India, Jan. 29 -- This year's Union Budget is going to be presented at a moment of unprecedented global turbulence. The global economy is being shaped by tariffs, trade wars, and political upheaval. Supply chains are fragile, geopolitics is intrusive, and economic nationalism is back in fashion.

Yet, amid this global unease, it is indeed a big relief to see that India finds itself in a relatively stable position. Inflation is low, growth is recovering, high-frequency data is very promising, and macroeconomic indicators are largely under control. That stability gives the government enough space to act, but it also places a responsibility on us to act wisely.

It's heartening to know that the central question before Budget 2026 is no longe...