FY26 budget
With a predicted GDP of $7.3 trillion by 2030, India, currently the fourth-largest economy in the world, is poised to become the third-largest economy in the world and is the major economy with the quickest rate of growth. India’s major economy is expected to grow at the quickest rate in the world, from 6.3% to 6.8% in 2025–2026. Under Prime Minister Narendra Modi, this change is the outcome of ten years of ambitious reforms, bold governance, and international engagement. Strong local demand, a changing demography, and ongoing economic reforms are all helping India establish its growing clout in international investment, commerce, and innovation.
Renowned economist Jagdish Bhagwati said at the Kautilya Economic Conclave: “India today tells the World Bank what to do, whereas in the past the World Bank used to tell India what to do.” India’s transformation over the past eleven years from a dependent economy to a self-sufficient, globally competitive powerhouse is aptly reflected in this remark.
With an impressive ₹70,000 crore Marine Development Fund (MDF), India is poised to make ripples in the global marine industry. Compared to the ₹25,000 crore declared in the February budget, this will be an almost three-fold increase.
According to an Economic Times story, this bold initiative seeks to make India a global leader in shipbuilding and shipping, generate millions of jobs, and strengthen coastal economies.
A significant advancement for India’s marine future
The Finance Ministry’s Expenditure Secretary is in charge of the Expenditure Finance Committee (EFC), which has approved the MDF. With Cabinet approval imminent, this fund has the potential to transform India’s maritime environment.
The proposal is a daring move toward making India a worldwide maritime leader by 2047, from constructing state-of-the-art ships to modernizing ports and increasing cruise tourism.
A nautical makeover for the Northeast
Initiatives worth ₹5,000 crore have been launched by the government to improve northeastern waterways and maritime connectivity. Important initiatives for the goal consist of:
Inland waterway projects total ₹1,000 crore, of which ₹300 crore have already been finished and the remaining amount is scheduled for 2025.
