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The Role of the Union Budget in Strengthening India’s Economic Development: A Contemporary Analysis

Author(s) Karishma Kumari
Country India
Abstract The Union Budget occupies a central position in India’s economic governance framework and functions as a major instrument of fiscal policy. It not only outlines the government’s revenue and expenditure structure but also reflects broader developmental priorities, socio-economic commitments, and policy directions. In recent years, India has witnessed significant economic transitions driven by globalization, digital transformation, demographic changes, and post-pandemic recovery strategies. Within this context, the Union Budget has emerged as a critical mechanism for stimulating economic growth, encouraging investment, generating employment opportunities, and promoting inclusive development.
This paper critically examines the role of the Union Budget in strengthening India’s economic development with particular reference to recent fiscal strategies and policy initiatives. The study explores how budgetary provisions influence infrastructure development, industrial growth, agricultural modernization, social welfare, digitalization, and financial stability. The research further evaluates the relationship between fiscal discipline and developmental expenditure in the context of India’s long-term economic objectives.
The study is descriptive and analytical in nature and is primarily based on secondary data collected from Economic Surveys, Union Budget documents, Reserve Bank of India reports, government publications, and scholarly literature. Recent budget estimates indicate a significant rise in capital expenditure from ₹10 lakh crore in 2023–24 to ₹11.11 lakh crore in 2024–25, representing approximately 3.4% of GDP. The government has also emphasised infrastructure development, digital public infrastructure, renewable energy, MSME support, and welfare-oriented spending to accelerate economic growth. India’s GDP growth rate remained among the highest globally, estimated at around 7% in 2024–25, reflecting the developmental impact of fiscal measures and public investment initiatives.
The findings indicate that well-structured budgetary policies significantly contribute to economic expansion, capital formation, social inclusion, and sustainable development. However, challenges such as fiscal deficits, inflationary pressures, regional disparities, and implementation gaps continue to affect the effectiveness of budgetary measures. The paper concludes that balanced and growth-oriented fiscal policies are essential for ensuring long-term economic stability and strengthening India’s developmental trajectory.
Keywords Union Budget, Fiscal Policy, Economic Development, Inclusive Growth, Public Expenditure, Indian Economy, Fiscal Governance.
Field Sociology > Economics
Published In Volume 7, Issue 5, May 2026
Published On 2026-05-17
DOI https://doi.org/10.70528/IJLRP.v7.i5.2200
Short DOI https://doi.org/hb4xbn
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