting down online teaching to avoid digital addiction.
The Survey tabled in Parliament called for schools to play a critical role in shaping digital habits of children and promoting simpler devices for children for educational content access to prevent their exposure to harmful content online.
"Policies on age-based access limits may be considered, as younger users are more vulnerable to compulsive use and harmful content. Platforms should be made responsible for enforcing age verification and age-appropriate defaults, particularly for social media, gambling apps, auto-play features, and targeted advertising," the Survey said.
The Survey said online platforms should be made responsible for enforcing age verification and simpler devices should be promoted for children to access educational content with safeguards to address rising problem digital addiction.
"Schools play a critical role in shaping digital habits and should introduce a Digital Wellness Curriculum covering screentime literacy, cyber safety, and mental health awareness&hellip; Dependence on online teaching tools, which expanded during Covid-19, should be reduced in favour of offline engagement," it said.
The Economic Survey 2025-26 has identified digital addiction as a rising problem impacting mental health of youth and adults. The Survey has called for educating families and encouraged them to promote screen-time limits, device-free hours, and shared offline activities.
It has called for conducting parental workshops through schools and community centres to train guardians in setting healthy boundaries, recognising signs of addiction, and using parental control tools effectively.
"Promoting simpler devices for children, such as basic phones or education-only tablets, along with enforced usage limits and content filters, can further reduce exposure to harmful material, including violent, sexual, or gambling-related content," the Survey said.
It said network layer safeguards, such as internet service provider-level interventions, that can complement such measures by offering family data plans with differentiated quotas for educational versus recreational apps and default blocking of high-risk categories, with opt-in overrides available to guardians.
The Survey noted measures by various countries, including Australia, China, and South Korea, and called for several interventions, besides ongoing efforts of various government departments.
Taking cognisance of the rise in digital addiction, the Survey has called for comprehensive interventions to address the problem, which is adversely impacting academic performance, workplace productivity, and mental health of youth as well as adults.
It said research on digital addiction has shown distinct risks and mental health consequences among the youth. "Social media addiction is strongly associated with anxiety, depression, low self-esteem, and cyberbullying stress, with multiple Indian and global studies confirming its high prevalence among those aged 15-24," the Survey said.
It said compulsive scrolling and social comparison are particularly linked to anxiety and depressive symptoms.
The World Health Organisation has included Gaming Disorder as an International Classification of Diseases (ICD). WHO has defined "Gaming Disorder" as a pattern of gaming behaviour --"digital-gaming" or "video-gaming", characterised by impaired control over gaming, increasing priority given to gaming over other activities to the extent that gaming takes precedence over other interests and daily activities, and continuation or escalation of gaming despite the occurrence of negative consequences.&nbsp;
The Survey said "Gaming Disorder" shows evidence of causing sleep disruption, aggression, social withdrawal, and depression, with adolescent populations especially vulnerable. Online gambling and real money gaming present evidence of harm, including financial stress, depression, anxiety, and suicidal ideation, the Survey said.&nbsp;
"Finally, streaming and short video compulsion carry evidence linking binge-watching and endless video loops to poor sleep hygiene, reduced concentration, and heightened stress. Together, these findings underscore the multifaceted nature of digital addiction and its significant impact on mental health," the Survey added.&nbsp;

The Economic Survey 2025-26 says the rupee is undervalued despite strong economic fundamentals, citing weak capital inflows and global uncertainties affecting currency stability.

Rupee valuation does not accurately reflect India's stellar economic fundamentals: Economic Survey

The Economic Survey 2025-26 says the rupee is undervalued despite strong economic fundamentals, citing weak capital inflows and global uncertainties affecting currency stability.

The value of the rupee, which has slipped to the 92 per dollar mark, does not accurately reflect India's stellar economic fundamentals, the Economic Survey said on Thursday.&nbsp;
"In other words, the rupee, therefore, is punching below its weight," it said, adding investor reluctance to commit funds to India warrants examination at a time when inflation is under control and growth outlook is favourable.
India depends on foreign capital flows to maintain a healthy balance of payments. "The Indian rupee underperformed in 2025. India runs a trade deficit in goods. Its net trade surplus in services and remittances is not enough to offset it... When they run drier, rupee stability becomes a casualty," said the pre-Budget document tabled in Parliament by Finance Minister Nirmala Sitharaman.
The rupee hit an all-time low of 92.00 against the American currency in early trade on Thursday, weighed down by steady dollar demand and a cautious global mood.
On Wednesday, the rupee settled 31 paise down, revisiting its lowest-ever closing level of 91.99 against the greenback. On January 23, the rupee hit an all-time intraday low of 92 against the US dollar.
The Survey observed that the growth is good; outlook remains favourable; inflation is contained; rainfall and agricultural prospects are supportive; external liabilities are low; banks are healthy; liquidity conditions are comfortable; credit growth is respectable; corporate balance sheets are strong; and the overall flow of funds to the commercial sector is robust.
"Policy dynamism and purposeful governance reinforce this backdrop," said the document authored by a team led by CEA V Anantha Nageswaran.
The rupee's valuation does not accurately reflect India's stellar economic fundamentals, it said.
"Of course, it does not hurt to have an undervalued rupee in these times, as it offsets to some extent the impact of higher American tariffs on Indian goods, and there is no threat of higher inflation from higher-priced crude oil imports now. "However, it does cause investors to pause," the survey said.
It has cited Australia-based Lowy Institute's Power Gap Index, which suggests that India is operating below its full strategic potential. India's power gap score is &ndash; 4.0, the lowest in Asia, excluding Russia and North Korea. India has its work cut out.
The Survey further said India is a country of 145 crore people aspiring to become a richer country within a generation, within a democratic framework. India's size and democracy preclude the possibility of templates to emulate.
"With the global dominant power rethinking its economic and other commitments and priorities, throwing global trade into a welter of uncertainty and global frictions mounting and faultlines widening, India's economic ambitions are confronting powerful global headwinds," it said.
Those same forces can be turned into tailwinds if the StaThe Economic Survey 2025-26 says the rupee is undervalued despite strong economic fundamentals, citing weak capital inflows and global uncertainties affecting currency stability.te, the private sector, and households are willing to align, adapt, and commit to the scale of effort that the moment demands.
The task will be neither simple nor comfortable -- but it is unavoidable, the 687-page document said.

The Economic Survey 2025-26 highlights low earnings, income volatility, and algorithmic concerns in India’s gig economy, urging minimum pay rules, asset co-investment, and worker protections.

'40 pc gig workers earn below Rs 15K/month'; Economic Survey advocates minimum per-task earnings

The Economic Survey 2025-26 highlights low earnings, income volatility, and algorithmic concerns in India&rsquo;s gig economy, urging minimum pay rules, asset co-investment, and worker protections.

Stating that about 40 per cent of gig workers in India earn below Rs 15,000 per month, the Economic Survey 2025-26 called for significant policy interventions in the gig economy, suggesting the setting of "minimum per-hour or per-task earnings", which includes compensation for waiting time, to ensure fair wages and reduce the cost disparity between regular and gig employment.
Tabled in Parliament on Thursday, the Survey said the aim of the gig-economy policy should be to reshape terms, allowing workers to exercise genuine choice instead of being forced into gigs by weak demand, skill mismatches, or the lack of a safety net.
The gig economy continues to expand rapidly, yet income volatility remains a key issue, creating obstacles to credit access. Financial inclusion for gig workers also trails behind; they face limited 'thin-file' credit options, which continue to raise concerns.
Platform algorithms control work allocation, performance monitoring, wages, and supply-demand matching, raising concerns about algorithmic biases and burnout.
"About 40 per cent of gig workers report earnings below Rs 15,000 per month," the Survey said, adding that limited skilling and fears of job losses due to technological advances such as Artificial Intelligence (AI) and Machine Learning (ML) exacerbate worker vulnerability.
"Platforms have become essential gig-market infrastructure for finding workers and work. This concentration of power raises concerns over fees, algorithms, and worker protections. Policy should address this through competition rules, data access, and algorithmic transparency, while reorganising the social contract so that gig work benefits workers more fairly.
Policy can reduce the cost gap between regular and gig work by limiting incentives to avoid mandatory benefits and by setting minimum per-hour or per-task earnings (including waiting time), encouraging formal employment and raising incomes for low- and medium-skilled gig workers," the Survey noted.
Identifying limited access to productive assets as a major hurdle for upward mobility, the Survey suggested that platforms and employers should be encouraged to "co-invest" in assets and training. "Many cannot upgrade from low- to medium-skilled gigs because they lack tools (for example, a bike, car, or specialised equipment)," the document observed.
It argued that such co-investment would help workers progress into more secure, higher-quality jobs.
Gig workers in India -- including quick commerce and food delivery riders -- recently staged strikes and protests through their unions to demand better payouts, improved working conditions, formal recognition under the country's labour laws and removal of tight 10-minute delivery deadlines, with their unions taking up the issue with the Union Ministry of Labour and Employment.
Consequent to the agitation, the government asked e-commerce players to remove 10-minute delivery branding from their platforms.
India's gig economy has undergone a structural shift, with the workforce expanding 55 per cent to 1.2 crore in FY25 from 77 lakh in FY21. It now accounts for more than 2 per cent of the total workforce in India.
Growth in gig workers has outpaced overall employment, with non-agricultural gigs forecast to make up 6.7 per cent of the workforce by 2029-30 and contribute Rs 2.35 lakh crore to the GDP.

The Economic Survey has projected India’s GDP growth at 6.8 to 7.2 per cent in 2026–27, slightly lower than the estimated 7.4 per cent in the current fiscal.

Economic Survey pegs India's potential growth between 6.8-7.2% in FY27, outlook positive despite global risks

India's Growth Stable Amid Global Economic Risks

The Economic Survey has projected India&rsquo;s GDP growth at 6.8 to 7.2 per cent in 2026&ndash;27, slightly lower than the estimated 7.4 per cent in the current fiscal.

The Economic Survey on Thursday projected the GDP growth in the range of 6.8-7.2 per cent for the next fiscal year on the back of the cumulative impact of reforms, and said the economy remains on a stable footing. The projection is a tad lower than the estimates of 7.4 per cent in the current fiscal.
Amid the domestic currency depreciating steeply in recent months, the Economic Survey 2025-26 said the rupee's valuation does not accurately reflect India's stellar economic fundamentals and that the rupee is punching below its weight. "Of course, it does not hurt to have an undervalued rupee in these times, as it offsets to some extent the impact of higher American tariffs on Indian goods, and there is no threat of higher inflation from higher-priced crude oil imports now. However, it does cause investors to pause. Investor reluctance to commit to India warrants examination," it said.
The document, prepared by a team of economists led by Chief Economic Advisor V Anantha Nageswaran, however, added that a strong and stable currency is a natural corollary for achieving the goal of the Viksit Bharat and global influence. Rupee is a casualty of foreign capital flows drying up, it added.
The document tabled in Parliament by Finance Minister Nirmala Sitharaman emphasised that India is relatively better off than most other countries due to its strong macro fundamentals. The cumulative impact of policy reforms over recent years appears to be lifting India's medium-term growth potential to near 7 per cent, it said, and made a strong case for a deeper system-level institutional capacity that factors in geopolitical implications of India's rise. India needs to prioritise domestic growth in an uncertain global environment, as well as greater emphasis on buffers and liquidity, it added.
The global environment is being reshaped by geopolitical realignments that will influence investment, supply chains and growth prospects, it added. On the price situation, it said a subdued trajectory of core inflation indicates strengthening of supply-side conditions across the economy.
The pre-Budget document further said that based on the broad trends observed during the year, the central government remains well on track to achieve its envisaged fiscal consolidation path, aiming to attain a fiscal deficit target of 4.4 per cent of GDP in 2025-26. As of November 2025, the Union government's fiscal deficit stood at 62.3 per cent of the Budget Estimates. "Markets have acknowledged and rewarded the government's commitment to fiscal discipline through lower sovereign bond yields, with the spread over US bonds declining by more than half," it said.
It noted that despite heightened tariffs imposed by the United States, merchandise exports grew by 2.4 per cent (April&ndash;December 2025), while services exports increased by 6.5 per cent. Merchandise imports during April-December 2025 increased by 5.9 per cent.
The Survey said that GST rejig and other reforms converted global uncertainty into an opportunity, and the next fiscal year would be a year of adjustment as the economy adapts to these changes. In the backdrop of India entering into host of free trade agreements, the Survey said realising potential of trade agreements requires India to produce competitively. The FTA with Europe will strengthen India's manufacturing competitiveness, export resilience and strategic capacity, the Survey said.
The document also said that, in most years, remittances have surpassed gross FDI inflows, underscoring their importance as a key source of external funding. As a result, the current account deficit remains moderate at 0.8 per cent of GDP in H1 FY26.
The document has also said that there is no space for pessimism, but we need to be cautious amid global uncertainty. Possible eruption of multiple global crises presents an opportunity for India to play a role in shaping global order, it added.
The Economic Survey has a separate chapter on AI and its impact. Correction in overly optimistic asset valuations will happen if the AI boom fails to deliver the anticipated productivity gains, it said.
On India's fast-growing aviation sector, the Survey said India's civil aviation sector is on a sustained growth trajectory supported by a conducive policy environment, rising demand, and steady infrastructure expansion. India has emerged as the world's third-largest domestic aviation market, but current passenger volumes represent only a fraction of the country's potential, it added.
Meanwhile, the Survey has pitched for a policy to reshape the terms of work for gig workers.

Economic Survey 2025-26 highlights robust growth in India’s automobile exports, driven by strong domestic demand, government schemes, and a thriving manufacturing ecosystem.

Rising exports reflective of acceptance of India-made cars across global markets: Economic Survey

Economic Survey 2025-26 highlights robust growth in India&rsquo;s automobile exports, driven by strong domestic demand, government schemes, and a thriving manufacturing ecosystem.

Rising automobile exports are reflective of the increasing acceptance of India-manufactured vehicles across global markets, according to Economic Survey 2025-26.
The automobile industry witnessed tremendous growth in exports, with more than 53 lakh vehicles shipped across passenger, commercial, two-wheeler, and three-wheeler segments in FY25 and posting double-digit growth in the first half of 2025-26, it noted.
A robust demand-side recovery has driven both production growth and sales in the post-pandemic period, the survey stated. Overall, the industry has recorded nearly 33 per cent growth in production over the last decade (from FY15 to FY25), it added.
Supported by a vast manufacturing and auto component ecosystem, the automobile industry provides direct and indirect employment to over 30 million people, accounting for nearly 15 per cent of the country&rsquo;s GST collections, it added.
The automotive industry is a significant driver of economic growth, with India established as the world&rsquo;s largest market for two-wheelers and three-wheelers and the third-largest market globally for passenger and commercial vehicles, the Survey said.
Besides, government initiatives like PLI Scheme for Automobile &amp; Auto Components Industry, PLI Scheme for &lsquo;National Programme on Advanced Chemistry Cell (ACC) Battery Storage, PM E-DRIVE Scheme, and PM e-Bus Sewa-Payment Security Mechanism (PSM) Scheme have driven significant growth in Electric Vehicle registrations in recent years, the Survey stated.
Scheme to Promote Manufacturing of Electric Passenger Cars in India (SMEC), notified in March 2024, is also helping the growth of the sector, it noted.
Finance Minister Nirmala Sitharaman on Thursday tabled the Economic Survey 2025-26 in the Lok Sabha, an annual report card of the country's economic performance in the financial year.

The Economic Survey 2025-26 highlights domestic steel sector growth, challenges from international price disparity, raw material dependence, and government initiatives like PLI and Mission Coking Coal.

Steel sector faces challenges of international price disparity, raw material security: Economic Survey

The Economic Survey 2025-26 highlights domestic steel sector growth, challenges from international price disparity, raw material dependence, and government initiatives like PLI and Mission Coking Coal.

The domestic steel sector faces challenges related to international price disparity and raw material security, the Economic Survey said on Thursday.
Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2025-26 in the Lok Sabha on Thursday.
The steel sector serves as the backbone of industrialisation and infrastructure, securing India&rsquo;s position as the world's second-largest crude steel producer, the government document said.
The sector has undergone a major transformation in the last five years, largely driven by strong domestic demand from the construction and manufacturing sectors, it said.
"However, the sector faces challenges related to international price disparity and raw material security. India was also a net importer of steel during FY26 (April&ndash;October), primarily due to low international prices, which resulted in lower margins on exports and cheaper imports," the survey stated.
While India is largely self-sufficient in iron ore, the industry faces critical dependence on imported coking coal.
To mitigate global supply risks, the Ministry of Coal launched Mission Coking Coal in 2022 to significantly enhance domestic raw coking coal production to 140 MT by 2030.
A Production-Linked Incentive (PLI) Scheme for Specialty Steel with an outlay of Rs 6,322 crore was also introduced in 2021 to sustain the sector's growth and foster self-reliance. As of October 2025, cumulative investment under the PLI scheme reached Rs 23,022 crore, with production of 2.34 million tonnes (MT) of specialty steel.
In the 2025-26 fiscal year, crude steel production grew by 11.7 per cent, finished steel production increasing by 10.8 per cent, and consumption rising by 7.8 per cent during April-October 2025-26, compared to the corresponding period last year.

The Economic Survey 2025-26 says ongoing India-US trade negotiations may conclude this year, helping reduce external uncertainty and support exports and investor confidence.

Ongoing trade talks with US expected to conclude during the year: Economic Survey

The Economic Survey 2025-26 says ongoing India-US trade negotiations may conclude this year, helping reduce external uncertainty and support exports and investor confidence.

Ongoing negotiations for a trade agreement with the US are expected to conclude during the year, a development that could help reduce uncertainty on the external front, according to Economic Survey 2025-26.
For India, it said, the global conditions translate into external uncertainties rather than immediate macroeconomic stress. Slower growth in key trading partners, tariff-induced disruptions to trade and volatility in capital flows could intermittently weigh on exports and investor sentiment, the Survey said.
"At the same time, ongoing trade negotiations with the United States are expected to conclude during the year, which could help reduce uncertainty on the external front," it said.
India and the US are negotiating a bilateral trade agreement since March last year. So far, six rounds of negotiations have been held. Talks are going slow as the Trump-administration has imposed a steep 50 per cent tariffs on Indian goods from August last year.
A delegation from the office of the US Trade Representative, led by Deputy US Trade Representative Ambassador Rick Switzer, was here in December 2025 for trade talks. The visit of US officials marks their second trip since the imposition of a 25 per cent tariff and an additional 25 per cent penalty on Indian goods entering the American market due to the purchase of Russian crude oil.
India is currently subject to an effective export tariff rate of 50 per cent on goods exported to the US, and this rate is among the highest imposed on any country.
"There has been progress in negotiations of the trade deal between the two countries," the Survey said. It added that the global economic landscape is becoming increasingly unpredictable, driven by tariff increases, supply chain adjustments, and higher regulatory hurdles.
"For Indian industries, the current wave of US tariff implementations and stricter non-tariff barriers presents a significant challenge, particularly for export-oriented sectors," it said.
Further, it said there has been some specific impact of the tariffs, Indian exporters in some labour-intensive and small-scale sectors are showing resilience by shipping goods to alternative destinations.
India's exports to the US have declined during April-November 2025, but registered positive growth in other countries.

Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2025-26 in Parliament ahead of the Union Budget for 2026-27.

Economic Survey 2025-26 Highlights India's Growth Projections

India's Economic Survey 2025-26 Unveiled

Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2025-26 in Parliament ahead of the Union Budget for 2026-27.

Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2025-26 in the Lok Sabha on Thursday.
The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the country's economy. It also provides an overview of the economy's short-to-medium-term prospects.
The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance under the supervision of the chief economic adviser.
The first Economic Survey was presented in 1950-51. At that time, it used to be a part of the budget documents. In the 1960s, it was separated from the Union Budget and tabled ahead of the Budget presentation.
The Union Budget for 2026-27 will be presented by the finance minister on Sunday. This will be the ninth consecutive budget to be presented by Sitharaman, a historic first by a woman finance minister in India.&nbsp;

nirmala sitharaman

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