India, Jan. 31 -- Given the current state of geopolitical disruptions, trade and investment uncertainty, and global chaos, the Economic Survey (2025-26) concludes that the impact may vary "significantly across firms," based on their traits and businesses. When it comes to size, the mid-sized firms suffer the most and, surprisingly, small firms tend to somehow find the expertise, resources, and discipline to handle the crises better. Similarly, manufacturing fares worse than services, where the impact may be positive. Since, most disruptions, whether geopolitical, tech-led, or policy-driven affect the exporters, and export-oriented firms more than those that rely on local markets.

"Uncertainty shocks," states the Survey, "have become a de...