India, Feb. 2 -- The Union Budget for 2026-27, presented in Parliament today by Finance Minister Nirmala Sitharaman, is best read as a deliberate consolidation of the Government's medium-term economic strategy. In a global environment marked by persistent trade frictions, slowing growth in advanced economies, and renewed anxieties around supply chains, the budget places its bets on domestic capacity-building. The emphasis is clear: scale up public investment, crowd in private capital, deepen technological capability, and continue the long, unglamorous work of reform and deregulation.

The budget continues Government's significant commitment to infrastructure. Capital expenditure for 2026-27 has been set at a record INR 12.2 lakh crore, up...