Budget 2026 Champions "Whole-of-Country" Industrial Push, Says Finance Official

"This budget reflects more than ever before a whole-of-country approach, where the government, industry, private sector and states work together," V. Vualnam, Secretary (Expenditure) in the Ministry of Finance, said in an interactive session organised by the Confederation of Indian Industry (CII).

"That approach is clearly visible in initiatives like the India Semiconductor Mission and infrastructure development," he said, adding that it is not only the government, but the industry, the private sector and the states working together more than ever before.

Vualnam cited the announcement of India Semiconductor Mission 2.0, which follows the earlier Semiconductor Mission approved with an outlay of 76,000 crore rupees, as a key example of this collaborative model.

"This is something which has really gone out to the industry and to the private sector, with very proactive participation by state governments to set up factories and units in different parts of the country," he said.

He said the semiconductor programme illustrated how government policy was designed to enable private investment while creating a supportive ecosystem through coordination with states. "It is a very visible whole-of-country kind of an approach," Vualnam said.

The budget also reiterates the government's focus on rail corridors and railway-related infrastructure, which Vualnam said were essential for modern industry. "The rail corridor initiative was preceded by a dedicated rail mission approved by the government, recognising the importance of rail for different parts of modern industry," he said.

India, he said, has one of the largest rail networks globally, and continued investment requires coordination across stakeholders. "It is about bringing the governmental agencies and all the actors together and carrying it forward," he said.

Beyond sector-specific initiatives, Vualnam said the budget maintains a strong emphasis on fiscal prudence and macroeconomic stability, particularly at a time of global volatility. "It is not just about controlling the numbers, but about the quality of expenditure," he said, adding that moderate inflation provided stability for households and businesses alike.

He pointed to outcomes achieved through public spending over the past decade, including 10 crore LPG connections under the Ujjwala scheme, 4 crore houses constructed under the rural housing programme, and 11 crore medical treatments delivered under the Ayushman Bharat health insurance scheme. In rural infrastructure, he said 18,000 kilometres of roads were built last year under the Pradhan Mantri Gram Sadak Yojana.

The budget also proposes measures to improve ease of doing business and exports, including a customs integrated system and a single digital portal for cargo clearances covering food safety, plant quarantine, animal quarantine and wildlife approvals.

"The intention is to reduce procedures and bring efficiencies into the system," Vualnam said.

He said his department appraises all schemes before they are placed before the Union Cabinet. "When we look at schemes, we ask whether they improve ease of living for beneficiaries and ease of doing business for industry," he said.

He added that the government now links spending to measurable results through an output and outcome monitoring framework, saying, "Whatever we invest should have measurable outputs and measurable outcomes."

- ANI