Insights

Cash equities are increasingly delivery-led, even as derivatives premium turnover surges, revealing a bifurcated market structure beneath speculation headlines

The redistribution of weightage under the new base makes the new series more services-sensitive and comparatively less food-dominated

Rising inflation forecasts, sticky bond yields, and increased government borrowing signal constrained policy space despite growth resilience

In a ruptured world, India’s Union Budget chooses restraint, signalling stability and execution while avoiding disruption, populism, or dramatic course changes

Over the past eight years, the Union Budget speech has stopped persuading and started instructing

Across years, the Union Budget has quietly rewritten its social contract—changing how different groups are recognised, prioritised, and positioned within growth

Read across the last seven editions, the Survey reveals how the state’s economic imagination has informed its doctrine

Across years, a consistent set of sectors anchors the Union Budget’s economic imagination

Over the last eight years, the Union Budget has spoken more about work systems than about jobs themselves

Over the last eight years, the Union Budget’s implied audience has narrowed, sharpened, and become more economically specific

Over the last seven years, the Union Budget has evolved from near-term fiscal steering to a Covid-19 crisis-response instrument to a long-horizon system-design document