Annual budget scales up biopharma, semiconductors, components and rare earths
Indian Finance Minister Nirmala Sitharaman, center, holds a folder bearing the emblem of the Government of India while posing with officials before leaving her office to present her ninth consecutive annual budget in parliament, in New Delhi, on Feb. 1. © Reuters
KIRAN SHARMA
February 1, 2026 19:49 JST
Updated on February 1, 2026 21:35 JST
NEW DELHI — Prime Minister Narendra Modi’s government on Sunday presented India’s budget for the fiscal year starting in April, raising infrastructure spending by 11.5% to a record 12.2 trillion rupees ($133 billion) and pushing for the manufacturing sector to spur growth at a time when Asia’s third-largest economy faces punishing U.S. tariffs.