‘India is an oasis of macro stability in a turbulent world’: CEA Nageswaran

Chief Economic Adviser V Anantha Nageswaran on Thursday said India stands out as a rare “oasis of macro stability” at a time when the global economy is facing uncertainty, conflict, and slowing growth.
He made the remarks after Finance Minister Nirmala Sitharaman tabled the Economic Survey 2025-26 in the Lok Sabha, referring to India’s growth performance, inflation trends, and external position.

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Growth and inflation trends

The Chief Economic Adviser said India has maintained strong growth alongside a relatively moderate inflation environment. He noted that average inflation during the first nine months of the current financial year stood at around 1.7%, supported by deflationary trends in food prices. Core inflation, excluding gold and silver, was at 2.9%, remaining below the central bank’s 4% threshold.

External position and forex reserves

Nageswaran highlighted a sharp increase in India’s foreign exchange reserves over the past decade.
He said forex reserves have more than doubled over the last 11 years, rising from $341 billion to $701 billion. While part of the increase reflects higher gold valuations, he added that foreign currency inflows have also strengthened.

Infrastructure expansion

The Economic Survey also pointed to significant infrastructure gains. Operational high-speed highway corridors have expanded from 550 km to 5,360 km, while railway network commissioning has increased from about 1,500 km to over 3,100 km.
Port capacity and cargo handling volumes have also increased during the period, according to the Chief Economic Adviser.

Education and digital access

On education, Nageswaran said India has largely addressed enrolment challenges and is now shifting focus towards learning outcomes.
Enrolment levels are close to 100% up to middle school, around 80% at the high school level, and about 60% at the secondary stage. Tertiary education enrolment currently stands at about 32%, against a stated target of 50%.
He also noted a sharp decline in data costs in India, while flagging associated social challenges.

Trade, energy, and growth outlook

Nageswaran said the global trade environment has changed, with supply chains increasingly shaped by geopolitical considerations. He reiterated India’s commitment to achieving net-zero emissions by 2070 and highlighted progress in renewable energy capacity, while cautioning about the scale of material and energy requirements involved.
He added that the Economic Survey has revised India’s potential growth rate to 7%, compared with an estimate of 6.5% three years ago.