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New Delhi: The Union government plans to undertake transformative reforms in six key domains to spur economic growth and accelerate the country’s journey to becoming a developed economy, finance minister Nirmala Sitharaman said announcing the Budget for 2025-26.
“For this journey of development, our four powerful engines are agriculture, micro, small and medium enterprises, investments and exports…,” the minister said, adding that the Budget aimed to initiate “transformative reforms across six domains”.
The domains are taxation, power sector, urban development, mining, financial sector, and regulatory reforms, the minister said, adding that reforms in these areas will augment India’s economic growth potential and global competitiveness.
Mint reported on 25 January that the Union Budget for 2025-26 would present a blueprint of reforms planned during Prime Minister Narendra Modi administration’s third term to boost investments and create jobs.
Sitharaman explained that the Union Budget for 2025-26 continued the NDA government’s efforts to accelerate growth, secure inclusive development, invigorate private sector investment, uplift household sentiment, and enhance spending power of India’s rising middle class.
“Together, we embark on a journey to unlock our nation’s tremendous potential for greater prosperity and global positioning,” the minister said.
Sitharaman said that continuing geopolitical headwinds suggested lower global economic growth over the medium term.
“However, our aspiration for Viksit Bharat (India as a developed nation by 2047) inspires us and the transformative work we have done in the government’s first two terms guides us to march forward resolutely,” Sitharaman said.
“Our economy is the fastest among all major economies. Our development track record for the past 10 years and structural reforms have drawn global attention. Confidence in India’s capability and potential has only grown in this period. We see the next five years as a unique opportunity to realise ‘Sab ka Vikas’, stimulating balanced growth of all regions,” she added.
The minister also said the government’s Viksit Bharat vision aimed to ensure zero poverty, 100% quality good school education, access to high quality, affordable and comprehensive healthcare, 100% skilled labour, 75% women in economic activities, and farmers making India the food basket of the world.
Sitharaman said the government’s development measures cover 10 areas focused on the poor, the youth, farmers, and women.
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