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Mahindra Group CEO Anish Shah says the Budget pairs a record ₹12.2-lakh-crore public capex push with a 4.3% fiscal-deficit target, and hardwires supply-chain depth: customs-duty relief for Li-ion cell/BESS equipment, support for critical-minerals processing and rare-earth magnet corridors, plus a bigger outlay for the Electronics Components Manufacturing Scheme (to ₹40,000 cr).
Logistics levers, new Dedicated Freight Corridors, expanded inland waterways, and a Coastal Cargo Promotion Scheme, are aimed at lowering cost-to-serve. The plan also introduces City Economic Regions (reform-linked funding), an AI farm advisory (Bharat-VISTAAR), services-sector tax certainty (safe-harbour tweaks/APAs), and capital-market steps (bond-market depth, MSME liquidity via TReDS).
Net: less stimulus, more architecture, using policy to shift India toward competitive manufacturing, resilient networks, and broader inclusion.
