Let’s begin with its take on GDP growth. On top of 7.4 per cent growth in 2025-26 (ES-25 had estimated between 6.3 per cent and 6.8 per cent), ES-26 projects GDP growth between 6.8 per cent and 7.2 per cent (7.0 per cent midway). India’s nominal GDP growth for 2025-26 is estimated at just 8 per cent. An 8 per cent nominal GDP growth with 6.5 per cent rupee depreciation means dollar GDP growth of only 1.5 per cent! This is amongst the lowest globally, with India having the highest real GDP and among the lowest levels of dollar GDP growth in the same year.