Debjani Ghosh said micro, small and medium enterprises (MSMEs) must lead India’s AI-driven transformation, describing the sector as both the country’s main employment engine and its “mobility ladder.”
In this special discussion on Business Today, we analyse the impact of Union Budget 2026 on Indian agriculture and the rural economy. From farm incomes and MSP to supply chains, agri-infrastructure and market reforms, the panel takes a deep dive into whether the Budget delivers on its promise for farmers and the agri sector. Joining the conversation are Prof Ramesh Chand, Member, NITI Aayog, and Siraj Hussain, Senior Visiting Fellow at ICRIER, who bring policy and ground-level perspectives on the challenges and opportunities facing Indian agriculture post-Budget. Moderated by Shailender Bhatnagar, the discussion explores what lies ahead for farm productivity, food security and the farm-to-market ecosystem in the months to come. Stay tuned for insights, analysis and expert views on how Budget 2026 could shape the future of Indian agriculture.
Vembu has repeatedly warned that India should pay close attention to what is happening in China and Japan. Citing Chinese government data, he noted that births in China fell to 7.92 million in 2025 — 1.62 million fewer than in 2024 — pushing the country’s total fertility rate down to 0.93.
Between 2010 and 2020, India experienced a surge in white-collar employment, driven by rapid expansion in information technology, business process outsourcing, and customer experience roles. Cities such as Bengaluru, Pune, Hyderabad, and Gurugram became magnets for educated workers.
Speaking in Delhi, Arvind Virmani, Member of NITI Aayog, explains the economic logic behind India’s Free Trade Agreements and their importance for the manufacturing sector. He highlights a golden opportunity for India over the next 10–15 years, driven by favourable global demographics and growing concerns over excessive concentration of manufacturing in a single country. Virmani says FTAs are designed to accelerate the creation of international manufacturing supply chains in India, particularly by partnering with developed economies where most multinational corporations are based. He points to recent FTAs with the UK, Oman and New Zealand, and underlines the strategic importance of the proposed India–EU FTA. While noting that the benefits of FTAs take time to materialise, he stresses that their real impact will be seen through increased foreign investment and supply chain integration, strengthening India’s position as a global manufacturing hub.
Speaking in Delhi, Arvind Virmani, Member of NITI Aayog, outlines the next phase of India’s reform agenda, shifting focus from the Centre to the states. He notes that key central-level challenges — including labour courts, income tax reforms and upcoming customs duty changes — are already being addressed. The spotlight is now on state-level reforms, particularly land availability for expanding industries, electricity pricing for businesses, and improvements in education and job skilling. Virmani stresses that high industrial power tariffs discourage investment and job creation, while better land policies are crucial for growing manufacturing capacity. He also underlines the importance of human capital, arguing that quality education and skilling must create productive workers, leading to higher wages and sustained economic growth.
As Budget 2026 approaches, NITI Aayog, working with the Ministry of Housing and Urban Affairs, has urged a fiscal push for affordable housing, including a 100% tax exemption for developers. The call comes as rising land costs and funding challenges curb new supply, even as demand from EWS and LIG households continues to grow.
The platform companies have been in conversation with the central and various state governments for the past several years for enacting fair rules for gig worker welfare, says Bikhchandani
PM Modi said India must pursue mission-mode reforms across sectors, with policymaking and budgeting firmly anchored to the 2047 vision.
PM Modi Chairs High-Level Meet With Economists At NITI Aayog
The meeting forms part of the government’s ongoing pre-Budget exercise, aimed at weighing expert assessments before final economic decisions are taken for the next financial year





