New Delhi, Feb. 2 -- Like every year, even the FY26 Union Budget will be analysed more for what it has done for growth, fiscal consolidation, capex/infrastructure, agriculture/rural, employment/skill development, MSME, climate change/energy transition, and above all, measures to support lagging consumption demand.

All the announcements made in the budget help the country as a whole and, in turn, states as well, and are, therefore, important from the point of view of centre-state relations. In a three-tier system of governance in India, besides measures and direction, the allocation of resources announced in the budget has a strong bearing on the expected revenue and proposed expenditure of state and local government.

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