Budget 2025: Macroeconomic expectations and policy priorities for FY26

Welcome to the EY India Insights podcast - https://www.ey.com/en_in/media/podcasts, your go-to source for transformative ideas and in-depth analysis shaping the business and economic landscape.

In this episode of the Union Budget 2025-26 series, host Tarrung is joined by Dr. D.K. Srivastava, a distinguished economist, member of the Advisory Council to the 16th Finance Commission, and EY India Chief Policy Advisor. Together, they decode the macroeconomic implications of the Union Budget 2025-26 and provide actionable insights into India’s economic trajectory.

Episode Highlights:

• Macroeconomic Trends: Discussion on the GDP growth for FY25, the downward revision to 6.4%, and expectations for FY26 amid global economic headwinds.

• Infrastructure Investment: Insights into the importance of domestic demand as a growth driver, along with suggestions for a renewed infrastructure pipeline to strengthen India’s economic foundation.

• Industrial Growth and Private Consumption: Exploring the potential impact of reduced repo rates and fiscal measures on private consumption expenditure and manufacturing growth.

• Tax Reforms: Discussion on much-needed reforms in personal income tax to boost disposable income and consumption, alongside strategic changes in import tariffs to protect domestic manufacturers.

Dr. Srivastava emphasizes the need for robust fiscal interventions, rationalized tax structures, and a focus on infrastructure and domestic demand to ensure sustained growth amidst global uncertainties.

Listen now: Macro-Economic Expectations and Policy Priorities for FY26 | EY - India

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