Indian Finance Minister Nirmala Sitharaman, while presenting the budget for the fiscal year 2026/27 on Sunday, said that the government has prioritized industrial development.
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India is set to invest heavily in industrial development. Indian Finance Minister Nirmala Sitharaman, while presenting the budget for the fiscal year 2026/27 on Sunday, said that the government has prioritized industrial development.
She also informed that more than 350 economic reforms have been implemented since August 15 last year. Finance Minister Sitharaman said during the budget speech, 'To accelerate economic growth, I propose reforms in six areas. To increase production in seven strategic areas, to revitalize old industrial sectors, to create champion SMEs, to boost infrastructure, to ensure long-term security and stability, and to develop the urban economic sector.'
Finance Minister Sitharaman said that Rs 10,000 crore will be invested in biopharma in the next 5 years for the financial year 2026/27.
Similarly, the government is also going to make special investment in 'Rare Earth', i.e. rare minerals found on earth. A Rare Earth Magnet Corridor will be created covering Odisha, Kerala, Andhra Pradesh and Tamil Nadu. Rs 40,000 crore has been proposed for electronics components manufacturing.
