Economic Survey 2025-26 Highlights India’s Rising Global Trade Leadership and Strong Policy Stewardship; Showcases Growing Competitiveness of Indian Exporters and Service Providers: FIEO President

New Delhi, January 29, 2026: The Federation of Indian Export Organisations (FIEO) wholeheartedly welcomes and commends the Economic Survey 2025-26, tabled today in Parliament by the Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman. The Survey presents a compelling, forward-looking and highly credible assessment of India’s economic strength and resilience, underlining the decisive role of the external sector—exports, imports and services—as a cornerstone of stability, growth and global confidence.
 
Commenting on the Survey, S C Ralhan, President, FIEO, stated that the document powerfully reinforces India’s emergence as a trusted, resilient and indispensable global trading partner, even as the world economy continues to face volatility, fragmentation and uncertainty. “India’s record-breaking exports, stellar performance in services, a comfortable current account position and robust foreign exchange reserves clearly reflect the success of the Government’s sustained policy reforms and the rising competitiveness of Indian exporters and service providers,” he said.
 
Ralhan noted with particular appreciation that India’s total exports reached an all-time high of USD 825.3 billion in FY25, registering a healthy growth of 6.1 per cent, led by an exceptional expansion in services exports, which surged to a historic USD 387.6 billion, growing by 13.6 per cent. The achievement of record levels in non-petroleum exports further underscores the success of diversification efforts and reduced exposure to global commodity price shocks.
 
“The near doubling of India’s share in global merchandise exports and more than doubling of its share in global services exports since 2005 is a powerful validation of the Government’s long-term, consistent and strategic export vision. The growing dominance of non-petroleum and non-gems exports is especially encouraging, pointing towards deeper manufacturing capabilities, higher value addition and a more sophisticated export basket,” the FIEO President observed.
 
FIEO strongly welcomes the Survey’s recognition—drawing on UNCTAD analysis—that India ranks among the leading economies globally in trade partner diversification. This achievement significantly strengthens India’s ability to navigate trade fragmentation and geopolitical challenges. The Survey’s assessment of a moderate current account deficit of around 1.3 per cent of GDP, supported by buoyant services exports and record remittance inflows of USD 135.4 billion, highlights the soundness and sustainability of India’s external sector management.
 
“India’s forex reserves exceeding USD 700 billion, providing nearly 11 months of import cover, are a powerful signal of macroeconomic strength and policy credibility. This level of external resilience inspires confidence among global buyers, investors and financial institutions, and equips India to absorb external shocks while continuing to expand its global trade footprint,” Ralhan said.
 
FIEO also strongly endorses the Economic Survey’s emphasis on services as a primary driver of growth, particularly the rapid rise of digitally delivered and tradable services, which has propelled India to become the world’s seventh-largest services exporter. “Services exports—especially IT, business services and emerging digital segments—have become India’s strategic advantage. The fact that services account for over 80 per cent of FDI inflows in recent years is a clear reflection of global confidence in India’s talent, innovation ecosystem and progressive regulatory framework,” he added.
 
The FIEO President further praised the Survey’s pragmatic and mature approach to import substitution, which rightly advocates a strategic, disciplined framework rather than blanket indigenization. “The evolution from ‘Swadeshi’ to strategic resilience and ultimately to strategic indispensability reflects exceptional policy clarity and foresight. Export competitiveness depends on seamless global integration, affordable inputs and economies of scale. Treating competitiveness as infrastructure is a transformative and globally aligned policy vision,” Ralhan stated.
 
FIEO believes that the Economic Survey 2025-26 lays a strong and credible foundation for the next phase of policy reforms aimed at accelerating export growth, improving logistics efficiency, lowering input costs, expanding market access and deepening India’s participation in global value chains.
 
“With sustained reform momentum, stable macroeconomic fundamentals and a clear, confident external sector strategy under the Government’s leadership, India is exceptionally well positioned to achieve higher export growth and move decisively towards becoming an indispensable force in global trade,”  Ralhan concluded.