New Delhi is buzzing with anticipation as Finance Minister Nirmala Sitharaman prepares to unveil the Union Budget this Sunday. Amid high expectations from various sectors, economists are urging a strong emphasis on agriculture, warehousing, and food processing to bolster India’s economic backbone.
Economist Manoranjan Sharma highlighted agriculture’s pivotal role, contributing 17% to the GDP and employing nearly 48% of the workforce. ‘The government must prioritize these interconnected sectors to drive sustainable growth,’ he told IANS. This call gains urgency following Thursday’s Economic Survey, which projects a robust 7% GDP growth, positioning India as the world’s fastest-growing major economy.
Sharma also praised the timely India-EU Free Trade Agreement (FTA), especially against the backdrop of US tariffs impacting 17% of India’s exports. Prime Minister Narendra Modi described the deal as transformative, promising expanded markets and job creation. In a post on X, PMO spotlighted Commerce Minister Piyush Goyal’s article, hailing the FTA as a historic milestone under Modi’s leadership.
Goyal contrasted this achievement with past UPA-era deals, which he said were hasty and lopsided. ‘This agreement strengthens key economic sectors, prioritizes India’s interests, and fuels prosperity,’ he stated. As budget discussions intensify, these insights underscore the need for targeted investments in agri-infrastructure to harness India’s growth potential and ensure inclusive development.