New Delhi, Feb 2 (NationPress) The Union Budget for 2026–27 strengthens fiscal discipline while promoting sustained economic growth, emphasizing the significant role of industry collaboration in India's advancement, stated Anuradha Thakur, Secretary of the Department of Economic Affairs, on Monday.

During a post-Budget interactive session hosted by the Confederation of Indian Industry (CII), she noted that India’s economy has displayed remarkable resilience amidst global uncertainties, backed by a stable financial system that provides a solid foundation for long-term growth.

Thakur highlighted, “A stable financial system has mitigated risks and established a robust base for ongoing economic growth.”

She underscored the importance of the industry and private sector in propelling India's growth narrative forward, emphasizing that collaboration between the government and industry is vital for driving investment, enhancing productivity, and fostering long-term expansion.

Reiterating the government’s dedication to macroeconomic stability, she affirmed that fiscal discipline will persist alongside measures aimed at facilitating economic growth.

Regarding state finances, Thakur indicated that states must manage their resources prudently in accordance with Finance Commission guidelines. She mentioned that the provision of 50-year interest-free loans to states is designed to support productive capital expenditure and stimulate long-term growth.

Furthermore, she pointed out that the Budget prioritizes manufacturing and services, which are crucial pillars of growth, alongside focused skill development initiatives.

Thakur identified sectors such as pharmaceuticals, textiles, chemicals, and other rapidly growing areas as ripe for industry opportunities.

She noted that nearly 70 biologics and biosimilars are anticipated to go off-patent in the coming years, presenting a substantial opportunity for Indian pharmaceutical companies.

Chief Economic Adviser V. Anantha Nageswaran remarked that the Budget should be perceived as part of an ongoing reform continuum rather than a singular event. He emphasized that the government is committed to enhancing structural reforms while ensuring fiscal prudence, strategic resilience, and long-term competitiveness, in alignment with the Economic Survey.

Nageswaran mentioned initiatives such as the rare earth corridor, support for construction equipment, chemicals, and the biopharma mission as indicators of India’s strategic priorities amidst an uncertain global landscape.

He also noted that measures like customs duty reductions and exemptions on select electronic components are expected to lower input costs and enhance manufacturing competitiveness.

Secretary of the Department of Financial Services, Nagaraju Maddirala, discussed the proposed High-Level Committee on Banking for Viksit Bharat, which aims to broaden access to credit, encourage banks to expand, and enhance their capacity to fund large corporate projects.

Department of Expenditure Secretary V. Vualnam stated that the Budget continues to emphasize better spending quality, with increased funding for key social initiatives such as the Pradhan Mantri Awas Yojana and Pradhan Mantri Gram Sadak Yojana.