Ahead of Union Budget 2026–27, PM Modi Consults Top Economists to Shape Aatmanirbhar, Viksit Bharat Vision

As India prepares to chart its economic course for another pivotal year, the conversations shaping the Union Budget 2026–27 have already begun—quietly, thoughtfully, and with an eye firmly on the future. On Wednesday, Prime Minister Narendra Modi sat down with some of the country’s most respected economists and domain experts at NITI Aayog, setting the tone for what could be a defining budget moment in an increasingly uncertain global environment.

The interaction, held under the theme “Aatmanirbharta and Structural Transformation: Agenda for Viksit Bharat”, was not just a routine pre-Budget consultation. It was a wider reflection on where India stands today, how global realities are shifting, and what the country must do to stay resilient, competitive and aspirational as it moves towards its centenary of independence in 2047.

Viksit Bharat: From Government Vision to National Aspiration

Addressing the gathering, Prime Minister Modi made it clear that Viksit Bharat is no longer a slogan confined to policy documents or government speeches. According to him, it has evolved into a shared national aspiration—one that is visible in the changing mindset of Indian society.

He pointed to shifts in education choices, consumption patterns and global mobility as signs of a more confident and ambitious India. These changes, the Prime Minister noted, demand stronger institutional capacity, future-ready infrastructure and governance systems that can keep pace with rising expectations.

Importantly, he underlined that budgeting and policymaking decisions must be guided by a long-term vision. Even as India responds to immediate challenges—whether economic, geopolitical or social—its fiscal choices must remain anchored to the larger goal of India@2047.

Budget 2026–27: Mission-Mode Reforms in a Challenging World

The forthcoming Union Budget, the Prime Minister stressed, will have to strike a careful balance. On one hand, it must address near-term economic priorities; on the other, it must push mission-mode reforms that build global-scale capabilities.

This emphasis gains significance against the backdrop of a turbulent global landscape. Geopolitical tensions, trade conflicts, supply chain disruptions and rising protectionism are reshaping the world economy. For India, these developments present both risks and opportunities.

PM Modi highlighted the need for India to deepen its integration with global markets while simultaneously strengthening domestic capabilities under the Aatmanirbhar Bharat framework. The message was clear: self-reliance does not mean isolation, but resilience built on competitiveness and global engagement.

Global Volatility and Trade Realignments Shape the Discussion

Economists participating in the interaction drew attention to the rapidly changing nature of global trade. Slower growth in key economies, tariff barriers, and evolving geopolitical alliances are forcing countries to rethink supply chains and trade strategies.

In this context, experts stressed that India must enhance its export competitiveness, diversify its markets and further strengthen domestic manufacturing. Doing so would not only reduce vulnerability to external shocks but also position India as a reliable partner in global value chains.

Another important theme was India’s growing role as a hub for the international workforce. As global mobility patterns change, India’s demographic strength and talent base could emerge as a strategic advantage—provided the right policies and infrastructure are in place.

Structural Transformation Through Technology and Investment

Beyond trade and geopolitics, the discussions delved deep into the nuts and bolts of long-term growth. Economists shared insights on boosting productivity across both manufacturing and services, with a strong focus on structural transformation.

Key areas of emphasis included higher household savings, sustained infrastructure investment and faster adoption of advanced technologies. Artificial Intelligence (AI) featured prominently as a cross-sector productivity enabler, with participants noting its potential to transform industries, public services and governance.

The continued expansion of Digital Public Infrastructure (DPI) was also highlighted as a major growth driver. From improving efficiency and inclusion to enhancing ease of doing business, DPI has become a cornerstone of India’s economic strategy—and is expected to play an even larger role going forward.

Building on Reforms, Strengthening Resilience

Several economists observed that the cross-sectoral reforms initiated in 2025—and their ongoing consolidation—have already laid a strong foundation for long-term growth. These reforms, they noted, have improved India’s ability to absorb shocks while unlocking new opportunities in a rapidly evolving global order.

The broad consensus during the interaction was that fiscal policy in Budget 2026–27 must carefully balance immediate economic needs with long-term national objectives. Infrastructure development, manufacturing competitiveness, innovation, digital economy expansion and trade facilitation emerged as key priority areas.

The consultation brought together a wide range of perspectives, reflecting the diversity and depth of India’s economic thought. Eminent economists and experts who participated included Shankar Acharya, Ashok K Bhattacharya, N R Bhanumurthy, Amita Batra, Janmejaya Sinha, Amit Chandra, Rajani Sinha, Dinesh Kanabar, Basanta Pradhan, Madan Sabnavis, Ashima Goyal, Dharmakirti Joshi, Umakant Dash, Pinaki Chakraborty, Indranil Sen Gupta, Samiran Chakraborty, Abhiman Das, Rahul Bajoria, Monika Halan and Siddhartha Sanyal.

Setting the Tone for India’s Next Growth Phase

While the final contours of the Union Budget 2026–27 will only become clear in the months ahead, the interaction at NITI Aayog offered a strong signal of intent. The government appears focused on using the Budget not just as a financial statement, but as a strategic tool—to reinforce self-reliance, deepen global engagement and accelerate India’s journey towards becoming a developed nation.

As global uncertainties continue to mount, the message from the Prime Minister’s interaction with economists was unambiguous: India’s response must be rooted in confidence, reform and a long-term vision that keeps Viksit Bharat firmly in sight.