Krishna Ella Executive Chairman, BharatBiotech | Photo Credit: SUPPLIED PIC

I do not want to analyse the Union Budget 2026 line by line or through the usual lens of “what do I get.” I have watched budgets for decades, and for the first time, I see one that is not transactional but genuinely strategic. This is a Budget that thinks about India’s future rather than short-term giveaways. Its central theme is clear: building long-term national strength through knowledge, science, agriculture, healthcare, textile and job creation.

The FM’s articulation of six focused interventions, scaling up manufacturing in strategic sectors, rejuvenating legacy industries, creating champion MSMEs, delivering a strong infrastructure push, ensuring long-term security, and developing city economic regions — provides a coherent framework for growth. Importantly, it recognises that competitiveness today is not built in silos, but through interconnected systems spanning industry, services, infrastructure, and human capital.

Knowledge-based industries

The most significant shift in this budget is the focus on knowledge-based industries, particularly life sciences and biotechnology. For the first time, biotechnology has been explicitly recognised with a ₹10,000 crore allocation over five years to catalyse the nation’s BioPharma Shakti, effectively almost doubling the Department of Biotechnology’s budget. This is a landmark moment. This recognition is especially important as India’s disease burden shifts toward non-communicable diseases, requiring advanced therapies, long-term care models, and innovation-driven manufacturing.

Equally important is the emphasis on regulatory reform, especially in clinical trials. Innovation cannot thrive without predictable, time-bound, and globally aligned regulatory systems. The announcement to enable nearly 1,000 clinical trials in India is critical. If data generated at accredited centres is accepted without repeated inspections, India can create a true plug-and-play ecosystem for innovators. We have no shortage of entrepreneurship; what we need is speed, clarity, and confidence in regulation.

Another standout feature of this budget is human capital development. Unlike earlier budgets that spoke vaguely about skills, this one clearly defines them. The healthcare sector alone will see the training of nearly 1.5 lakh professionals and the creation of five regional health hubs integrating healthcare delivery, medical education, and medical tourism. These organised hubs will reduce intermediaries, build global trust, and generate large-scale employment, supported further by digital health platforms.

High-end agriculture can be transformational

The budget’s approach to agriculture is transformational. The focus has shifted from acreage to productivity and high-value crops. High-end agriculture — such as coconut in coastal regions and walnuts and almonds in the Northeast and hill states — can dramatically improve farmer incomes and attract the younger generation back to farming. Sandalwood, in particular, has the potential to become a “golden tree,” with prices comparable to gold if cultivation and value chains are managed scientifically. Even wastelands can be converted into high-value plantations, creating export-driven rural prosperity.

Equally overdue is the emphasis on veterinary science and animal husbandry, which contributes nearly 15 per cent of agricultural growth. The proposal for capital subsidies, new veterinary colleges, and FTO (Farm-to-Organization) models across veterinary services, poultry, fisheries, and marine sectors will significantly strengthen India’s human resource base. Preserving indigenous breeds and improving disease resistance is about agriculture, it is about food security and resilience.

MSMEs, which generate nearly 80 per cent of India’s jobs, receive strong support through targeted financing and manufacturing incentives. Legacy industries such as textiles, one of India’s largest employers and predominantly a source of employment for women, receive renewed focus. Strengthening textiles also directly boosts farmer incomes through higher and more stable cotton prices, creating a virtuous rural–industrial cycle.

In summary, this is a job-creating, future-oriented budget. By strengthening MSMEs, biotechnology, high-value agriculture, healthcare, textiles, tourism, and veterinary sciences, it builds a foundation for sustainable growth. If implemented with speed and discipline, this budget gives me confidence that India is finally thinking long-term, and that is its greatest achievement.

Published on February 1, 2026