New Delhi, Jan. 23 -- The upcoming Union Budget for fiscal 2027 is being formulated against the backdrop of some positive surprises, despite a highly volatile and uncertain global environment.

inflation mix has proved way more favourable than anticipated, as has global growth. Overall, fiscal 2026 has been a year of resilience for India.

The limberness has been underpinned by accommodative monetary and fiscal policies, robust corporate balance sheets and favourable developments such as above-normal monsoon and subdued crude oil prices.

Trade has been cushioned by the front-loading of exports, exemptions for electronics and pharmaceuticals, and a high proportion of service exports, which are less exposed to tariffs.

Looking ahead, we e...