Budget 2026-27 Lays Strong Foundation for Viksit Bharat by 2047: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Saturday said the Union Budget 2026-27 lays a strong foundation for achieving the goal of a Viksit Bharat by 2047, describing it as a blueprint built on economic growth, infrastructure expansion, and inclusive development.

Addressing a press conference in Mumbai, Goyal highlighted that the Budget reflects the collective resolve to transform India into a developed nation.

Referring to Prime Minister Narendra Modi's recent remarks at the inauguration of 'Seva Teerth,' he said, "The PM called upon everyone to free ourselves from the mentality of slavery and for all to fulfil our duties with the spirit of nation first. The 2026 budget presented by the Finance Minister Nirmala Sitharaman signifies giving new wings to a Developed India."

He also reiterated PM Modi's mantra of 'Nagrik Devo Bhava' (the citizen is god).

How Does Budget 2026-27 Reflect the Prime Minister’s Vision of Duty for India’s Future?

Quoting the Prime Minister, he added, "'Duty is equality, duty is affection, duty is universal, and duty is all-encompassing.' If we assess the Budget, three solid duties that prepare India for the future are clearly reflected."

Goyal said the first major theme is economic growth with self-reliance at its core. "How to make the country strong and Aatmanirbhar is central to this Budget," he noted.

He said a significant push has been given to infrastructure, with a provision of ₹12.21 lakh crore earmarked exclusively for infrastructure development.

"This will make India self-reliant and reduce our logistics costs. Every single rupee spent on infrastructure provides a 3 to 3.5 times boost to the economy," he said, emphasising the multiplier effect of capital expenditure.

He added that the focus is not limited to metropolitan cities but extends to Tier-2 and Tier-3 cities, ensuring balanced regional development.

How will Budget 2026-27 boost MSMEs, manufacturing, and startups?

The second pillar, according to Goyal, is fulfilling the aspirations of 140 crore citizens, particularly by strengthening micro, small and medium enterprises, manufacturing, and startups.

He said a ₹10,000 crore growth fund has been provided for MSMEs, and the Credit Guarantee Scheme has been enhanced.

"Our startups are job creators rather than job seekers. They are becoming the architects of their own lives and finding solutions to national problems," he said.

Goyal also underlined the government's plan to promote large-scale data centres in India to attract foreign investment and generate employment.

"When these data centres provide cloud services abroad, foreign exchange will be earned through the export of services," he said, adding that renewable energy will power these facilities, further boosting green investment.

How does Budget 2026-27 advance ‘Sabka Saath, Sabka Vikas’ through inclusive growth?

He noted that Mumbai and Navi Mumbai are emerging as key hubs for data centres due to the landing of subsea cables, and said Maharashtra stands to benefit significantly.

The state's allocation under the Budget has increased to around ₹1 lakh crore, with substantial investments planned for railways and port-linked infrastructure, including three new chemical parks and textile parks.

The third pillar of the Budget, Goyal said, is guided by the vision of 'Sabka Saath, Sabka Vikas.'

"This is for every citizen, from every corner of the country, every poor person, the middle class, those in villages or cities, and from backward or tribal communities," he said, adding that labour-intensive sectors are being promoted to boost exports and employment.

Describing the Budget as multi-dimensional in its impact, Goyal said it reflects the Prime Minister's vision of ensuring that "a single scheme can provide multi-faceted benefits," accelerating India's journey toward becoming a developed nation by 2047.

(With inputs from ANI)