Vedanta Chairman Anil Agarwal Applauds Growth-Oriented Union Budget 2026-27
Vedanta Chairman Anil Agarwal has expressed strong approval for the Union Budget 2026-27, describing it as a forward-looking and growth-focused plan that prioritizes capital expenditure and enhances manufacturing capabilities. The budget, presented by Finance Minister Nirmala Sitharaman on Sunday, 1 February 2026, during the parliamentary session, has garnered praise for its strategic initiatives aimed at empowering youth and women across the nation.
Budget Emphasizes Public Capital Expenditure and Manufacturing Boost
In a detailed post on the social media platform X, Agarwal highlighted the budget's core strengths. He stated, "A growth-oriented Budget, with a clear focus on increasing public capital expenditure and boosting manufacturing. It is a Budget which creates opportunities, for youth to improve their livelihoods, women to become financially independent and for employment-intensive sectors like medical tourism to take off." This statement underscores the budget's commitment to fostering economic opportunities and social empowerment.
Focus on Critical Minerals and Rare Earths Corridors
Agarwal specifically lauded the government's proposals concerning critical minerals and rare earths. He welcomed the attention given to this sector, noting that the establishment of Rare Earths Corridors in key states such as Odisha, Tamil Nadu, Andhra Pradesh, and Kerala will significantly boost growth, employment, and mineral security. Additionally, he pointed out the timely nature of the import duty exemption on capital goods for critical minerals processing, which is crucial in the current global economic landscape.
The Finance Minister's budget speech included a ₹7,280-crore incentive package for manufacturing rare-earth magnets in India, alongside the creation of these four rare-earth mineral corridors. This initiative is expected to drive innovation and job creation in the mining, processing, research and development, and manufacturing sectors.
Flexibility in Special Economic Zones (SEZs)
Another key aspect of the budget that received Agarwal's endorsement is the flexibility introduced for Special Economic Zones (SEZs). As a one-time measure, manufacturing units in SEZs will be permitted to sell a limited proportion of their output into the Domestic Tariff Area at concessional duty rates. This move aims to address capacity underutilization caused by global trade disruptions. Agarwal remarked, "The announcement on flexibility in SEZs, which will permit some sales in the domestic market, is an excellent move."
Commendation for Leadership Amid Uncertain Times
Praising the leadership of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman, Agarwal extended his congratulations for their steady guidance of the Indian economy during uncertain times. He emphasized their role in steering the nation towards stability and growth, reflecting confidence in the government's economic policies.
Overall, Anil Agarwal's positive assessment of the Union Budget 2026-27 highlights its potential to drive economic expansion, enhance manufacturing prowess, and create inclusive opportunities for various segments of society.
