Budget 2026 is expected to integrate five-year sectoral plans to help steer India towards its "Viksit Bharat" vision by 2047. "Viksit Bharat," meaning "Developed India," is the government's ambitious vision to transform India into a developed nation by its 100th anniversary of independence in 2047.
The Viksit Bharat vision encompasses economic growth, social progress, environmental sustainability, and good governance. The initiative rests on four pillars: Yuva (Youth), Garib (Poor), Mahilayen (Women), and Annadata (Farmers). Achieving this vision involves efforts across various sectors, including enhanced global competitiveness, industrial modernization and social equity.
Key Objectives of Viksit Bharat
- Economic Goals: The primary economic objective is to achieve a GDP between USD 30 trillion and USD 40 trillion by 2047, with per capita income ranging from USD 15,000 to USD 18,000.
- Social Goals: The initiative aims to eradicate poverty through inclusive development and financial empowerment. Other social goals include ensuring good quality school education and access to affordable, high-quality healthcare for all citizens.
- Sustainability: Viksit Bharat also emphasizes environmental sustainability.
Budget 2026: Integrating Sectoral Plans
Budget 2026 is expected to incorporate detailed five-year plans for various sectors, aligning them with the broader goals of Viksit Bharat. These sectoral plans will likely focus on:
- Agriculture: Boosting agricultural growth and productivity and building rural prosperity. Initiatives may include improving crop resilience, enhancing agricultural infrastructure, and ensuring fair prices for farmers.
- MSMEs: Supporting micro, small, and medium enterprises (MSMEs) through enhanced credit availability and regulatory relaxation.
- Infrastructure: Expanding infrastructure through investments in transportation, energy, and digital infrastructure.
- Human Capital: Investing in education, healthcare, and skill development. This includes initiatives like establishing Atal Tinkering Labs in schools, providing broadband connectivity to schools and health centers, and expanding the network of IITs and AI centers.
- Innovation: Nurturing innovation through investments in research and development.
Transformative Reforms
Budget 2026 will likely initiate transformative reforms across key domains to enhance India's growth potential and global competitiveness. These domains may include taxation, the power sector, urban development, mining, the financial sector, and regulatory reforms.
"Sabka Vikas"
The underlying theme of Budget 2026 is expected to be "Sabka Vikas," stimulating balanced growth across all regions. This principle includes specific development measures focused on the poor, youth, farmers, and women.
Key enablers
- Digital adoption: Increasing internet usage and promoting digital literacy.
- Innovation: Improving India's ranking on the Global Innovation Index.
- Renewable energy: Expanding renewable energy capacity.
Budget 2026 is envisioned as a crucial step towards realizing the Viksit Bharat vision, paving the way for a prosperous, inclusive, and globally respected India by 2047.
