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• New opportunities open up through ‘Biopharma Shakti Yojana’
• Semiconductors and electronics will become self-reliant
• India’s move towards ‘Developed India 2047’

Sector Budget 2026: In the Budget 2026-27, Union Finance Minister Nirmala Sitharaman described the manufacturing sector as the strongest pillar of the economy to realize the dream of ‘Developed India 2047’. The government clearly believes that India needs a strong manufacturing base to become globally competitive. To this end, this budget reflects the strategy of simultaneously increasing production, investment and employment.

To strengthen the country’s industrial ecosystem, the government has identified seven emerging sectors. These include pharmaceuticals, semiconductors, electronic components, rare earth minerals, chemicals, capital goods and textiles. It aims to make these sectors globally competitive through financial incentives, policy support and long-term plans.

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The frequent mention of the word manufacturing in this budget speech shows that the government intends to take industrial production to new heights. Importantly, this strategy is not limited to factories, but also places equal importance on supply chain, technology, research and skill development.

India Semiconductor Mission 2.0 has been announced to achieve self-reliance in the technology sector. The mission will no longer be limited to chip production, but will also focus on indigenous intellectual property and equipment development. The budget for the electronics component manufacturing scheme has been increased to Rs 40,000 crore, which is expected to give India a strong position in the global electronics supply chain.

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The government has earmarked a total of Rs 20,000 crore for biopharma and container manufacturing. 10,000 crore will be invested in the next five years under the ‘Biopharma Shakti Yojana’. In addition, domestic production in sectors such as rare earth magnets, chemicals, sports equipment and seaplanes will receive special support.

Overall, Budget 2026-27 is seen as a major step towards weaning India from import dependence and becoming a strong exporting nation. This will not only speed up industrial development but also create new opportunities for massive employment generation.