"India is set to spend a record amount on infrastructure and defense, Finance Minister Nirmala Sitharaman told parliament on Sunday. New Delhi plans to invest $133 billion (112 billion) in infrastructure and $85 billion on defence an increase of around 9% and 15%, respectively, compared to last year's budget. The finance minister also announced that the government will scale up manufacturing across seven strategic sectors. They include pharmaceuticals, semiconductors, rare earth magnets, chemicals, capital goods, textiles and sports goods."
"Modi: India 'not content' with just being fastest-growing economy This is the first Indian budget since US President Donald Trump imposed 50% tariffs on Indian goods in August as punishment for buying Russian oil. After the budget presentation, Prime Minister Narendra Modi said, "India is not content with simply being the fastest-growing economy." "India wants to become the world's third-largest economy. This year's budget presents an ambitious roadmap to give new momentum to" domestic manufacturing and self-reliance, Modi added."
India will invest $133 billion in infrastructure and $85 billion in defence, increases of about 9% and 15% respectively compared with the previous budget. Manufacturing will be scaled up across seven strategic sectors: pharmaceuticals, semiconductors, rare earth magnets, chemicals, capital goods, textiles and sports goods. The budget signals ambitions for self-reliance and to become the world's third-largest economy while boosting domestic manufacturing. Defence increases follow a recent four-day conflict with Pakistan that involved drones, missiles and artillery, and will fund fighter jets, drones, ships, submarines and other hardware. Plans include seven high-speed rails, rare earth corridors and AI data centres.
Read at www.dw.com
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