Accelerating Reform Express

KUMAR MANGALAM BIRLA CHAIRMAN, ADITYA BIRLA GROUP

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VERY BUDGET SIGNALS the direction of travel. Budget 2026-27 makes it clear that India is choosing the path of long-term growth.

This is not growth by impulse or short-term stimulus, but by deliberate investment in the institutions, infrastructure, skills, and industrial capacity that define a rapidly developing economy. Total expenditure stands at ₹53.5 lakh crore, the fiscal deficit is estimated at 4.3% of GDP, and effective capital expenditure including grants to states reaches $17.1 lakh crore. In a fractured global order, the government has chosen to keep building.

Manufacturing forms the core of this strategy. Seven strategic sectors, including biopharmaceuticals, semiconductors, electronics components, rare earth magnets, chemical parks, capital goods, and textiles, receive focused support. The India Semiconductor Mission 2.0 widens its scope to equipment, materials, and design capability. The electronics component manufacturing scheme already shows strong private response, and the expanded outlay reflects that traction. The rare earth initiative addresses a vulnerability that many advanced economies are now racing to close. Invest-

ments in hi tech tool rooms, container manufacturing, and textiles point to a deeper objective of strengthening the industrial base.