Former CEO of NITI Aayog Amitabh Kant on budget. business News & more related News Here

India’s former G20 Sherpa and former NITI Aayog CEO Amitabh Kant on Sunday highlighted how the Union Budget is “very responsible and fiscally prudent”, saying it strikes the right balance between fiscal consolidation and long-term growth at a time of complex global geopolitics and disrupted supply chains.

Speaking to ANI, Kant said, “We are in very complex geopolitics. Global supply chains are broken and there is disruption across the world. Amidst this, the Union Budget is fiscally prudent and very responsible.”

Addressing concerns about foreign portfolio investment outflows and stock market volatility, Kant played down short-term concerns, attributing recent movements to the US dollar’s strength.

Calling for clarity of objective and long-term policy stability, he said, “India’s focus should remain on achieving 8-9% economic growth over the next three decades rather than being overly concerned with stock market fluctuations. Our approach should be growth and development, not just the stock market.”

Kant said the budget gives priority to manufacturing, infrastructure and cutting-edge technologies, which will enable India to “leap forward technologically” in key sectors. He described the 22-year tax exemption for data centers as one of the smartest measures of the Budget, noting that it could make India a major global hub for artificial intelligence, cloud infrastructure and high-end computing power.

On industrial policy, Kant stressed the importance of not only extracting but also processing vital minerals.

“The four corridors that are being announced in Kerala, Orissa, Tamil Nadu, Andhra Pradesh should lead not only to availability of critical minerals but also to processing,” he said.

“China is a champion because it processes critical minerals and then sells the finished product. India should develop processing skills and manufacturing for both domestic use and exports,” he said.

Kant also underlined the role of cities as regional development drivers, linking infrastructure development to urbanization. “High-speed rail and better connectivity will drive transport-led urbanization, helping people move from agriculture to better-paying jobs in cities and urban centres, thereby supporting smart and sustainable urban growth,” he said.

He also pointed to targeted support for sectors affected by global trade disruptions and US tariffs, including marine products, textiles, footwear and labour-intensive industries.

“The Finance Minister has consciously addressed these weaknesses by placing employment generation at the center of the policy framework. Special mention has been made of tourism, another labour-intensive sector that can provide a significant boost to employment and economic growth,” he said.

Kant said the budget takes inspiration from the conversation between Prime Minister Narendra Modi and the youth of India, with emphasis on employment generation through MSMEs.

“There is a big emphasis on MSMEs,” Kant said, citing initiatives such as development funding and better credit flow mechanisms, including support through TReDS, to increase liquidity and boost job creation.