Category: Policy
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Three Capital Market Risks Flagged in Economic Survey 2025–26 But Missed in the Union Budget
India’s Economic Survey 2025–26 presented a clear warning: the capital market is entering a structurally volatile phase, shaped by global financial fragmentation, rising protectionism, and India’s rapid domestic financialisation. Yet, the Union Budget 2025–26 largely avoided engaging with these vulnerabilities, focusing instead on borrowings, incremental financial sector reforms, and targeted…
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Union Budget 2026
The Union Budget 2026–27 arrives at a moment when India stands at a crossroads—balancing ambition with inclusion, technology with tradition, and domestic priorities with global headwinds. Finance Minister Nirmala Sitharaman’s Budget Speech (February 1, 2026) sets out a bold restructuring of India’s growth journey with unprecedented clarityUnion Budget 2026–27: A…
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Monetary Management in Transition: India’s Regulatory Touch in a Fragmenting Global Economy
The Indian Economic Survey 2025–26 marks a decisive phase in India’s long journey of monetary evolution. From the license-permit era of the 1970s to the post-liberalisation financial deepening after 1991, and from inflation-targeting adoption in 2016 to the digital acceleration post-UPI in 2019, India’s monetary system has continuously reinvented itself…
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Fiscal Credibility at a Crossroads: India’s Consolidation Agenda in Economic Survey 2025–26
India’s Economic Survey 2025–26, Chapter 2—“Fiscal Developments: Anchoring Stability Through Credible Consolidation”—presents a decisive shift in the country’s macro-fiscal architecture. At a time when global economies are battling fiscal profligacy, debt overhang, and costly geopolitical uncertainty, India’s strategy seeks to build a new fiscal compact driven by credibility, transparency, and…
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Fiscal Policy Is Carrying the Growth Burden
For the first time in decades, the global economic cycle is being shaped less by the movements of central banks and more by the decisions of fiscal authorities. With monetary policy constrained by high inflation, elevated interest rates, and limited room for further tightening or easing, governments across both advanced…
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Cluster-Level Consolidation: The Silent Restructuring of Global Manufacturing
Global manufacturing clusters are undergoing a quiet but decisive restructuring. Across textiles in Bangladesh and Vietnam, auto components in Mexico and Eastern Europe, and engineering goods in China+1 hubs across Southeast Asia, a clear pattern is emerging: weaker firms are exiting, while stronger, better-capitalised units are absorbing labour, machinery, tooling,…
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Cluster-Level Consolidation Accelerates
Across India’s manufacturing landscape, a quiet but consequential restructuring is underway. In textiles, engineering goods, auto components, and food processing clusters, the old equilibrium of numerous small, loosely connected units is giving way to a leaner architecture. Weaker firms—strained by cost pressures, compliance burdens, and volatile demand—are exiting. Stronger firms…
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Industrial Policy Replaces Free-Market Orthodoxy
For nearly four decades, global economic thinking was dominated by the belief that open markets, minimal state intervention, and cost-based efficiency would naturally allocate capital to its most productive uses. Industrial policy was treated as an outdated relic—associated with protectionism, fiscal waste, and political favoritism. That intellectual consensus has now…
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When Policy Becomes the Market: The New Grammar of Global Business
For much of the post–Cold War era, global business operated under a comforting assumption: policy was the backdrop, markets were the stage. Governments set rules, firms optimized within them, and success was largely a function of efficiency, scale, and timing. That mental model is now obsolete. We are entering a…
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