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India’s economic expansion has moderated to 7.8 per cent, yet the country continues to outpace other major economies, reinforcing its position as the fastest-growing large market amid a fragile global backdrop.

Official data released by the Ministry of Statistics and Programme Implementation showed that gross domestic product growth eased compared with earlier quarters, reflecting softer manufacturing momentum and uneven external demand. Even so, the figure places India ahead of the United States, China, Japan and the euro area, where growth rates remain significantly lower.

The government’s updated projections under the revised national accounts data series marginally lifted the full-year estimate for the financial year ending March 31. Growth for 2025/26 is now projected at 7.6 per cent, supported by strong domestic consumption, resilient services exports and sustained public capital expenditure. The revision follows adjustments in base year calculations and improved data capture across informal and digital sectors.

Finance ministry officials have maintained that macroeconomic fundamentals remain intact. Gross fixed capital formation has shown steady expansion, underpinned by infrastructure outlays in transport, railways and energy. Private sector investment has begun to recover after a prolonged period of balance sheet repair, although it has not yet matched the pace of public spending.

Manufacturing output, a key pillar of the government’s production-linked incentive schemes, displayed mixed trends. Electronics and pharmaceuticals recorded robust growth, aided by global supply chain realignments and incentives aimed at boosting exports. However, textiles and certain consumer durables segments faced headwinds from weaker global demand and inventory corrections.

Agriculture provided a stabilising force despite weather-related uncertainties linked to El Niño conditions earlier in the year. Official estimates indicate that foodgrain production remained broadly stable, while rural consumption showed gradual improvement following targeted welfare transfers and support prices for key crops.

Services continued to drive overall growth. Information technology exports, financial services and travel-related activity expanded steadily. The rebound in tourism and aviation, alongside strong digital payments growth, contributed to higher value-added in contact-intensive sectors. Data from the Reserve Bank of India indicate that credit growth has remained in double digits, reflecting demand for retail loans and working capital financing.

Inflation dynamics have been closely monitored. Consumer price inflation eased from earlier peaks but remains sensitive to food price volatility and global energy movements. The central bank has maintained a cautious stance, balancing price stability with growth objectives. Monetary policy decisions have focused on anchoring inflation expectations while ensuring adequate liquidity for productive sectors.

Global comparisons underscore India’s relative strength. The International Monetary Fund has projected growth in advanced economies at below 2 per cent, with China expected to expand at a more moderate pace compared with its historical averages. Analysts note that India’s domestic demand-led model offers insulation against external shocks, though it remains exposed to commodity price swings and geopolitical tensions affecting trade routes.

Fiscal policy has remained expansionary but calibrated. The government has reaffirmed its commitment to fiscal consolidation, targeting a gradual reduction in the deficit as revenue buoyancy improves. Tax collections have exceeded budgeted estimates in several quarters, aided by stronger compliance and digital tracking systems under the goods and services tax framework.

Labour market indicators present a nuanced picture. Urban employment has improved, particularly in construction and services, yet concerns persist regarding job creation in high-value manufacturing. Economists argue that sustaining growth above 7 per cent will require deeper structural reforms, including land and labour flexibility, skilling initiatives and streamlined regulatory processes.

Foreign direct investment inflows have fluctuated amid global capital reallocation, but India remains a preferred destination for long-term investors seeking exposure to a large consumer base and expanding digital infrastructure. Sovereign bond inclusion in global indices is expected to broaden the investor base and reduce borrowing costs over time.

External sector performance has been mixed. Merchandise exports faced pressure from slowing global trade volumes, while services exports and remittances provided offsetting support. The current account deficit remains manageable, supported by strong capital inflows and healthy foreign exchange reserves.

Corporate earnings trends indicate resilience across banking, infrastructure and select manufacturing firms. Equity markets have responded positively to growth data, though volatility persists amid global uncertainty. Rating agencies have acknowledged India’s stable outlook, citing prudent macroeconomic management and structural reforms.

Challenges Perceptions of Inclusion and Art

HONG KONG SAR – Media OutReach Newswire – 1 March 2026 – The eighth edition of “No Limits”, jointly presented by the Hong Kong Arts Festival and The Hong Kong Jockey Club Charities Trust, officially opened on 28 February evening at the Auditorium of Kwai Tsing Theatre. The opening programme, The Nature of Why, is performed by Paraorchestra—the world’s first professional inclusive orchestra—offering audiences an immersive arts experience inspired by Nobel Prize–winning physicist Richard Feynman. Fusing live orchestral music, contemporary dance and audience interaction, the work redefines the boundaries of inclusive art.

Under the theme “All of Us, All Ways”, the eighth edition of “No Limits” is committed to revealing the richness of diverse values and connecting people through the arts. For the first time, “No Limits” has collaborated with two of Hong Kong’s flagship performing arts companies—the Hong Kong Dance Company and the Hong Kong Chinese Orchestra—to produce multidisciplinary inclusive programmes. These collaborations aim to inspire new perspectives, demonstrate how inclusive arts are being further integrated into Hong Kong’s cultural mainstream, and open up the limitless imagination that diversity brings.

“No Limits” 2026 presents 11 boundary-breaking programmes across music, theatre, dance and film, in a total of 29 performances. In addition to Paraorchestra’s immersive orchestral-dance production The Nature of Why, highlights include: Wayfaring Beyond, a brand-new large-scale outdoor dance work co-produced by “No Limits” and the Hong Kong Dance Company, and co-choreographed and performed with the award-winning China Hong Kong Para Dance Sport Association; Light and Shadow on Strings, co-produced by “No Limits” and the Hong Kong Chinese Orchestra, featuring visually impaired rising star erhu player Yang Enhua in a concert blending traditional and contemporary Chinese music; the Asia premiere of award-winning contemporary dance work Harmonia by Theatre Bremen and Hungarian choreographer Adrienn Hód, challenging established notions of bodily value in dance; the Asia premiere of Precarious Moves, a semi-autobiographical solo performance by Vienna-based artist Michael Turinsky that confronts social expectations and established frameworks surrounding disabled bodies; “No Limits” Asia newly commissioned theatre work Two Blind Women in the Snowy Tokugawa Nights – Sleeping Fires with renowned director Kuro Tanino; and the Asia premiere of Zer-Brech-Lich, an original playful and sensorial musical dance theatre work by Swiss-based choreographer Alessandro Schiattarella, created and performed with three disabled performers. This year, “No Limits” launches the “Local Creative Research and Development Scheme”, pairing local artists with individuals of diverse abilities to co-create new works exploring inclusive practices. The initiative injects fresh vitality into Hong Kong’s inclusive arts landscape, while research outcomes will be presented during “No Limits” 2026 to showcase the potential of inclusive arts.

Ms Sum Fong-kwang, Vivian, JP, Permanent Secretary for Culture, Sports and Tourism, said: “‘No Limits’ provides a stage for artists with different abilities to showcase their creativity and talents, fostering an inclusive community. It bridges people with different origins, backgrounds and abilities, which on the one hand enriches our arts and cultural offerings, and on the other, showcases the role of creativity as a continuous driver of societal development. I wish this year’s ‘No Limits’ resounding success, and every audience find inspiration and enlightenment through the programmes.”

At the opening ceremony, Mr Sebastian Man, Vice Chairman of the Hong Kong Arts Festival Society, said: “Since its inception in 2019, ‘No Limits’ has promoted inclusion through local and international inclusive arts performances, as well as the Jockey Club ‘No Limits’ Education and Community Outreach Programme, showcasing the remarkable talents of artists with diverse abilities. As we enter the eighth edition, we are delighted to collaborate for the first time with Hong Kong’s flagship arts companies to present two locally produced programmes that embody the spirit of diversity and inclusion. We sincerely thank The Hong Kong Jockey Club Charities Trust, co-presenter of ‘No Limits’, for its long-standing support. We also thank our Strategic Supporting Partner, Arts with the Disabled Association Hong Kong, for providing comprehensive accessibility services to ensure that everyone can experience the power of the arts. Above all, we extend our heartfelt gratitude to every participating artist for their tremendous dedication.”

Mr Nicholas D Hunsworth, Steward of The Hong Kong Jockey Club, said: “In keeping with No Limits’ theme this year “All of Us, All Ways” – a series of community programmes will be presented by artists with varying abilities to promote inclusion. It reminds us that differently abled people are not different at all, but an integral part of a diverse society. The Hong Kong Jockey Club has long supported arts and cultural projects to enrich lives and build a culturally vibrant city – as evidenced by over 50 years’ funding for the Hong Kong Arts Festival. The Hong Kong Jockey Charities Trust – in partnership with the Hong Kong Arts Festival – has co-presented No Limits since its inauguration in 2019.”

Building on its established practices, “No Limits” 2026 continues to advance social inclusion and talent development through a wide range of initiatives under the Jockey Club “No Limits” Education and Community Outreach Programme. These initiatives promote inclusivity and creativity, strengthen networks across the education and community sectors, and lay the foundation for a more empathetic and inclusive society. Programmes include the inclusive dance project VISION, International Symposium The Way Forward: A Humanistic–Tech Framework for Inclusive Innovation, school touring concert The Ways We Move, as well as the “No Limits” Creative Training Programme and Community Showcases.

In addition to live performances, online screening programmes include the documentary A Space in Time by Riccardo Servini and Nick Taussig, which follows a couple and their two sons born with Duchenne muscular dystrophy as they journey forward together; Sarah Polley’s Away from Her, portraying a couple of over 40 years facing early-onset Alzheimer’s disease; Taku Aoyagi’s documentary Fujiyama Cottonton, set at Mirai Farm, which serves people with disabilities, and exploring the beauty of everyday life, creativity and community; and Caroline Cavalcanti’s Lapse, a heart-warming story of two teenagers—a deaf skateboarder and a rap enthusiast—who form a bond through sign language and shared struggles.

Tickets for live performances are now available via URBTIX. Half-price concessionary tickets are offered to full-time students, people with disabilities and one companion, and Comprehensive Social Security Assistance (CSSA) recipients. (www.urbtix.hk/series/124?bannerCode=NL2026)
Community programmes are free and open to the public without prior registration. Programmes screened online will be available free of charge on the official website www.nolimits.hk from 30 March to 25 May 2026.

Extending the spirit of inclusion beyond the stage, “No Limits” has also launched a brand-new accessibility-themed plush toys collection. Purchase “No Limits” programme tickets worth HK$500 or more in a single transaction via URBTIX to receive one No Limits Inclusive Plush Toy Redemption Coupon upon ticket collection. Available while stocks last.

Arts Accessibility Services
“No Limits” collaborates with the Arts with the Disabled Association Hong Kong to enhance high-quality art projects with accessibility services and ensure that audiences with varying needs can enjoy performances without barriers. Accessibility services differ from programme to programme, and include audio description, accessible captions, sign language interpretation, theatrical interpretation, braille booklets, audio booklets, easy-to-read booklets and relaxed performances. Extra wheelchair seats may be available at the venues, and guide dogs are welcome.

For more event details, please visit the “No Limits” website: www.nolimits.hk
Click here for programme details: www.nolimits.hk/programme
Urbtix: https://www.urbtix.hk/series/124?bannerCode=NL2026

Appendix

Programme

Online Programmes

Hashtag: #NoLimits

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About the Hong Kong Arts Festival

Launched in 1973, the Hong Kong Arts Festival is a major international arts festival committed to enriching the cultural life of the city. In February and March every year, the Festival presents leading local and international artists from all genres of the performing arts, giving equal importance to great traditions and contemporary creations. The Festival also commissions and produces work in theatre, music, chamber opera and contemporary dance by Hong Kong’s own creative talents and emerging artists, many of which have subsequently had successful runs in Hong Kong and overseas. Every year, the Festival also presents more than 250 “PLUS” and educational activities that offer diverse arts experiences to the community as well as tertiary, secondary and primary school students. In addition, through the “No Limits” project co-presented with The Hong Kong Jockey Club Charities Trust, the Festival strives to create an inclusive space for people of different abilities to share the joy of the arts together.

For more information about the Hong Kong Arts Festival, please visit https://www.hk.artsfestival.org/.

About “No Limits”

Launched in 2019 and co-presented by the Hong Kong Arts Festival and The Hong Kong Jockey Club Charities Trust, “No Limits” offers barrier-free performances and events and explores and promotes inclusiveness and understanding through the arts.

Every year from February to March, “No Limits” showcases a series of fascinating programmes of music, dance, theatre and film by international and Hong Kong artists of different abilities. It also presents free film screenings as well as education and community programmes including an international symposium.

“No Limits” is committed to provide accessible in-venue performances and programmes for people with different abilities, highlighting creativity and talent in a variety of forms, spreading the message of inclusion to the society.

For more information about “No Limits”, please visit https://www.nolimits.hk

Despite the complex and ever-changing external environment, Mr Chan noted that Hong Kong’s financial market had performed strongly and the city’s financial system remains robust.

In 2025, Hong Kong ranked first globally for funds raised through initial public offerings.

“We will continue to consolidate our existing strengths, tap into emerging fields, strengthen market systems and risk control and deepen financial co-operation in the Greater Bay Area,” Mr Chan said. “By doing so, we will enhance Hong Kong’s role as an international financial centre on all fronts and contribute to the national strategic goal of ‘accelerating China’s development as a financial powerhouse’ “.

With Hong Kong being the world’s largest hub for offshore Renminbi (RMB) business, the Financial Secretary said the city would leverage its unique strengths and proactively align with national development strategies.

For advancing the internationalisation of the RMB, Mr Chan said Hong Kong would facilitate the wider use of RMB in activities such as trade and cross-boundary business; reduce transaction costs; enrich product offerings in the offshore RMB market; improve price discovery in the short-to-medium-term-interest-rate market; and attract high-quality issuers to increase RMB bond issuance in Hong Kong.

In 2025, the stock market delivered a stellar performance. The Hang Seng Index rose by 28 per cent over the year. The daily turnover surged by 90 per cent to a historic high of close to $250 billion (US$32 billion).

Mr Chan said the Hong Kong Exchanges and Clearing Limited (HKEX) would continue enhancing the securities market, attracting issuers and boosting market efficiency.

“We will also introduce the next stage of reforms, including enhancing the regulatory regime for listed companies, providing specific guidelines for overseas companies seeking secondary listing in Hong Kong, offering more overseas markets as recognised exchanges, and continuing to explore with the market the provision of an over-the-counter trading platform for delisted stocks or those requiring special handling.

“The electronic bond-trading platform will also be launched in the second half of this year, thereby reinforcing Hong Kong’s position as a global fixed income and currency hub,” he said.

To attract more family offices and funds to set up in Hong Kong, Mr Chan said Hong Kong would enhance the tax regime, including expanding the scope of “fund” to cover specific funds-of-one, as well as classifying digital assets, precious metals, and specified commodities, etc. as qualifying investments eligible for tax concessions.

Regarding the development of digital assets, the Government published the second policy statement for developing Hong Kong into a global hub for digital asset innovation through the establishment of a comprehensive regulatory framework.

A bill will be introduced this year to establish licensing regimes for, among others, digital asset dealing and custodian service providers.

“We will also explore the adoption of electronic signature for bond issuance documents and the digitalisation of bearer bonds,” Mr Chan said.

To promote the application of fintech and enhance the efficiency of the asset management market, the CMU OmniClear, a market infrastructure operator established by the Hong Kong Monetary Authority, will establish a digital asset platform this year. It will support the issuance and settlement of digital bonds. The platform will also be gradually extended to other digital assets and linked with other tokenisation platforms in the region, consolidating Hong Kong’s leading role in the realm of digital assets.

In order to build an international gold trading market in Hong Kong, Mr Chan said the Government would explore offering tax incentives for eligible institutions conducting gold trading and settlement in Hong Kong; assist the industry in setting up an industry-led trade association to consolidate resources, step up promotion, and foster ties with industry stakeholders from around the world; and help the industry keep abreast of the latest gold market developments, acquire relevant skills and develop a training framework.

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