The Budget: Four Engines of Development Driving India's Growth Blueprint

The Union Budget 2025-26 has drawn India's growth blueprint with a strategic focus on four key engines of development—agriculture, MSMEs, investment, and exports—powered by significant financial allocations and policy initiatives.

- SAVIO RODRIGUES

The government's estimated total receipts, excluding borrowings, stand at Rs 34.96 lakh crore, while total expenditure is projected at Rs 50.65 lakh crore. Net tax receipts are estimated at Rs 28.37 lakh crore, with a fiscal deficit pegged at 4.4% of GDP. Gross market borrowings are expected to reach Rs 14.82 lakh crore, while capital expenditure has been earmarked at Rs 11.21 lakh crore, constituting 3.1% of GDP. These figures indicate a strong push towards infrastructure, economic resilience, and inclusive growth.

FIRST ENGINE

Recognizing agriculture as the first engine of development, the government has announced the Prime Minister Dhan-Dhaanya Krishi Yojana, a transformative initiative aimed at developing 100 agri-districts with low productivity, moderate crop intensity, and below-average credit parameters. This programme, in partnership with states, will benefit 1.7 crore farmers. Further strengthening rural resilience, a multi-sectoral programme will address underemployment in agriculture by integrating skilling, investment, and technology. In a bid for Aatmanirbharta in pulses, a six-year mission will focus on self-sufficiency in tur, urad, and masoor, with NAFED and NCCF procuring these pulses for the next four years. The government is also launching a comprehensive programme for vegetables and fruits to promote production, efficient supply chains, and better prices for farmers. A dedicated Makhana Board will be established in Bihar to enhance production, processing, and marketing of the nutrient-rich crop. Meanwhile, the National Mission on High Yielding Seeds will accelerate research and development for over 100 high-yield seed varieties, ensuring their commercial availability. The fisheries sector will also see structured policy reforms with a framework for sustainable harnessing of resources, especially around the Andaman & Nicobar and Lakshadweep Islands.