REFORMS MINUS THE FIREWORKS

A low-key Budget doubles down on growth, investment, and reform momentum

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FINANCE MINISTER NIRMALA Sitharaman’s Budget for 2026-27 may be short on tax giveaways and big-bang announcements, but it reinforces the government’s growth push through targeted financial benefits and steps to ease procedural bottlenecks.

Higher spending on manufacturing and infrastructure is envisaged, alongside incentives for data centres, global capability centres, and contract manufacturing. The overarching objective, which was articulated in the Economic Survey, is to build resilience and self-reliance while embedding India more deeply into global supply chains. From electronics components and biopharma to semiconductors, rare earth magnets, and chemical parks, the Budget signals intent with sectoral focus and sizeable outlays. If manufacturing is being boosted through the revival of legacy clusters, the semiconductor mission and support for seven strategic sectors, the Budget also sets a modest ambition for India to command a 10% share of the global services market by 2047.