The Finance Ministry‘s Department of Economic Affairs on Wednesday (April 29) released the Monthly Economic Review for April 2026 and said that India’s economy remains resilient but is facing risks from the Middle East conflict, which has disrupted supplies of energy, fertilizers and industrial raw materials.
“India enters FY2026-27 at the intersection of domestic resilience and external turbulence,” the report said, adding that the West Asia war has altered the macroeconomic outlook following real GDP growth of 7.6% in the previous fiscal year.
E-way bill generation touched an all-time high in March 2026
The report further said that E-way bill generation touched an all-time high of 140.6 million in March 2026, though the growth rate has been declining since its recent peak in November 2025.
According to recent data up to April 22, 2026, continued resilience in goods movement registered 13.7 per cent YoY growth, compared with 12.9 per cent in March 2026. PMI trends indicate an expansionary zone, albeit with easing momentum.
The government also said that India remained a relative bright spot, with the International Monetary Fund (IMF) raising its 2026-27 growth forecast for the country to 6.5% from 6.4%. It also warned that risks are tilted toward higher inflation, wider fiscal and external deficits and slower growth, especially if energy and fertilizer supply disruptions persist.
Finance Ministry points out at rude oil issue
Addressing the crude oil issue, the report said India’s crude oil basket averaged $113 per barrel in March and was just under $115 per barrel this month through April 24. Higher wholesale prices showed that cost pressures were building, even though consumer inflation remained moderate.
The report also addressed retail inflation, stating it rose to 3.4% in March from 3.2% in February, while food inflation increased to 3.87%. Wholesale inflation accelerated to 3.88% in March from 2.13% in February.
The report further raised concerns over the inflation in passenger fares across different modes of transport. It also said that the inflation has not changed much, except for double-digit inflation in airfare (14.2 per cent), driven by the recent partial and staggered increase in Air Transport Fuel (ATF) prices for domestic airlines by the oil marketing companies.