New Delhi [India], February 1 : Union Commerce and Industry Minister Piyush Goyal on Sunday described the Union Budget 2026-27 as 'future-ready' for a developed India (Viksit Bharat) by 2047. The budget places heavy emphasis on the manufacturing sector and youth reskilling to strengthen India's position as the world's fastest-growing economy.
Union Minister Piyush Goyal said,"This is a budget that lays the foundation for 'Viksit Bharat' 2047. This is Budget is for future-ready India. It inspires people to work with dedication. The focus has been on the manufacturing sector in this Budget. Many schemes have been announced to push forward our fastest-growing economy in the world...Inland waterway, high speed rail corridors, development of tier 2 and tier 3 cities, reskilling of youth were focused upon on in this Budget."
While dismissing the Opposition's criticism of the budget, he added, "They (the Opposition) have a broken record which plays after every Budget. Do they not want development of MSMEs?"
On X, Piyush Goyal posted Major announcements benefiting industry and trade in the #ViksitBharatBudget. The budget features a record ₹12.2 lakh crore capital expenditure allocation and a heavy emphasis on making the country's manufacturing sector future-ready to maintain its status as the world's fastest-growing economy.
The Government on Sunday launched the India Semiconductor Mission 2.0 in the Union Budget 2026-27. The initiative aims to strengthen India's Intellectual Property (IPR) and domestic supply chains, supported by an additional outlay of ₹40,000 crore for the Electronics Components Manufacturing Scheme.
Big plans to make travel and shipping faster across India were also announced in the new Union Budget for 2026-27. The plan includes building seven new high-speed train routes and investing ₹10,000 crore to begin manufacturing shipping containers locally, which will help Indian goods reach global markets more easily.
In a major boost for small businesses and the life sciences sector, the Union Budget 2026-27 on Sunday introduced a ₹10,000 crore SME Growth Fund and the 'Biopharma SHAKTI' scheme. These initiatives aim to position Indian MSMEs as global players and establish the country as a leading hub for biologics and biosimilars research.
The Minister also mentioned other plans like an integrated program for the labour-intensive textile Sector, support to states for 3 dedicated Chemical Parks, 7 high-speed rail corridors as growth collectors, 5 University townships near major industrial & logistic corridors, AVGC content creator labs in 15000 secondary schools & 500 colleges and a scheme to establish 5 regional hubs for medical tourism.