Correct, but of little consequence.

The Economic Survey for 2025-26, tabled in Parliament yesterday, paints a rosy picture for India, with 7.4% real GDP growth in this financial year and 6.8%-7.2% in 2026-27. "India is now the fourth largest economy, behind the US, China and Germany," but "global conditions translate into uncertainties rather than immediate macroeconomic stress." ET. "Fiscal prudence, conservatism and economic growth earned the country three credit rating upgrades last year." The rupee fell 6% against the dollar in 2025 but, "when the frame is widened to a six-year window beginning February 2020, most major emerging market currencies, including the Indian rupee, have weakened against the dollar by a similar magnitude," Chief Economic Advisor V Anantha Nageswaran. "Three credit rating upgrades" seems to imply a jump of three places, but it is actually three agencies which upgraded India by one notch. In May 2025, Morningstar DBRS upgraded India to BBB from BBB (low), in August, S&P upgraded to BBB from BBB- and in September, Japan's Rating and Investment Inc upgraded to BBB+ from BBB. pib.gov.in. Why does the CEA choose a 6-year window? Why not 5, 10 or 20 years? "India must align its policies to boost agricultural exports and avoid ad hoc restrictions that disrupt supply chains and damage the country's reputation as a reliable supplier." India could reach exports of $100 billion in agriculture, marine products and beverages. ET. High food prices are immediately visible and may hurt votes, which is why the government interferes to keep prices down. In 2023, "India has started importing tomatoes from Nepal," as "Tomato prices have surged 1,400% at the wholesale market to a record Rs 140 per kg." Reuters. This was after, in July 2023, "A farmer in Medak district of Telangana has earned nearly Rs 20 million during the last 15 days by selling his tomato crop." NDTV. However, just a few months later, in October, farmers were reduced to destroying their tomato crops because prices crashed to Rs 2 per kg. TOI. They incurred enormous losses. "Maharashtra has witnessed 781 farmer suicides in the first nine months of 2025 due to loans, crop failures and excessive rainfall, informed...Minister Makarand Jadhav. Public memory is short. "Unconditional cash transfers (UCTs) have rapidly become a central pillar of welfare policy across Indian states, offering immediate income support, especially to women, but also raising difficult fiscal and economic questions." UCT spending is estimated at Rs 1.7 trillion in FY 26. ET, Just before Assembly election in Bihar last year, "Prime Minister Narendra Modi transferred Rs 10,000 each directly to that bank accounts of 7.5 million women in the state." Brazen buying of votes at a cost of Rs 75 billion. TOI. In Darbhanga's Jale block male villagers also received Rs 10,000 due to "technical problems". When asked to return the money they refused saying, First return our votes to get back money." TOI. The CEA can only produce statistics and make polite suggestions but the coterie in power will do anything to stay in power. Once you resort to abuse of power, using investigative agencies to abuse the opposition (The Wire), any loss of power will result in swift retaliation. The Economic Survey is correct. But, a waste of time.