Niti Aayog Member Applauds Union Budget for Charting Path to Sustained and Inclusive Growth
In a recent statement, Niti Aayog Member Arvind Virmani praised the Union Budget for providing a clear direction toward "sustained, fast, and inclusive growth." He emphasized that the budget underscores continuity in economic policy, with a strong focus on skilling and services as key drivers for transforming the nation and generating employment opportunities.
Budget Highlights and Strategic Focus
On February 1, Finance Minister Nirmala Sitharaman unveiled a ₹53.5 lakh crore Union Budget for 2026-27, which is viewed as a long-term blueprint to sustain growth amid rising global uncertainties. The budget includes measures to boost manufacturing, offers long-term tax incentives for global data centres, and provides support for agriculture and tourism sectors.
Notably, the budget avoided populist measures despite upcoming elections in five key states, including West Bengal and Tamil Nadu. Instead, it signalled a commitment to fiscal consolidation and continued infrastructure spending, reinforcing a stable economic approach.
Virmani's Perspective on Growth and Skilling
In an interview with PTI Videos, Virmani articulated his perspective succinctly: "We have to have sustained, fast, and inclusive growth." He added that the budget aligns with this vision by emphasizing skilling, which is expected to particularly benefit the middle class over the medium term, spanning five to ten years.
Virmani highlighted the establishment of a services division at Niti Aayog for the first time, underscoring the importance of services across various skill levels. He explained, "You can have low-skill services, medium skills, high skill—everyone knows IT. But middle skill, electricians, I always like to give the example of plumbers and electricians, because there is a huge gap in India, and there is a gap across the world. So skill for India, skill for the world."
Opportunities from Free Trade Agreements
Virmani also pointed to the significant opportunities arising from India's entry into Free Trade Agreements (FTAs). He stated, "The FTAs which are being signed, huge opportunities are going to come... I would say that's what people should be looking at, opportunities." This move is anticipated to create new avenues for economic expansion and job creation, complementing the budget's focus on services and skilling.
Overall, Virmani's comments reinforce the budget's role in setting a strategic course for India's economic future, prioritizing inclusive development and leveraging global partnerships for sustained growth.
