China and America currently remain the centers of export-based economy. While China remains the global center of production and export of general consumption goods, some countries of America and Europe are strengthening their economies as exporters of technology, machines and war materials. India has so far remained a strong economy driven by its internal consumption, exports of food grains, processed products and services. But the budget of 2026-27 shows that India is now moving towards becoming a system based on the export of basic goods and services as well as the production and export of goods based on advanced technology. The ninth budget presented by Nirmala Sitharaman seems to be trying to provide credible strength to the same industrial structure.
In the budget, import duty on import of goods, machines, spare parts and technology required for industrial production has been reduced from zero to ten percent. This step of the government will be helpful for the production of defense products, solar energy, electric vehicles and electronic goods in the country. The central government is continuously striving to develop the country as a global exporter of defense products. From this it can be understood that the vision of the government has emerged in the form of legal provisions in the budget.
Today, the way the use of semiconductor chips is increasing in everything from small household items to cars, airplanes and satellite manufacturing, no country can depend on a rival country like China for chips. In the budget, an attempt has been made to give strategic strength to the country by strengthening it in this sector. Providing tax holiday to foreign companies till 2047 for setting up cloud computing and data centers in India also makes clear the government’s intention to strengthen the country in important sectors.
Budget to create a developed India in 2047: BJP
BJP national spokesperson and former managing director of the Indian unit of Germany’s Deutsche Bank Zafar Islam told Amar Ujala that Prime Minister Narendra Modi has been talking about making the country a developed country in 2047. The current budget appears to be a road map to take the country in the same direction. But no country can become a developed economy without becoming a center of industrial production. This budget provides the framework to develop the country as a global manufacturing hub in all important sectors.
Zafar Islam said that this budget is the budget of nation building. Internal domestic consumption has provided a strong base to India’s economy. Long-term provisions have been made in the budget to encourage internal consumption. Capital expenditure of Rs 12 lakh crore has been kept in the budget. A roadmap for building seven high speed corridors, waterway corridors and critical mineral corridors has also been prepared in the budget. Provision has also been made to strengthen the MSME sector and increase tourism.
He said that improving the structure of construction of special townships, Ayurvedic medical colleges and medium-tertiary level cities has also been discussed prominently in the budget. This will create employment in every part of the country and money will come into the hands of people. This will help in increasing domestic consumption of automobiles and FMCG products. This gives the industrial structure of the entire country a strong and reliable consumer base which will help in building a strong economy of the country.
