Decoding The Fiscal Fine Print Of Union Budget 2026 | The Growth Path Ahead

In Business Today's post-Budget analysis, Group Editor Siddharth Zarabi decodes the fiscal fine print of Union Budget 2026-27, presented by Finance Minister Nirmala Sitharaman on February 1, 2026 - her ninth consecutive presentation. Joined by experts including former Finance Secretary Subhash Garg, former Economic Affairs Secretary R Gopalan, Deloitte Economist Rumki Mazumdar, and Economist Sunil Sinha, the panel examines key priorities. The Budget targets fiscal deficit at 4.3% of GDP (down from 4.4%), with public capex hiked to ₹12.2 lakh crore (up ~9%) to sustain infrastructure momentum. Emphasis on manufacturing scale-up in strategic sectors, semiconductor Mission 2.0, electronics components, rare earth corridors, biopharma hub, defense (15%+ outlay rise), railways, and inclusive growth under Viksit Bharat. Discussions highlight balancing fiscal prudence, growth resilience amid global uncertainties, tax reforms for certainty, MSME support, and long-term debt reduction to 50% by 2031.