India's Budget Test: Navigating a Harder Global Economy and Domestic Challenges

• India's Union Budget faces heightened scrutiny due to a tougher global economy, marked by slowing trade and rising geopolitical assertiveness.
• The decade-long approach of fiscal calibration, prioritizing stability and consensus, needs to adapt as the global economic landscape has fundamentally changed.
• Despite 'ease of doing business' claims, entrepreneurs face significant administrative hurdles, impacting enterprise and investment.
• Economic growth has not translated into improved living standards for many, leading to a credibility gap between statistical success and socio-economic reality.
• The Budget must shift from political to strategic, focusing on long-term industrial capacity, private investment, and targeted fiscal commitments to achieve sustained 9-10% growth.

Why It Matters: India's Budget 2026 must strategically address global pressures and domestic economic realities to foster sustainable, inclusive growth.