Prime Minister Modi’s vision of a “self-reliant India” (Atmanirbhar Bharat) is a recurring theme in the budget. This vision emphasizes self-sufficiency in critical sectors such as agriculture, manufacturing, and technology. The budget outlines measures to boost domestic production, support small and medium-sized enterprises (SMEs), and encourage innovation. These initiatives are designed to reduce import dependency and create a robust, self-sustaining economy.At the same time, the budget reflects Modi’s understanding of India’s interconnectedness with the global economy. The focus on enhancing India’s export competitiveness, attracting foreign direct investment (FDI), and participating in global value chains underscores the dual approach of strengthening domestic capabilities while engaging with the global market.
This balanced approach is crucial for India to navigate the challenges and opportunities of an increasingly complex global economic landscape.The Union Budget, a cornerstone of the country’s economic planning, may serve as a reflection of the government’s strategic priorities and vision for the future. It is being billed as a path-breaking foundation of Reforms for the next 5 years. According to some experts, under the leadership of Prime Minister, Narendra Modi, the budget has been targeted to foster economic growth, address social inequalities, and position India as a key player on the global stage. The latest budget unveiled amidst a backdrop of global economic uncertainty, showcases a balanced approach, combining domestic development with an international outlook.