In 2026, the Indian economy entered the budget cycle at an unusual crossroads, even if that’s a cliché in economic analysis. Growth remains among the fastest in major economies, yet private investment is still uneven. Global conditions are volatile: wars in Europe and West Asia continue to disrupt energy and shipping routes, supply chains remain fragile, and major economies are recalibrating trade and industrial policy. At home, the economy shows a dual character: headline macro stability alongside persistent stress in employment quality, household consumption, and small enterprise credit.
