{"id":18435,"date":"2026-01-31T17:39:43","date_gmt":"2026-01-31T12:09:43","guid":{"rendered":"https:\/\/theeducationoverview.in\/?p=18435"},"modified":"2026-01-31T17:39:43","modified_gmt":"2026-01-31T12:09:43","slug":"economic-survey-2025-26","status":"publish","type":"post","link":"https:\/\/theeducationoverview.in\/?p=18435","title":{"rendered":"Economic Survey 2025-26"},"content":{"rendered":"

Economic Survey 2025-26<\/strong><\/span><\/h2>\n

\nIndia transitions towards a high-growth and resilient economy<\/strong><\/span><\/h3>\n

Posted On: 30 JAN 2026 3:17PM by PIB Delhi<\/strong><\/span><\/p>\n

\n\u00a0<\/strong><\/span><\/p>\n

Introduction<\/strong><\/span><\/p>\n

India enters FY26 with strong economic momentum supported by stable macroeconomic fundamentals, sustained policy support, and broad-based sectoral performance. Despite a challenging global environment, the economy has remained resilient, with robust growth, historically low inflation, improving labour market indicators, and strengthening external and financial buffers. Coordinated fiscal, monetary, and structural policies have reinforced macroeconomic stability while supporting investment, consumption, and inclusion.<\/strong><\/span><\/p>\n

The emerging macroeconomic environment reflects an economy that is consolidating its gains while strengthening the foundations for sustained and inclusive growth.<\/strong><\/span><\/p>\n

State of the Economy<\/strong><\/span><\/p>\n

Growth Outlook: GDP and Demand Conditions<\/strong><\/span><\/p>\n

India\u2019s growth outlook remains robust, underpinned by strong macroeconomic fundamentals and broad-based demand momentum. As per the First Advance Estimates, real GDP and Gross Value Added (GVA) are projected to grow by\u00a07.4% and 7.3% respectively in FY26.<\/strong><\/span><\/p>\n

A strong agricultural performance has bolstered rural incomes and consumption, while improvements in urban demand- supported by\u00a0tax rationalisation measures\u00a0indicate a broadening of the consumption base. India\u2019s\u00a0potential growth is estimated at around 7%, with real GDP growth for\u00a0FY27 projected in the range of 6.8-7.2%, reflecting sustained medium-term growth capacity amid a challenging global environment.<\/strong><\/span><\/p>\n\n\n\n
Inflation Trends and Outlook<\/strong><\/span><\/p>\n

India recorded\u00a0the lowest inflation rate since the beginning of the CPI series, with April-December 2025 average headline inflation coming in at 1.7%, attributing to general disinflationary trend in food and fuel prices.<\/strong><\/span><\/p>\n

Among major Emerging Markets & Developing Economies (EMDEs), India has recorded one of the sharpest declines in headline inflation in 2025 over 2024, amounting to about 1.8 percentage points.<\/strong><\/span><\/p>\n

In\u00a0December 2025, the RBI lowered its inflation forecast for FY26 from 2.6% to 2.0%, supported by a good kharif harvest and healthy rabi sowing.\u00a0The IMF projects inflation at 2.8% in FY26 and 4.0% in FY27. The RBI\u2019s forecast for headline Inflation for Q1 and Q2 of FY27 currently stands at 3.9 and 4%.<\/strong><\/span><\/p>\n

Looking ahead, the inflation outlook remains benign, supported by favourable supply side conditions and the gradual pass-through of GST rate rationalisation.<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Sectoral Drivers of Growth<\/strong><\/span><\/p>\n

    \n
  • Agriculture: Stabilising Rural Demand<\/strong><\/span><\/li>\n<\/ul>\n

    Agriculture and allied activities continue to play a stabilising role in India\u2019s growth cycle by supporting rural demand and income security. The sector is\u00a0estimated to grow by 3.1% in FY26, supported by a\u00a0favourable monsoon during H1 FY26. Agricultural GVA expanded by\u00a03.6% in H1 FY26, higher than the\u00a02.7% growth recorded in H1 FY25, reflecting improved crop performance.<\/strong><\/span><\/p>\n

    Allied activities particularly\u00a0livestock and fisheries\u00a0have exhibited stable growth of around\u00a05\u20136%, providing resilience and diversification reflecting a relatively stable expansion in allied sectors.<\/strong><\/span><\/p>\n

      \n
    • Industry and Manufacturing: Momentum Builds<\/strong><\/span><\/li>\n<\/ul>\n

      Industrial activity is expected to gain momentum in FY26, with the\u00a0industrial sector projected to grow by 6.2%, up from\u00a05.9% in FY25. The sector recorded growth of\u00a07.0% in the first half of FY26,\u00a0exceeding\u00a0the growth of\u00a06.1% in H1 of FY25\u00a0and\u00a0the pre-COVID trend of 5.2%.\u00a0\u00a0<\/strong><\/span><\/p>\n

      Manufacturing has emerged as a key growth engine, with\u00a0GVA growth accelerating to 7.72% in Q1 and 9.13% in Q2 of FY26, signalling a structural recovery. Government-led initiatives, particularly the\u00a0Production Linked Incentive (PLI) schemes across 14 sectors, have played a catalytic role attracting over\u00a0\u20b92.0 lakh crore of actual investment, generating\u00a0incremental production\/sales exceeding \u20b918.7 lakh crore, and creating\u00a0over 12.6 lakh jobs\u00a0as of September 2025.<\/strong><\/span><\/p>\n

      India\u2019s innovation ecosystem has also strengthened, with the country\u2019s\u00a0Global Innovation Index rank improving to 38th<\/sup>\u00a0in 2025, up from\u00a066th<\/sup>\u00a0in 2019, reinforcing the role of manufacturing-led innovation in long-term growth.<\/strong><\/span><\/p>\n

        \n
      • Services: The Dominant Growth Engine<\/strong><\/span><\/li>\n<\/ul>\n

        Services sector is estimated to have grown by\u00a09.1% in FY26, up from\u00a07.2% in FY25, indicating a further acceleration in services-led expansion. Services\u2019 share in GDP rose to\u00a053.6% in H1 FY26, while its share in GVA reached a\u00a0historic high of 56.4%\u00a0as per the FY26 First Advance Estimates, reflecting the rising importance of\u00a0modern, tradable, and digitally delivered services.<\/strong><\/span><\/p>\n

        India is now the\u00a0world\u2019s seventh-largest exporter of services, with its share in global services trade more than doubling from\u00a02% in 2005 to 4.3% in 2024. And the sector remains the largest recipient of foreign direct investment. \u00a0Implicit estimate for H2 suggests a\u00a0continuation of the services sector’s momentum, supported by resilient domestic demand and steady export activity.<\/strong><\/span><\/p>\n

        Employment and Labour Market Trends<\/strong><\/span><\/p>\n

        India\u2019s labour market continues to demonstrate resilience alongside economic expansion. In\u00a0Q2 (July to September 2025) FY26, total employment stood at\u00a056.2 crore persons (aged 15 years and above), reflecting the creation of approximately\u00a08.7 lakh new jobs\u00a0compared to Q1(April to June 2025) FY26.<\/strong><\/span><\/p>\n

        According to the Periodic Labour Force Survey (PLFS), key labour indicators point to strengthening employment conditions.<\/strong><\/span><\/p>\n

          \n
        • The\u00a0Labour Force Participation Rate (LFPR)\u00a0for persons aged 15 years and above increased to\u00a056.1% in December 2025.<\/strong><\/span><\/li>\n
        • Female LFPR rose to\u00a035.3%, indicating rising participation and improving inclusion.<\/strong><\/span><\/li>\n
        • The\u00a0Worker Population Ratio (WPR)\u00a0increased to\u00a053.4%, reflecting steady employment absorption.<\/strong><\/span><\/li>\n
        • The\u00a0unemployment rate declined to 4.8% in December 2025, continuing its downward trajectory.<\/strong><\/span><\/li>\n<\/ul>\n

          The\u00a0Annual Survey of Industries (ASI) FY24\u00a0highlights the strength of organised manufacturing, with employment rising by\u00a06% year-on-year, translating into an addition of\u00a0over 10 lakh jobs\u00a0compared to FY23.<\/strong><\/span><\/p>\n

          As of\u00a0January 2026, the\u00a0e-Shram portal\u00a0has registered\u00a0over 31 crore unorganised workers, with women accounting for\u00a0more than 54%\u00a0of total registrants significantly strengthening the outreach of gender-focused welfare initiatives. The\u00a0National Career Service (NCS)\u00a0platform has emerged as a key labour market intermediary, with\u00a0over 5.9 crore registered job seekers and 53 lakh job providers, and mobilisation of approximately\u00a08 crore vacancies\u00a0across sectors. It recorded over\u00a0a 200% increase in job vacancies\u00a0in FY24 compared to FY23.<\/strong><\/span><\/p>\n

          Trade Performance: Export Diversification and Services Strength<\/strong><\/span><\/p>\n

          On the trade front, India\u2019s total exports reached record levels of\u00a0USD 825.3 billion in FY25 and USD 418.5 billion in H1 FY26,\u00a0driven by strong growth in services exports and sustained momentum in non-petroleum, non-gems, and jewellery exports.<\/strong><\/span><\/p>\n

          India\u2019s integration into global trade continues to deepen, marked by diversification and strong services-led growth. India\u2019s share in\u00a0global merchandise exports increased from 1% in 2005 to 1.8% in 2024.<\/strong><\/span><\/p>\n

          According to UNCTAD\u2019s Trade and Development Report 2025,\u00a0India ranks\u00a0third\u00a0among countries in the\u00a0Global South in terms of the diversity index of trade partnerships, following China and the UAE. India\u2019s index score of 3.2 exceeds that of all countries in the Global North, underscoring its resilience in the face of tariff uncertainties and other emerging challenges.<\/strong><\/span><\/p>\n

          Services exports emerged as a key growth engine, reaching an\u00a0all-time high of USD 387.5 billion in FY25, registering a robust\u00a013.6% year-on-year growth. This performance reinforced India\u2019s position as a global hub for\u00a0technology, business, and professional services, with rising demand across IT, financial, and knowledge-intensive segments.<\/strong><\/span><\/p>\n

          External buffers remained strong.\u00a0Foreign exchange reserves stood at USD 701.4 billion as of 16 January 2026, providing an import cover of\u00a0around 11 months\u00a0and covering\u00a0over 94% of external debt, thereby strengthening India\u2019s capacity to withstand external shocks.<\/strong><\/span><\/p>\n

          India also\u00a0remained the world\u2019s largest recipient of remittances, with inflows reaching\u00a0USD 135.4 billion in FY25, offering critical support to the current account. Notably, the\u00a0share of remittances from advanced economies increased, reflecting the growing contribution of skilled and professional Indian workers in global labour markets.<\/strong><\/span><\/p>\n

          Industrial Output: IIP and Core Sector Performance<\/strong><\/span><\/p>\n

          Industrial activity gathered further momentum in\u00a0December 2025, with broad-based improvement reflected across both the\u00a0Index of Industrial Production (IIP)\u00a0and the\u00a0Index of Eight Core Industries (ICI).<\/strong><\/span><\/p>\n

          The combined\u00a0Index of Eight Core Industries (ICI)\u00a0measures both the individual and aggregate performance of production across eight key sectors viz. coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity. It serves as a leading indicator of industrial performance and accounts for\u00a040.27%\u00a0of the total weight of the IIP.<\/strong><\/span><\/p>\n

          The\u00a0IIP rose by 7.8% in December 2025, marking its\u00a0highest level in over two years, following robust growth of\u00a07.2% (RE) in November 2025. Sector-wise,\u00a0Manufacturing\u00a0remained the primary growth driver, expanding by\u00a08.1%, while\u00a0Mining\u00a0and\u00a0Electricity\u00a0recorded growth of\u00a06.8%\u00a0and\u00a06.3%, respectively.<\/strong><\/span><\/p>\n

          Within manufacturing, strong performance was observed in technology- and mobility-linked segments, with notable growth in:<\/strong><\/span><\/p>\n

            \n
          • Computer, electronic and optical products\u00a0(34.9%)<\/strong><\/span><\/li>\n
          • Motor vehicles, trailers and semi-trailers\u00a0(33.5%)<\/strong><\/span><\/li>\n
          • Other transport equipment\u00a0(25.1%)<\/strong><\/span><\/li>\n<\/ul>\n

            On the core sector front,\u00a0Cement production surged by 13.5% year-on-year, followed by\u00a0Steel\u00a0at\u00a06.9%, reflecting sustained demand from construction and infrastructure-related activities. Other core sectors also posted positive growth, including\u00a0Electricity (5.3%),\u00a0Fertilizers (4.1%), and\u00a0Coal (3.6%), reinforcing the recovery across energy and input-intensive industries.<\/strong><\/span><\/p>\n

            Overall, the synchronised improvement in\u00a0IIP and ICI\u00a0points to strengthening industrial fundamentals, supported by infrastructure spending, resilient domestic demand, and steady expansion across core and manufacturing sectors.<\/strong><\/span><\/p>\n

            Fiscal Development<\/strong><\/span><\/p>\n

            Strengthened Fiscal Credibility and Rating Upgrades<\/strong><\/span><\/p>\n

            Prudent fiscal management by the government has enhanced credibility and strengthened confidence in India\u2019s macroeconomic and fiscal framework, resulting in three sovereign\u00a0credit rating upgrades\u00a0in 2025 by\u00a0Morningstar DBRS, S&P Global Ratings, and Rating and Investment Information (R&I), Inc.<\/strong><\/span><\/p>\n

            Improvement in Centre\u2019s Revenue Receipts<\/strong><\/span><\/p>\n

            The Centre\u2019s revenue receipts improved from an average of about\u00a08.5% of GDP in FY16\u2013FY20\u00a0to\u00a09.2% of GDP in FY25 (PA), mainly\u00a0supported by buoyant non-corporate tax collections\u00a0that increased from about 2.4% of GDP pre-pandemic to around 3.3% post-pandemic.<\/strong><\/span><\/p>\n

            Expansion of the Direct Tax Base<\/strong><\/span><\/p>\n

            The share of direct taxes in total taxes rose from 51.9% pre-pandemic to 55.5% post-pandemic, reaching 58.8% in FY25 (PA). Meanwhile, the direct tax base expanded steadily, with\u00a0income tax return filings rising from 6.9 crore in FY22 to 9.2 crore in FY25, indicating better compliance, wider use of technology in tax administration, and more individuals entering the tax net as incomes increased.<\/strong><\/span><\/p>\n

            GST Performance and Transaction Activity<\/strong><\/span><\/p>\n

            Gross GST collections during April\u2013December 2025 amounted to \u20b917.4 lakh crore, reflecting\u00a0year-on-year growth of 6.7%\u00a0and broadly tracking nominal GDP growth conditions. High-frequency indicators point to strong transaction activity, with cumulative e-way bill volumes during the same period increasing by 21% YoY.<\/strong><\/span><\/p>\n

            Rise in Effective Capital Expenditure<\/strong><\/span><\/p>\n

            The government\u2019s effective\u00a0capital expenditure increased from an average of 2.7% of GDP in the pre-pandemic period to about 3.9% post-pandemic, and\u00a0further to 4% of GDP in FY25.<\/strong><\/span><\/p>\n

            Support to States\u2019 Capital Spending (SASCI)<\/strong><\/span><\/p>\n

            Under the\u00a0Special Assistance to States for Capital Expenditure (SASCI), the Centre has incentivised States to maintain capital spending at around 2.4% of GDP in FY25.<\/strong><\/span><\/p>\n

            Trends in State Governments\u2019 Fiscal Deficit<\/strong><\/span><\/p>\n

            The combined\u00a0fiscal deficit of State Governments\u00a0remained broadly stable at around 2.8% of GDP in the post-pandemic period, similar to pre-pandemic levels, but rose in recent years to 3.2% in FY25, reflecting emerging pressures on State finances.<\/strong><\/span><\/p>\n

            Reduction in General Government Debt Ratio<\/strong><\/span><\/p>\n

            India lowered its general government debt-to-GDP ratio by about 7.1 percentage points\u00a0since 2020 while continuing to maintain high levels of public investment<\/strong><\/span><\/p>\n

            Building a Balanced Financial Ecosystem<\/strong><\/span><\/p>\n

            India’s monetary and financial sectors have strong performance during FY26 (April-December 2025),\u00a0amidst elevated uncertainty in the global financial markets. In an increasingly fragmented global financial environment, India\u2019s regulatory framework, institutional resilience, and growing reliance on domestic financial channels have played a stabilising role.\u00a0With support of strong monetary management and financial intermediation across channels, India has remained stable and safeguarded against economic shocks.<\/strong><\/span><\/p>\n

            Monetary Policy Actions and Liquidity Management<\/strong><\/span><\/p>\n

            In response to the evolving macroeconomic and financial developments, the\u00a0Reserve Bank of India\u2019s (RBI) Monetary Policy Committee cumulatively reduced the repo rate by 100 basis points between April to December 2025, currently at 5.25%.\u00a0The reductions have been aimed to boost credit flow, investment, and overall economic activity.<\/strong><\/span><\/p>\n

            Complementing policy rate cuts, the\u00a0RBI reduced the cash reserve ratio (CRR) by 100 basis points to 3.0% during September-November 2025.\u00a0\u00a0In addition, the RBI injected durable liquidity of\u00a0\u20b92.39 lakh crore\u00a0through open market operations during April-May 2025, followed by further\u00a0OMO purchases of \u20b91 lakh crore\u00a0and a\u00a03-year USD\/ INR buy-sell swap of USD 5 billion\u00a0in December 2025. As a result, system liquidity remained in surplus, averaging\u00a0\u20b91.89 lakh crore\u00a0in FY26 (up to 8 January 2026), compared to\u00a0\u20b91,605 crore\u00a0in FY25.<\/strong><\/span><\/p>\n

            Monetary Aggregates and Credit Transmission<\/strong><\/span><\/p>\n

            While\u00a0reserve-money growth moderated to 2.9% by December 2025, compared to 4.9% as of December 2024, the\u00a0CRR adjusted growth stood at 9.4%\u00a0as compared to 6.2% a year ago. The trend reflects the expansionary stance of monetary policy.<\/strong><\/span><\/p>\n

            During the same period,\u00a0broad-money growth rose to\u00a012.1% as compared with 9% a year ago,\u00a0indicating that\u00a0banks effectively leveraged the liquidity\u00a0released by the CRR cut. The trend is driven primarily by rising aggregate deposits with banks, which are the largest component of broad money.<\/strong><\/span><\/p>\n

            The money multiplier increased to 6.21 in December 2025\u00a0from 5.70 a year earlier, signalling improved financial intermediation by the banking system, thereby ensuring adequate systemic liquidity.<\/strong><\/span><\/p>\n

            Banking Sector Performance and Credit Dynamics<\/strong><\/span><\/p>\n

            The banking sector strengthened further in FY26 with Gross non-performing asset (GNPA) ratios declining to multi-decadal lows and net NPAs reaching record low levels.\u00a0The capital-to-risk-weighted assets ratio (CRAR) of scheduled commercial banks (SCBs) remained strong at 17.2% as of September 2025.<\/strong><\/span><\/p>\n

            Profitability also improved;\u00a0Profit after tax of SCBs rose by 16.9% in FY25\u00a0and by 3.8% year-on-year as of September 2025. Return on equity stood at 12.5% while return on assets stood at 1.3% in September 2025.<\/strong><\/span><\/p>\n

            Credit growth, after moderating earlier in FY26, picked up momentum.\u00a0Outstanding credit by SCBs increased to 14.5% (YoY) in December 2025, compared to 11.2% in December 2024. December 2025 marked the highest YoY growth rates for both bank credit and non-food credit in FY26.<\/strong><\/span><\/p>\n

            Credit growth for MSMEs continued to show momentum and remained robust, with\u00a0MSME credit expanding by 21.8% in November 2025. Within this sector, micro and small enterprises recorded\u00a0an increase of 24.6% (YoY) in November 2025, up from 10.2% in November 2024.<\/strong><\/span><\/p>\n\n\n\n
            Improving Financial Inclusion Metrics<\/strong><\/span><\/p>\n

            RBI\u2019s Financial Inclusion (FI) Index measures the country’s progress in achieving financial inclusion. It captures data on 97 indicators related to banking, investments, insurance, postal, and pension sectors across three dimensions: access, usage, and quality. These dimensions are represented through three sub-indices, viz., FI-access, FI-usage, and FI-quality. India\u2019s Financial Inclusion Index rose from\u00a064.2 in March 2024\u00a0to\u00a067.0 in March 2025.<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

            Capital Markets and Household Financialisation<\/strong><\/span><\/p>\n

            Capital markets played an increasingly prominent role in capital formation.\u00a0During FY26 (up to December 2025), total resource mobilisation from primary markets stood at\u00a0\u20b910.7 lakh crore. Over the past five years, from FY22 to FY 26 (till December 2025),\u00a0primary markets mobilised a total of\u00a0\u20b953 lakh crore through equity and debt issuances.<\/strong><\/span><\/p>\n

            Household financial savings continued to shift towards market-linked instruments.\u00a0Individual investors\u2019 share in equity ownership increased to 18.8% by September 2025, with household equity wealth increasing by about \u20b953 lakh crore between April 2020 and September 2025. The\u00a0share of equity and mutual funds in annual household financial savings rose from around 2% in FY12 to over 15.2% in FY25.<\/strong><\/span><\/p>\n

            Conclusion<\/strong><\/span><\/p>\n

            The macroeconomic trends in FY26 point to an economy characterised by stability alongside momentum. Growth remains broad-based across agriculture, industry, and services, while inflation has moderated and labour market indicators have strengthened. External sector performance, rising services exports, and comfortable foreign exchange reserves provide resilience against global shocks. Fiscal consolidation has advanced in parallel with sustained capital expenditure, and the financial system remains well-capitalised and supportive of credit expansion and financial inclusion.<\/strong><\/span><\/p>\n

            Together, these developments indicate strengthening economic fundamentals and an improved capacity to sustain growth while maintaining macroeconomic stability.<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

            Economic Survey 2025-26 India transitions towards a high-growth and resilient economy Posted On: 30 JAN 2026 3:17PM by PIB Delhi \u00a0 Introduction India enters FY26 with strong economic momentum supported by stable macroeconomic fundamentals, sustained policy support, and broad-based sectoral performance. Despite a challenging global environment, the economy has remained resilient, with robust growth, historically …<\/p>\n","protected":false},"author":2,"featured_media":18436,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-18435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-news"],"_links":{"self":[{"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=\/wp\/v2\/posts\/18435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18435"}],"version-history":[{"count":1,"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=\/wp\/v2\/posts\/18435\/revisions"}],"predecessor-version":[{"id":18437,"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=\/wp\/v2\/posts\/18435\/revisions\/18437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=\/wp\/v2\/media\/18436"}],"wp:attachment":[{"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theeducationoverview.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}