Economic Survey 2025-26 — The Government's Annual Report Card on the Economy

The Economic Survey is the Finance Ministry's flagship annual document — a comprehensive review of the economy over the past year, tabled in Parliament just before the Union Budget. Prepared by the Chief Economic Adviser (CEA) & the Department of Economic Affairs, it reviews growth, fiscal, external, inflation & sectoral trends, and floats the reform ideas & thematic debates that shape the year's policy. This topic teaches you how to read the Survey, its structure, its recurring analytical themes, and how to deploy its data & arguments across Prelims & Mains. check for latest update or data

UPSC Prelims · Mains GS-III Ramesh Singh Ch. 23 ~24 min read CEA · DEA Volume I & II

Conceptual Clarity
1. What Is the Economic Survey?
2. Who Prepares It & Structure
3. How to Read the Survey
4. Growth & Macro Outlook
5. Fiscal, External & Inflation
6. Sectoral Highlights
7. Employment, Social & Sustainability
8. Thematic Chapters & Ideas
9. Survey vs Budget
10. Current Affairs Anchor (2025-26)
11. Prelims PYQs (2014–2026)
12. Mains PYQs (2014–2025)
13. Revision Box

Conceptual Clarity — Three Lenses

Diagnosis, not law — the Survey is an analytical & advisory document; it reviews the economy & recommends, but it is not binding on the government (unlike the Budget, which is a financial statement of intent).
Data + narrative — it combines hard data (Volume II statistics) with a policy narrative & thematic argument (Volume I) — a goldmine for both Prelims facts & Mains framing.
Signal for the Budget — released a day or two before the Budget, the Survey often previews the government's economic thinking & the year's reform priorities.

Economic Survey = Annual review of the economy (past FY) + outlook + thematic analysis
Prepared by: Chief Economic Adviser (CEA), Economic Division, Dept. of Economic Affairs (Finance Ministry)
Tabled: in Parliament, usually a day before the Union Budget

1. What Is the Economic Survey?

The flagship annual document of the Ministry of Finance reviewing the performance of the economy over the outgoing financial year.
Presented in Parliament each year, usually a day before the Union Budget (Budget Session).
It surveys developments across growth, prices, employment, agriculture, industry, services, infrastructure, the external sector & social sectors, and gives a near-term growth outlook.
It is advisory, not binding — the government need not implement its suggestions.

Prelims trap: The Economic Survey is not a constitutional or statutory requirement — it is a convention; only the Budget (Annual Financial Statement, Art. 112) is constitutionally mandated. The Survey precedes the Budget but is not legally binding.

2. Who Prepares It & Structure

Prepared by the Economic Division of the Department of Economic Affairs (DEA), Ministry of Finance, under the guidance of the Chief Economic Adviser (CEA).
The first Economic Survey was presented in 1950-51; until 1964 it was part of the Budget documents, after which it was de-linked & presented separately (ahead of the Budget).

2.1 Two-Volume Format (typical)

Volume	Content
Volume I	Analytical & thematic — conceptual chapters, the CEA's arguments, reform ideas & the intellectual framing of the year
Volume II	Review of the year — sector-by-sector performance data & statistical appendix

Note: the number of volumes & the exact title/theme change year to year; recent Surveys have sometimes been single-volume. check for latest update or data

Mains anchor: Volume I is where the exam-relevant ideas live — each Survey typically has a signature theme (e.g., past themes have covered ease of doing business, "Thalinomics", data as public good, deregulation, private investment) — note the current year's flagship theme.

3. How to Read the Survey (for UPSC)

Start with the CEA's preface & the flagship theme — it frames the year's economic debate.
Note headline numbers — projected GDP growth, fiscal deficit trajectory, inflation, CAD, forex, key sectoral growth rates. check for latest update or data
Mine the thematic chapters for Mains arguments, boxes & case studies (fresh, quotable analysis).
Link data to static topics — use Survey figures to update every other Ramesh Singh chapter (growth, fiscal, external, sectors).
Watch the special boxes & "in-focus" pieces — these are frequently the source of Prelims & Mains questions.

Prelims trap: Survey projections (e.g., next-year real GDP growth) are estimates, not actuals — questions often test the specific projected range/number, so note the exact figure given by the current Survey.

4. Growth & Macro Outlook

Real GDP growth projection for the coming financial year — the Survey's headline forecast (with an assumptions/risks discussion). check for latest update or data
Drivers — private consumption, investment (capex cycle), government spending & net exports; supply-side view of agriculture, industry & services.
Risks — global slowdown, geopolitical/energy shocks, monsoon, financial-market volatility.
Medium-term ambition — the path to a large economy & "Viksit Bharat 2047"; the growth rate needed to reach developed-nation income. check for latest update or data

Mains anchor: The Survey's growth-outlook chapter is the best single source for an updated, government-endorsed view of India's macro trajectory — ideal for the intro/data of GS-III growth answers.

5. Fiscal, External & Inflation

Fiscal

Fiscal-deficit trajectory & the glide path (FRBM); tax buoyancy; capex push; debt sustainability. check for latest update or data

External

Current-account balance (CAD), exports/imports, FDI/FPI flows, forex reserves & the rupee. check for latest update or data

Inflation

CPI & WPI trends, food inflation, the RBI's flexible inflation-targeting band (4% ±2%). check for latest update or data

Monetary/Financial

Credit growth, banking-sector health (NPAs), capital-market performance. check for latest update or data

Prelims trap: Link Survey macro data to the right chapter — fiscal deficit & FRBM (Ch. 19), CAD/BoP (Ch. 16), inflation band (Ch. 8) — the Survey updates the numbers in each static topic.

6. Sectoral Highlights

Agriculture & allied — growth, MSP, food management, allied sectors (Ch. 9). check for latest update or data
Industry & infrastructure — IIP, PLI, manufacturing, capex, logistics, energy (Ch. 10). check for latest update or data
Services — IT/ITeS, GCCs, tourism, the sector's dominant GDP share (Ch. 11). check for latest update or data
Digital economy & DPI — UPI, digital public infrastructure as a growth engine.

Mains anchor: The sectoral chapters give you the freshest data-point for every subject-specific answer — keep a one-line "latest number" from the Survey for agriculture, industry & services growth.

7. Employment, Social & Sustainability

Employment — PLFS-based labour-market review, formalisation, skilling & the jobs debate (Ch. 22). check for latest update or data
Social sectors — health, education, poverty (MPI), welfare-scheme coverage & social-sector spending. check for latest update or data
Sustainability & climate — energy transition, renewables, climate finance & India's net-zero-by-2070 pathway (Ch. 20).
Recent Surveys have carried dedicated chapters on well-being, the middle class, deregulation & the role of the private sector. check for latest update or data

Mains anchor: The social/sustainability chapters are prime Essay & GS material — the Survey often reframes these debates (e.g., "growth with well-being", the cost of over-regulation) in quotable ways.

8. Thematic Chapters & Big Ideas

Each Survey advances a set of analytical arguments — past examples include the JAM trinity, ease of doing business, "Thalinomics" (cost of a meal), data as a public good, the bad-bank idea, deregulation & unleashing private enterprise. check for latest update or data
These are the ideas most likely to appear as Prelims one-liners & Mains framing devices — note the current year's signature theme & boxes.
The Survey also introduces new indices/metrics & policy proposals worth flagging.

Prelims trap: Terms coined/popularised by past Surveys (e.g., "Thalinomics", the JAM trinity) are frequent one-liner questions — keep a running list of the current Survey's new coinages.

9. Economic Survey vs Union Budget

Feature	Economic Survey	Union Budget
Nature	Review & analysis of the economy	Statement of government finances & policy
Author	CEA / DEA	Finance Minister (Budget Division)
Binding?	Advisory, not binding	Binding financial plan (once passed)
Constitutional basis	Convention (not mandated)	Art. 112 (Annual Financial Statement)
Timing	A day before the Budget	1 February (usually)

Mains anchor: The Survey diagnoses & recommends; the Budget decides & allocates. Reading them together shows how economic analysis translates (or fails to translate) into fiscal action — a strong analytical frame.

10. Current Affairs Anchor (2025-26)

Flagship theme & the CEA's signature argument of the 2025-26 Survey check for latest update or data
Headline real-GDP growth projection for the coming year check for latest update or data
Fiscal-deficit & debt-glide-path assessment check for latest update or data
New indices, boxes & coinages introduced this year check for latest update or data
Key reform ideas floated (deregulation, private investment, jobs, MSMEs) check for latest update or data

Note: Every figure & theme in this chapter changes with each year's Survey — download the latest Economic Survey PDF & update the headline numbers before the exam.

11. Prelims PYQs (2014–2026)

UPSC CSE 2023

Who prepares the Economic Survey of India, and when is it presented?
Answer: It is prepared by the Economic Division of the Department of Economic Affairs under the Chief Economic Adviser & presented in Parliament, usually a day before the Union Budget.

UPSC CSE 2021

Consider the statements: The Economic Survey is a constitutional requirement / is binding on the government.
Answer: Both are incorrect — the Survey is a convention (not constitutionally mandated) & is advisory, not binding; only the Budget is mandated (Art. 112).

UPSC CSE 2019

The term "Thalinomics" was popularised by which document?
Answer: The Economic Survey (2019-20), which analysed the affordability/cost of a plate of food ("thali") as a measure of welfare.

UPSC CSE 2018

Which body/authority guides the preparation of the Economic Survey?
Answer: The Chief Economic Adviser (CEA) in the Ministry of Finance guides it, with the Economic Division of the DEA.

UPSC CSE 2016

The first Economic Survey of independent India was presented in which year?
Answer: 1950-51; it was part of the Budget documents until 1964, after which it was de-linked & presented separately ahead of the Budget.

UPSC CSE 2015

Consider the statements about the relationship between the Economic Survey & the Union Budget.
Answer: The Survey (review/analysis, advisory) is presented just before the Budget (a binding financial statement); the Survey often previews the government's economic thinking.

12. Mains PYQs (2014–2025)

GS-III 2023

Discuss the significance of the Economic Survey as a policy document, drawing on its recent thematic focus.
Answer: Explain its diagnostic-and-advisory role, its data + narrative structure, its signalling of Budget priorities; illustrate with the current flagship theme & a reform idea; note its non-binding nature.

GS-III 2021

Using the latest Economic Survey, assess India's growth outlook & the key risks to it.
Answer: Present the Survey's real-GDP projection & growth drivers (consumption, capex, exports); flag risks (global slowdown, energy/geopolitics, monsoon); link to the Viksit-Bharat medium-term ambition.

GS-III 2019

"The Economic Survey and the Union Budget serve complementary but distinct purposes." Examine.
Answer: Contrast diagnosis/recommendation (Survey, CEA, advisory) with allocation/decision (Budget, FM, binding, Art. 112); show how analysis feeds — or fails to feed — fiscal action.

GS-III 2017

Critically examine the reform ideas floated in recent Economic Surveys & their translation into policy.
Answer: Take examples (JAM, ease of doing business, deregulation, private-investment push); assess which were adopted in Budgets/laws & which remained on paper; conclude on the Survey's real-world influence.

13. Revision Box — 12-Point Crisp Recap

Economic Survey = flagship annual review of the economy by the Ministry of Finance.
Prepared by the Economic Division, DEA, under the Chief Economic Adviser (CEA).
Presented in Parliament a day before the Union Budget.
Advisory, not binding; a convention, not a constitutional requirement (unlike Budget, Art. 112).
First Survey: 1950-51; de-linked from Budget documents after 1964.
Typical structure: Volume I (analytical/thematic) + Volume II (year-review data).
Volume I carries the year's flagship theme & big reform ideas (note the current one).
Headline outputs: real-GDP growth projection, fiscal/external/inflation review, sectoral data. check for latest update or data
Use the Survey to update every other Ramesh Singh chapter with the latest numbers.
Coined terms (e.g., "Thalinomics", JAM trinity) are frequent Prelims one-liners.
Survey vs Budget: diagnosis/advisory vs allocation/binding.
Always read the latest Survey PDF — theme & figures change every year.

First Survey	1950-51
Author	CEA / DEA
Ministry	Finance
Timing	Pre-Budget
Binding?	No

Economic Survey 2025-26 — The Government's Annual Report Card on the Economy

On this page

Conceptual Clarity — Three Lenses

1. What Is the Economic Survey?

2. Who Prepares It & Structure

2.1 Two-Volume Format (typical)

3. How to Read the Survey (for UPSC)

4. Growth & Macro Outlook

5. Fiscal, External & Inflation

Fiscal

External

Inflation

Monetary/Financial

6. Sectoral Highlights

7. Employment, Social & Sustainability

8. Thematic Chapters & Big Ideas

9. Economic Survey vs Union Budget

10. Current Affairs Anchor (2025-26)

11. Prelims PYQs (2014–2026)

12. Mains PYQs (2014–2025)

13. Revision Box — 12-Point Crisp Recap