Union Budget is a development roadmap for next 25 years, says Union Minister Jitendra Singh
GS3Economy · S&T · Environment · Security· Fiscal policy, budget & taxation (GST)· Prelims + Mains·
Why in news
Union Minister Jitendra Singh described the Union Budget 2026-27 as a 25-year development roadmap aimed at achieving 'Viksit Bharat' by 2047.
Background
The Union Budget 2026-27 includes tax exemptions on drugs for cancer and rare diseases. It also allocates funding for mental health initiatives, biotechnology, and the extraction/processing of rare minerals in coastal areas to strengthen the blue economy.
Facts for Prelims
- FactUnion Budget 2026-27 targets the 'Viksit Bharat' goal by the year 2047
- FactBudget includes tax exemptions specifically for cancer and rare disease drugs
- FactBlue economy focus includes extraction and processing of rare minerals in coastal areas
For Mains
Q. Discuss how the Union Budget serves as a strategic instrument for long-term socio-economic goals like 'Viksit Bharat' while balancing fiscal prudence.
Dimensions to cover in your answer
- Fiscal-Developmental Nexus: Balancing immediate infrastructure spending with long-term goals of a developed nation by 2047
- Sectoral Prioritization: Leveraging tax exemptions and subsidies to catalyze high-growth sectors like biotechnology and blue economy
- Resource Sovereignty: Strategic focus on rare mineral extraction to reduce import dependency in high-tech manufacturing
Keywords: Viksit Bharat · Fiscal Roadmap · Blue Economy · Tax Exemptions · Biotechnology · Rare Minerals
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