New Delhi [India], February 1 (ANI): Union Finance Minister Nirmala Sitharaman, in her post-Budget 2026-27 press conference on Sunday, said the government is focused on building a robust economic ecosystem through ongoing structural reforms to maintain growth momentum.
“Primarily, we are looking at building the ecosystem with structural reforms, which will continue. Reforms have been carried out, and we are continuing these activities to create an environment that improves productivity and ensures employment generation,” she said, with senior officials from the Ministry of Finance present.
Sitharaman emphasised the role of technology in driving 21st-century growth, stating, “We will ensure that technology is brought in to benefit the common man.”
The FM highlighted the focus on Tier II and Tier III cities, as well as temple towns, which require modern infrastructure and basic amenities. The Budget proposes mapping city economic regions (CER) based on growth drivers and allocating Rs 5,000 crore per CER over five years through a reform-cum-results-based financing mechanism. “Rs 1,000 crore per year per city is being given, with emphasis largely on Tier II and Tier III cities,” she added.
Key initiatives in the Budget include the Semiconductor Mission and the Electronic Component Manufacturing Scheme. Sitharaman explained, “The Semiconductor Mission has two major announcements that will improve the India Stack and intellectual property frameworks. The electronic components manufacturing scheme, with an outlay of Rs 40,000 crore, is a major boost for self-sufficiency in electronics.”
She also outlined the establishment of rare earth corridors in Odisha, Kerala, Andhra Pradesh, and Tamil Nadu to reduce dependency on imported materials. “Once we identify, explore, and process these minerals domestically, our reliance on external sources for rare earths and magnets will be reduced,” the FM said.
Fiscal details for 2026-27 include estimated non-debt receipts of Rs 36.5 lakh crore and total expenditure of Rs 53.5 lakh crore, with net tax receipts projected at Rs 28.7 lakh crore. Gross market borrowings are estimated at Rs 17.2 lakh crore, and net borrowings from dated securities at Rs 11.7 lakh crore. The fiscal deficit for BE 2026-27 is estimated at 4.3 percent of GDP, compared to 4.4 percent in RE 2025-26. The debt-to-GDP ratio is projected at 55.6 percent, down from 56.1 percent in the previous year.
Sitharaman described the initiatives as transformative for the Indian economy, combining infrastructure development, technological advancement, and self-reliance in critical sectors. (ANI)
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