Budget: Budget to lay out roadmap for major economic reforms, country’s growth momentum will not stop, how will India deal with the tariff war?

New Delhi. Amidst the uncertainty in the global economy due to America’s tariff war, India is set to take steps towards major economic reforms in the new year. A glimpse of this will be seen in the general budget to be presented on February 1st. The government’s strategy is focused on maintaining a high growth rate, increasing exports, and creating new investment opportunities. In the changing global scenario, India wants to present itself as a strong economic alternative.

Through the general budget, the government may announce major reforms in key sectors such as the service sector, renewable energy, digital technology, infrastructure, space, and healthcare. These sectors are considered the backbone of job creation and long-term growth. The government believes that these reforms will strengthen the domestic economy and increase the confidence of foreign investors.

Why are global agreements important?
According to government sources, India is preparing to advance free trade agreements, preferential trade agreements, and bilateral investment treaties with several countries in the new year. It is likely that the FTA with the European Union will be finalized this month and the BIT with Israel by March. India is already working on finding new markets to compensate for potential losses in the US market.

Which sectors will receive special emphasis?
Plans to increase new employment opportunities in the service sector.
Target of 500 gigawatts of renewable energy capacity by 2030.
Preparation to increase investment in the digital and space sectors.
Focus on strengthening infrastructure at a rapid pace.
Initiatives to make healthcare affordable and accessible.
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Why is the bet on semiconductors important?
The government is working on a plan to increase incentives to promote chip manufacturing in the semiconductor sector. The goal is to establish a strong Indian presence in the potential $55 billion market this year. It is believed that self-reliance in chip manufacturing will strengthen India technologically and strategically.

Why is accelerating the pace of reforms necessary?
During the Modi government’s tenure, major reforms such as GST and new labor laws were implemented, but the land acquisition law and the three farm laws could not be advanced due to political reasons. Now, the government believes that accelerating the pace of reforms has become necessary due to global economic pressures and geopolitical shifts. Bold decisions are considered essential to keep India competitive in the changing circumstances.