New Delhi, Feb 1 (IANS) Union Finance Minister Nirmala Sitharaman’s economic roadmap for 2026-27 complements Prime Minister Narendra Modi’s vision of “Viksit Bharat” and has emerged as a guiding light for building a grand future for India, said Union Minister for Food, Public Distribution and Consumer Affairs Pralhad Joshi.

He said that this is a growth-centric budget with a focus on strengthening production capacity across seven key sectors. In particular, an allocation of Rs 10,000 crore for the biopharma sector will provide a strong boost to innovation and manufacturing in healthcare.

The launch of Indian Semiconductor Mission 2.0 is a bold step towards transforming India into a global technology powerhouse, he added.

Joshi said that to accelerate domestic manufacturing, investment under the electronics component manufacturing scheme has been increased to nearly Rs 40,000 crore.

“In addition, announcements on the use of rare earth minerals, establishment of chemical parks, and Rs 10,000 crore support for global-scale container manufacturing will further strengthen India’s industrial foundation,” he said.

“Special emphasis has been laid on labour-intensive textile industries, and the ‘Mahatma Gandhi Grama Swaraj’ programmes have been announced to infuse new energy into khadi, village industries and handicrafts. To develop small and medium enterprises (MSMEs) into national champions, equity support of Rs 10,000 crore has been provided. A record Rs 12.2 lakh crore has been allocated for public infrastructure, reflecting the government’s long-term commitment to growth,” he said.

He said that as part of people-centric initiatives, the budget has announced seven high-speed rail corridors, healthcare sector schemes, the Khelo India Mission, promotion of fisheries in coastal regions, coconut promotion schemes, incentives for cashew cultivation, and She-Marts for rural women entrepreneurs.

“Special schemes have also been introduced to create greater opportunities for persons with disabilities,” he said.

Joshi said that the complete exemption of customs duty on 17 cancer drugs will bring significant relief to patients.

“Simplification of business processes, several new programmes for the cooperative sector, and strong policy support for the IT sector are also key highlights of the budget,” he said.

The minister said that overall, without imposing any additional tax burden on the common citizen, this balanced and innovation-driven budget will steer India with firm resolve towards a developed and self-reliant future.

–IANS

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