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VOL. 8, ISSUE 1 (2026)
Union Budget 2026-27 as a policy instrument for ‘Viksit Bharat 2047’
Authors
Dr. Anurag Singh Parihar, Dr. Shekhar Kumar Mishra
Abstract
The Union Budget 2026-27 represents a
significant fiscal policy instrument aligned with India’s long-term vision of
Viksit Bharat 2047. This study undertakes a comprehensive analysis of the
Budget using secondary data drawn from official budget documents and PRS
Legislative Research tables covering expenditure, receipts, deficits, sectoral
allocations, subsidies, major schemes, and Finance Commission devolution
criteria. The analysis reveals a strategic shift towards capital expenditure-led
growth, with higher allocations for infrastructure, housing, digital
connectivity, innovation, and employment generation, while maintaining a
gradual path of fiscal consolidation. Direct tax revenues show stronger growth
compared to indirect taxes, indicating moderation in GST buoyancy. Social
sector allocations for women, children, Scheduled Castes, Scheduled Tribes, and
the North Eastern Region underscore the government’s commitment to inclusive
development. At the same time, rationalisation of subsidies and declining
primary deficit reflect improved fiscal discipline. The study concludes that
while the Budget lays a robust foundation for sustainable and inclusive growth,
its long-term success will depend on effective implementation, enhanced revenue
mobilisation, outcome-based budgeting, and strong centre-state coordination.
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Pages:56-62
How to cite this article:
Dr. Anurag Singh Parihar, Dr. Shekhar Kumar Mishra "Union Budget 2026-27 as a policy instrument for ‘Viksit Bharat 2047’". International Journal of Finance and Commerce, Vol 8, Issue 1, 2026, Pages 56-62
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