India, Jan. 30 -- As India enters 2026, its economic position appears enviable by emerging market standards. Large foreign exchange reserves, moderate external deficits, improving fiscal discipline and resilient export performance have helped the country navigate global turbulence marked by geopolitical conflict, trade fragmentation and financial volatility. The Economic Survey 2025-26 presents this stability as evidence of policy credibility and institutional maturity. Yet, a closer reading suggests that these strengths are not an end in themselves. Rather, they are buffers that must now be converted into long-term competitiveness.

The survey notes that India's current account deficit remained contained at 0.8 per cent of GDP in the fir...