According to U.S.-based economists and business leaders, the recent Indian budget reinforces India’s strong growth momentum and encourages trade and investment, although they advised a sharper push on manufacturing competitiveness.
Johns Hopkins University professor Steve Hanke remarked that India’s economic performance under Prime Minister Narendra Modi will propel the country to become the fastest-growing major economy through 2030.
Citing International Monetary Fund data that estimates India’s annual real GDP growth at about 6.45 per cent between 2025 and 2030, Hanke attributed this trajectory to growth-centric policies that successfully attract international capital.
Separately, Gunjan Bagla, CEO of Amritt Inc., a U.S.-India consultancy based in Los Angeles, said the budget represents an incremental step in the right direction from an international trade and investment perspective.
He said the nine percent increase in infrastructure investment will help foreign trade over time by improving logistics and connectivity.
Bagla also welcomed the 15 per cent increase in defense spending, saying it would enable India’s armed services to be more prepared against threats, while noting that hardware vulnerabilities remain.
He said the budget’s emphasis on manufacturing was positive but not ambitious enough.
Bagla noted that Indian entrepreneurs have built remarkable companies over the past 20 years and that many more could emerge as global players with the right policy framework.
“Manufacturing can create hundreds of millions of jobs in India,” he stated.
He added that the global economy needs to see India not only as a fast-growing market but as a manufacturing superpower.
