The Indian Union Budget presented on a Sunday due to a scheduling conflict, aimed to navigate a challenging global environment by balancing short-term economic stability with a long-term growth roadmap, focusing on three key priorities: accelerating growth, fulfilling citizen aspirations, and ensuring inclusive development.
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Enhancement of construction [music] and
infrastructure equipments, high-speed
rail corridors as growth connectors,
individual persons resident outside
India [music]
will be permitted to invest in equity
instruments, medical tourism services,
creation of five tourism destinations in
five poor states. >> [music]
>> [music]
>> I commend the budget to this August house.
It's budget day in India. Every year the
budget is presented on the 1st of
February. This year it fell on a Sunday.
So the government took an unusual step.
It presented the union budget on a
Sunday. Even the stock markets were
open. And that alone should tell you
something. This is not a routine budget.
It comes at a time when India stands at
a crossroads. It faces a challenging
global environment. Trade wars and
tariffs are testing India's long-term
resilience. And that is why this year's
budget assumes greater significance. The
expectations were high. The budget was
supposed to do two things. Chart a
short-term course for a volatile world
and lay out a long-term road map for
India's economic future. The question
is, did it deliver?
We'd say it's a mixed bag. And tonight
on the show, we'll explain why we say
this. But we'll start with the
highlights of the budget. Number one,
the budget spelled out three clear
priorities. Finance Minister Nirmala
Sitharaman called them the three
kartavas or the three duties. One,
accelerate growth so that the economy
can withstand global shocks. Two, help
every Indian fulfill their potential
through education, innovation and job
creation. and three ensure inclusive
development and access to resources for
all so that no family no village no
state is left behind. We are inspired by
three kartabya.
Our first kartabya is to accelerate and
sustain economic growth. Our second
kartabya is to fulfill aspirations of
our people. Our third kartabya aligned
with our vision of Sapka, Sapka Vikas
is to ensure that every family,
community, region and sector has access
to resources, amenities and
opportunities for meaningful participation.
These three priorities set the tone for
budgetary allocations today. Highlight
number two, capital expenditure. This
time it is 12.12 lakh crore rupees.
That's what the government plans to
spend. 12.2 lakh cr rupees. That's
around 133 billion US. And this is a
record allocation. It's a 9% increase
from last year. Now what is capital
expenditure? This is spending on
building long-term assets. Things like
roads, railways, airports, bridges,
hospitals. The money you spend on
building these. This investment will
help create jobs and boost productivity
in the long term.
>> Public capital expenditure has increased
manifold from 2 lakh cr in 20145
to an allocation of 11.2 lakh cr in B2526.
In this coming year that is financial
year 2026 27 I propose to increase it to
12.2 two lakh crores to continue the momentum.
momentum.
>> Highlight number three, semiconductors
or chips that run modern life. They
power all your gadgets. Everything from
your phones to laptops to cars and
defense systems. Chips are the new oil
and India wants to make them at home. So
the finance minister has announced a
revamped plan. It's called the India
semiconductor mission 2.0.
>> India semiconductor mission 1.0 0
expanded India's semiconductor sector
capabilities. Building on this, we will
launch ISM 2.0 to produce equipment and
materials, design fullstack Indian IP
and fortify supply chains. We will also
focus on industry-led research and
training centers to develop technology
and skilled workforce.
The idea is to design chips at home,
build equipment and create IPS or
intellectual properties. Basically,
India's own patents in chip design and
manufacturing. And this is part of a
larger plan. The government's push in
the electronics manufacturing space.
It's significant both economically and
geopolitically because today China
dominates electronics and chip
manufacturing. It has a strangle hold on
this industry and Taiwan and the US
dominate chip design. India wants to
become self-reliant in both these areas.
It wants to secure supply chains,
upskill its workers and reduce
dependence on imports. And for this, the
government has set aside 40,000 cr
rupees. This is over $4 billion. 40,000
crores. This is linked to highlight
number four, the focus on rare earths.
These are critical minerals used for
making chips and electronics. For India
to win the semiconductor race, it needs
a steady supply of rare earths. Again,
China controls 90% of the world's rare
earths and it has weaponized this
dominance. China has throttled supplies
in the past. So, India wants to build
alternative supply chains. And in
today's budget, the government has
proposed rare earth corridors in four
Indian states. A scheme for rare earth
permanent magnets was launched in 2025
November. We now propose to support the
mineralrich states of Odisa, Kerala,
Andhra Pradesh and Tamil Nadu to
establish dedicated rare earth corridors
to promote mining, processing, research
and manufacturing.
Odisha, Kerala, Andhra Pradesh and Tamil
Nad. These four states will get get rare
earth corridors. They will support
mining, processing, research and
manufacturing activities. The aim is to
unlock India's own mineral wealth and
insulate the economy from external shocks.
shocks.
And why were these four states chosen?
Because they are known to be mineral
rich. They already have mining and
processing infrastructure. Also, Kerala
and Tamil Nad go to the polls this year.
And typically union budgets lean towards
polebound states.
Highlight number five, rail
connectivity. For years, Indian budgets
focused on highways to achieve faster
movement of goods. Now the same strategy
is being extended to railways. This
year, the government has proposed seven
new high-speed rail corridors.
>> We will develop seven high-speed rail corridors
