India, Jan. 26 -- As India prepares for the Union Budget 2026-27, the moment offers an opportunity to recalibrate public spending in ways that not only sustain growth but also crowd in private investment, deepen reforms, and strengthen India's global competitiveness. A strategic Budget-anchored in capital expenditure, export performance, state-level reforms, MSME revitalisation, and digital public infrastructure-can serve as a powerful catalyst for the next phase of economic transformation. A first and critical priority is to sustain and diversify the momentum in capital expenditure, especially for manufacturing. While central capex has been instrumental in supporting growth, its composition now matters as much as its scale.

The Budget c...