Economic Survey hits some right notes

Undeniably, the backdrop for the Economic Survey this year is more complicated.

- Sachchidanand Shukla

The global windshield is mistier, and these are indeed "interesting" times for the global economy.

Political changes are inducing uncertainties, and, hence, global narratives have become very fluid and volatile. All of this would obviously entail constant policy repricing further vitiating the outlook.

The first thing that stands out from the Survey is its realism when it comes to growth expectations. It cautions that 'business as usual' carries the risk of growth stagnation. It also persists with a 'range' rather than a point forecast during times of heightened uncertainty.

The growth forecast for FY26 is pegged in the range of 6.3-6.8 per cent, which seems realistic and in line with consensus expectations. It also lists out longer-term measures to make the growth trajectory sustainable.