Mahinder Patyal
Bharmour
Bharmaur–Pangi MLA Dr. Janak Raj has described the Modi government’s Union Budget 2026–27 as a revolutionary economic vision, shifting India’s growth model from consumption-driven demand to productivity-led development.
“Consumption limits growth, but productivity builds a nation,” he emphasized.
Fiscal Discipline with Growth
The budget projects a total expenditure of ₹53.47 lakh crore, marking a 7.7% increase over the previous year. The fiscal deficit has been contained at 4.3%, signaling a balance between discipline and expansion. The debt-to-GDP ratio has been reduced to 55.6%, with a target to stabilize it at 50% (±1%) by 2030, laying a strong foundation for long-term stability.
Capital Investment for Infrastructure
Breaking away from the consumption-led growth of past decades—driven by salaries, pensions, subsidies, and imports—the 2026–27 budget makes a bold pivot. Capital expenditure has been raised to a record ₹12.2 lakh crore, accelerating infrastructure-driven growth. The budget is positioned as a blueprint for Viksit Bharat 2047, with initiatives like CCUS (Carbon Capture, Utilization, and Storage) ensuring environmentally sustainable development.
Agriculture: From Production to Productivity
Agriculture is redefined not just as livelihood but as a high-productivity sector. Investments in irrigation, crop diversification, storage, and value addition aim to transform farmers into agri-entrepreneurs. Research, seed improvement, and water conservation are expected to boost rural incomes sustainably.
Youth: From Job Seekers to Job Creators
India’s demographic strength lies in its youth. The budget emphasizes skill development, digital economy, start-ups, and innovation, preparing young Indians to become job creators rather than job seekers. MSME funding and digital platforms will enhance global competitiveness.
Women: From Welfare to Economic Leadership
Women are placed at the center of economic productivity. Entrepreneurship, self-help groups, skill training, and financial inclusion initiatives aim to increase female participation in the workforce, strengthening both social justice and GDP growth.
Health: Investment in Human Capital
Health is treated not as expenditure but as investment in productive human capital. Strengthening medical infrastructure, education, digital health, and preventive care will enhance labor productivity, reduce lost workdays, and ensure sustainable growth.
Exports and Employment: Making India a Supplier Nation
Productivity is directly linked to exports. By focusing on logistics, manufacturing, and integration into global value chains, the budget seeks to position India as a global supplier rather than just a large market. This expansion is expected to generate millions of sustainable jobs.
National Security and Research
Economic productivity underpins national security. Increased investment in defense, technology, and strategic research strengthens self-reliance. Initiatives in semiconductors, aviation, and deep-tech aim to transform India from a labor-based economy into a knowledge-driven power.
Conclusion
The Union Budget 2026–27 is not a populist document to boost consumption, but a historic roadmap for building long-term national capacity. Its message is clear:
“Food sustains an economy, but making builds a nation.”
This vision, Dr. Janak Raj noted, will propel India toward becoming a strong, self-reliant, and globally competitive economic powerhouse.
