India currently stands as a definitive outlier in a slowing global economic order. According to the latest estimates by the government, the Indian economy grew by 7.7% in FY 2025-26. Despite global disruption triggered by conflict in West Asia and soaring energy prices, the International Monetary Fund continues to highlight India's growth story. Illustration by The Geostrata The IMF estimates that India will contribute roughly 17% of global growth in 2026. The growing statis

The latest Financial Stability Report (FSR) issued by the Reserve Bank of India in late June 2026 points out an interesting change in India's macro-financial environment. The report claims that India's household debt to GDP ratio hit an all-time high of 45.5%, up from 39.2% seen in March 2021. On the surface, a rising household debt to GDP ratio may reflect financial deepening and improved access to formal credit. But the argument remains incomplete; its macroeconomic implic

In FY26–27, India's real GDP is expected to grow at a staggering 6.6%, making it one of the fastest-growing large economies in the world. The global confidence in India's growth story remains exceptionally high, with New Delhi widely regarded as a primary driver of global economic expansion. According to the International Monetary Fund (IMF), India is expected to account for an impressive 17.2% of global economic growth in 2026, outperforming major economies in terms of econo

Trade finance is the financial instruments and services used to facilitate global trade in order to fill the gap between the dispatch of goods and the receipt of payment. It mitigates the risks associated with exports and imports through techniques like export credit, guarantees, insurance, and letters of credit, while facilitating cross-border trade. Illustration by The Geostrata Ports, highways, and manufacturing facilities receive policy attention, but for firms to compete

In this world where we live today, the primary threat of conflict has shifted from territorial borders to the digital ledgers of central banks and the invisible corridors of global finance. The author, Urjit Patel, who is currently serving as the Executive Director of the International Monetary Fund and a former Reserve Bank of India Governor, provides a clinical autopsy of this transformation. Illustration by The Geostrata While his earlier work, Overdraft, focused on the in

India has one of the world’s largest foreign exchange reserve stockpiles as of January 2026, with an average of around $723.8 billion . This level of adequacy placed India in a relatively secure position compared to other emerging markets. Despite such large reserves, due to their utilisation, reserve levels were still relatively robust in mid-March 2026, about $709.76 billion , despite the extent of intervention by the RBI itself. Illustration by The Geostrata Here, the RB

For the record 9th time , the Finance Minister Nirmala Sitharaman prepares to present the Union Budget for 2026-27 on 1st February 2026. This exercise has more significance than a routine fiscal update. As India emerges as one of the world’s fastest-growing economies , it faces a blend of domestic challenges, opportunities and global risks. Illustration by The Geostrata Slowing global demand, trade fragmentation, U.S. tariff pressures and weakening investor sentiments call fo

Investment is a small but highly volatile component of a nation’s gross domestic product. As domestic belief in the future of a country’s growth feeds more into investments than corporate necessity, most fluctuations in terms of investment, particularly business fixed investment, or private capital expenditure, can be traced back to demand-side catalysts. Illustration by The Geostrata THE THEORETICAL FOUNDATIONS Investment is not merely an autonomous activity, but is under

In India’s financial pulse, Non-Banking Financial Companies (NBFCs) — Micro Finance Institutions (MFIs) are key factors for development. NBFCs are entities that provide similar services to banks but do not hold a banking license, for instance, engaged in the business of loans and advances, acquisition of shares/debenture/securities, leasing, hire-purchase, insurance, and more. Illustration by The Geostrata It has emerged as a vast source of financing for individuals as well a

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