Industry Welcomes Economic Survey 2025–26, Sees Strong Reform Momentum and Growth Prospects

As India navigates a world marked by geopolitical tensions, slowing global demand and financial volatility, the Economic Survey 2025–26, tabled in Parliament on Thursday, has emerged as a confidence booster for industry and markets alike. Far from being a dry stock-taking exercise, the Survey has been widely read as a statement of intent—one that signals continuity in reforms, realism in growth assumptions, and clarity on where the Indian economy must focus next.

Across boardrooms and industry chambers, the response has been largely positive. Leading industry bodies have welcomed the Survey’s emphasis on deregulation, manufacturing competitiveness, exports, public investment and institutional capacity-building, calling it a pragmatic and forward-looking roadmap at a time when global uncertainties continue to loom large.

Industry Reacts to Economic Survey 2025-26

CII: A Realistic Growth Path Anchored in Reforms

The Confederation of Indian Industry (CII) was among the first to react, describing the Survey as a well-balanced and professional assessment of India’s macroeconomic position.

Chandrajit Banerjee, Director General, CII, said the growth projection of 6.8–7.2 per cent in FY27 strikes the right note, given external headwinds and an uneven global recovery. According to him, the Survey’s assessment reinforces confidence that India can maintain momentum without overstretching fiscal or monetary levers.

He also pointed to the Survey’s observation that moderate inflation coupled with strong nominal growth could help improve government revenues, reduce borrowing pressures and ease real interest rates—creating the conditions for a virtuous growth cycle. The upward revision of India’s medium-term potential growth to 7 per cent, Banerjee noted, reflects the cumulative impact of reforms undertaken over the last decade.

CII also welcomed the Survey’s strong focus on state capacity, deregulation and societal participation, saying these pillars align closely with the broader vision of Viksit Bharat. Banerjee underlined the need for an “entrepreneurial state” that enables private enterprise, supports innovation and accelerates job creation.

On manufacturing, CII backed the Survey’s assertion that India’s global ambitions hinge on building scale and competitiveness. Innovation, skilling, logistics efficiency, world-class infrastructure and MSME scaling, he said, will be critical if India is to emerge as a global manufacturing hub.

ASSOCHAM: Trust-Based Regulation Can Unlock Enterprise

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) described the Survey as a balanced and realistic appraisal of macroeconomic trends, labour markets, investment flows and the external sector.

Nirmal Kumar Minda, President, ASSOCHAM, said the Survey’s emphasis on regulatory quality, deregulation and state capacity resonates strongly with industry expectations. He highlighted the shift from inspection-heavy controls to trust-based, outcome-oriented regulation as a crucial signal for businesses, especially MSMEs.

According to Minda, rationalising compliances, reducing regulatory overlaps and ensuring faster approvals are essential to lowering friction for enterprises. “This approach can significantly improve ease of doing business and encourage risk-taking and investment,” he said.

Saurabh Sanyal, Secretary General, ASSOCHAM, added that sustaining momentum on process and governance reforms will be key to bringing down the cost of doing business and improving India’s competitiveness.

ASSOCHAM also noted that the Survey offers a strong analytical base for the Union Budget 2026–27, and expressed hope that the reform agenda outlined will be institutionalised rather than treated as a one-off push. The chamber welcomed the positive outlook for exports, especially in the backdrop of recent trade agreements with the EU, UK and EFTA.

The industry body took note of key macro indicators highlighted in the Survey, including 7.4 per cent real GDP growth in FY25, fiscal deficit moderation to 4.8 per cent of GDP, and steady job creation. At the same time, it stressed that productivity gains and MSME scaling will be essential to translate headline growth into quality employment.

FICCI: Capex and Manufacturing Reforms Remain Central

The Federation of Indian Chambers of Commerce and Industry (FICCI) echoed similar sentiments, calling the Survey a reaffirmation of India’s macroeconomic resilience.

Anant Goenka, President, FICCI, said the Survey rightly underscores the role of sustained public capital expenditure in anchoring growth, while also pointing to early signs of a revival in private investment. Together, these trends provide a stable base for medium-term expansion, even as global conditions remain volatile.

FICCI welcomed the Survey’s focus on structural reforms to enhance manufacturing competitiveness, noting that these will be crucial for job creation and supply-chain resilience. The emphasis on targeted import substitution, driven by strategic considerations rather than protectionism, was also seen as a positive step.

Goenka expressed hope that the upcoming Budget will convert the Survey’s insights into actionable policy measures, particularly to strengthen India’s industrial ecosystem and advance strategic self-reliance.

FIEO: Exports and Services Lead the Global Story

For exporters, the Survey’s tone has been especially encouraging. The Federation of Indian Export Organisations (FIEO) hailed it as a compelling assessment of India’s growing global footprint.

S C Ralhan, President, FIEO, highlighted the milestone of total exports reaching a record USD 825.3 billion in FY25, led by services exports of USD 387.6 billion. He said these numbers validate the impact of sustained policy reforms and India’s rising competitiveness in global markets.

Ralhan also welcomed the Survey’s recognition of India as a highly diversified trading partner, a factor that enhances resilience in an era of geopolitical and trade fragmentation. With forex reserves exceeding USD 700 billion and a moderate current account deficit, India’s macroeconomic stability and policy credibility stand out, he said.

FIEO strongly endorsed the Survey’s strategic approach to import substitution and its emphasis on services-led growth, particularly digitally delivered services. These strengths, the body noted, have helped India become the world’s seventh-largest services exporter, reinforcing its role in the global economy.

A Clear Run-Up to Budget 2026–27

Taken together, industry reactions suggest that the Economic Survey 2025–26 has struck a careful balance between optimism and realism. By acknowledging global risks while outlining a clear reform pathway—centred on public investment, deregulation, manufacturing scale-up and export-led growth—the Survey has set the tone for the forthcoming Union Budget.

For India Inc, the message is clear: the foundations are strong, the direction is steady, and with consistent execution, India is well-positioned to stay on a high-growth trajectory as it works towards its long-term development goals.