Jamshedpur: With the Union Budget 2026–27 scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, senior industry leader S. K. Behera, Vice Chairman of RSB Global and former Chairman of CII (Eastern Region), has called for bold, transformative, and future-oriented reforms to propel India towards the goal of ‘Developed India 2047’ amid growing global economic challenges.
Highlighting external pressures such as rising US tariffs and global trade uncertainties, Behera said India must focus on strengthening domestic capabilities to sustain its position as the world’s fastest-growing major economy. He stressed that incremental measures would no longer be sufficient and that the upcoming budget must lay the foundation for long-term economic resilience.
Manufacturing and self-reliance key to growth
Emphasising the importance of industrial expansion, Behera said self-reliance in manufacturing is critical for India’s economic future. He strongly advocated fiscal incentives and tax breaks for research and development, particularly in the automobile and electric vehicle sectors.
Promoting indigenisation of auto components and making Production Linked Incentive schemes more effective is essential to reduce import dependence and boost domestic manufacturing, he said, adding that innovation-led growth would help India withstand global disruptions.
Infrastructure push and technology leadership
Supporting proposals put forward by the Confederation of Indian Industry, Behera called for the launch of a National Infrastructure Pipeline 2.0 with an outlay of ₹150 lakh crore. He said faster project execution and robust dispute resolution mechanisms would be crucial to attracting large-scale private investment.
He also proposed the establishment of 10 advanced learning and innovation centres focusing on emerging areas such as artificial intelligence, robotics, and clean energy, stating that such initiatives would position India as a global technology leader.
Sector-wise budget expectations
Outlining key sectoral expectations, Behera urged higher budgetary allocation for indigenous procurement in the defence sector and greater participation of private players to achieve the defence export target of ₹50,000 crore by 2030.
For the logistics sector, he recommended a 30–40 per cent subsidy for multimodal logistics parks and the creation of a National Logistics Single Window to reduce costs and improve efficiency.
In the affordable housing segment, he called for the restoration of the tax holiday under Section 80-IBA for the real estate sector and extension of the Credit Linked Subsidy Scheme for the middle class.
On digital sovereignty, Behera suggested recognising data centres as sovereign territories to strengthen India’s data security framework and support the vision of self-reliant artificial intelligence.
Balanced growth with social investment
Stressing the need for inclusive development, Behera said the budget should not focus solely on industry but must also strengthen welfare schemes, healthcare, and education to ensure sustainable growth.
The FY 2026–27 budget should ignite the fire of growth. Only through targeted capital expenditure, structural reforms, and strategic investments can India emerge as a truly self-reliant global powerhouse, he said.
