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Union Commerce and Industry Minister Piyush Goyal on Sunday described the Union Budget 2026-27 as a visionary document that establishes the groundwork for India to become a developed nation or "Viksit Bharat" by 2047. Speaking to the media post the Budget 2026 session, Goyal stated that the announcements reflect the ambitions of a "future-ready India" and will inspire citizens to work with a sense of duty toward national development.
Manufacturing emerged as a primary focus area in Goyal's assessment of the budget's strengths. He highlighted the government's push for new factories and increased investment to meet the growing demands of producers. To achieve self-reliance, the Minister pointed out that the budget seeks to double the output of electronics components and strengthen the textile industry. He noted that new textile parks will be established, particularly to boost modern man-made fibre textiles, which currently account for two-thirds of global trade. Addressing infrastructure and logistics, Goyal highlighted a significant allocation of Rs 10,000 crore dedicated solely to container manufacturing. "For years, we used to think, 'why can't containers be made in India?'," Goyal noted and stated that this move would further propel the world's fastest-growing economy. Additionally, he mentioned the focus on MSMEs, noting a Rs 10,000 crore allocation and a new credit guarantee scheme to support small and medium-sized industries. A "historic" highlight of the budget, according to Goyal, is the decision to allow foreign companies to establish data centers in India with a tax holiday extending until 2047. He explained that a single gigawatt data center involves an investment of approximately Rs 1.25 lakh to Rs 1.5 lakh crore. This initiative is expected to draw massive foreign investment and create significant employment while increasing demand for green energy sources like solar, wind, and green hydrogen. The Minister also noted that the budget addresses diverse sectors, including animal husbandry, fisheries, and the marine sector. He pointed to the rejuvenation of old industrial estates, the development of high-speed rail, and the promotion of inland waterways as key drivers for modernising small and emerging cities. Goyal stated that while the stock market may take time to fully grasp the "comprehensive form" of these reforms, the long-term impact will provide immense strength to the Indian economy. The Minister emphasised the rapid pace of structural reforms undertaken by the government in recent years to simplify the business environment. He noted that over 350 reforms, ranging from the simplification of GST to the notification of Labour Courts and the decriminalisation of various laws, have been implemented in a short period. Goyal remarked that these initiatives are designed to accelerate the mantra of "Sabka Saath Sabka Vikas" during the Amrit Kaal. (ANI)
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