By Dhruv Chopra, Managing partner at Dewan P N Chopra and Co.

On Semiconductor :

“With the allocation of ₹40,000 crore for manufacturing electronics components, furthering the India semiconductor mission – India is moving beyond chip assembly to build a complete, self-reliant semiconductor ecosystem. This strategic investment targets the high-value supply chain—including specialized materials and equipment—that currently accounts for a massive portion of our imports. By incentivizing domestic production of these core elements, the mission aims to double local value addition and secure India’s position as a global nerve center for high-tech manufacturing.”

On Public spending:

“The most critical impact of public spending is the Fiscal Multiplier. Every ₹1 spent by the government on infrastructure (roads, railways, ports) results in an increase of ₹2.5 to ₹3.5 in the overall GDP over the medium term. In contrast, money spent on subsidies or salaries has a lower multiplier, often around 0.9 to 1.0. So A ₹12.5 lakh crore investment in infrastructure could theoretically boost the GDP by ₹31.25 lakh crore to ₹43.75 lakh crore as it circulates through the economy which is a significant boost”

Pharma Sector:

“The allocation of ₹10,000 crore toward the Biopharma Shakti mission marks a decisive pivot from India’s legacy as a ‘pharmacy of the world’ for generics to a global leader in high-value biologics. By funding the creation of 1,000 accredited clinical trial sites, this budget addresses the critical infrastructure gap between laboratory innovation and commercial manufacturing. This investment into deep-tech biopharmaceuticals, like mRNA and gene therapies, will not only drive down costs for life-saving treatments and non communicable diseases domestically but also secure India’s position in the next frontier of global healthcare. It is a strategic move that ensures that ‘Made in India’ biologics are synonymous with global quality.”