New Delhi, Feb. 2 -- The government's goal of a Viksit Bharat by 2047 requires India to sustain high growth over a long period of time. Union Budget 2026-27 operates within a framework that India has articulated for itself: of bringing down the government's debt-to-gross domestic product (GDP) ratio on a sustainable basis. A lower public debt burden helps reduce pressure on interest rates and government borrowing, thereby freeing up financial resources for the private sector and Indian households.

Is it possible for India to target faster growth next fiscal year by raising its expenditure and issuing more debt? Yes it is, and that might be exciting for the equity market in the short-term. Constituents of the economy that benefit from tod...