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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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India’s Growth Frontier in a Fragmented World: A Critical Outlook Based on Economic Survey 2025–26
India enters FY26-27 at a rare intersection of structural stability and global turbulence. Chapter 1 of the Economic Survey 2025-26, “State of the Economy: Pushing the Growth Frontier,” captures this paradox sharply: while the world remains caught between tariff wars, geopolitical realignments, and supply-chain volatility, India’s domestic engines continue to…
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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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The Final EU–India FTA: A Historic Breakthrough and Its Deep Impact on India’s MSMEs
When India and the European Union formally announced the conclusion of their Free Trade Agreement at the 16th India-EU Summit in New Delhi, the moment marked the end of a negotiation marathon that began almost two decades ago. Now widely described as the “mother of all deals,” the pact connects…
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Global Growth Enters a Low-Gear Phase
The world economy is entering a distinctly different phase—neither overheating with inflationary pressure nor collapsing into recession. Instead, global growth is settling into a low-gear, below-trend trajectory that reflects structural adjustments across major economies. This new normal challenges the assumptions that shaped global policy, trade flows, and investment strategies over…
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Challenges of Quantum Computers for the Current State of International Economic Systems
Quantum computing is no longer a distant scientific curiosity—it is becoming a strategic, geopolitical, and economic force that could reorder global hierarchies. While the technology remains in its early commercial phase, its disruptive potential has already begun testing the resilience of international economic systems built on classical computing, secure communication,…
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Big AI vs Small AI: The New Frontier of Global Development
The World Bank President Ajay Banga’s distinction between Big AI and Small AI is emerging as one of the most important intellectual frameworks for understanding how artificial intelligence will reshape global development, labour markets, and economic resilience over the coming decade. This is not merely a technological categorisation—it is a…
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When Growth Steps Back: The Quiet Rise of Micro-Level Resilience
For decades, economic progress was measured by expansion—higher consumption, rising credit, and greater risk-taking at the household and small-business level. Growth was not just encouraged; it was expected. Yet, across economies today, a subtle but profound shift is underway. At the micro level, resilience is replacing growth as the dominant…
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