The Economic Survey 2025, presented by Finance Minister Nirmala Sitharaman, has projected India’s GDP growth between 6.3% and 6.8% for the fiscal year 2025-26. The report, authored by Chief Economic Advisor V Anantha Nageswaran and his team, highlights India’s strong economic fundamentals, including a stable external account, steady private consumption, and calibrated fiscal consolidation. However, the survey notes that the current fiscal (FY25) is expected to see a slower 6.4% growth, the lowest in four years, primarily due to weak manufacturing and investment trends.

Despite these challenges, the survey points to India’s resilience in the services sector, which remains a key driver of economic growth. Between April and November FY25, India’s services exports grew by 12.8%, driven by strong performance in IT and business services, which together account for 70% of total service exports. The report also acknowledges the impact of the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) in healthcare, with over 40 lakh senior citizens enrolled and ₹1.25 lakh crore saved in out-of-pocket expenditures. Additionally, India’s total health expenditure (THE) for FY22 was estimated at ₹9.04 lakh crore, constituting 3.8% of GDP.

The survey emphasizes that while global uncertainties persist, India’s fiscal discipline, growing rural demand, and strong remittance inflows provide a solid foundation for sustained economic stability. The report serves as a crucial document for policymakers, offering insights into economic trends and setting the stage for upcoming budgetary decisions.