Mohan Ramaswamy, Founder and CEO, Rubix Data Sciences
“The Budget’s manufacturing strategy is notable for addressing input costs and logistics—key constraints that have historically limited India’s export competitiveness. By continuing the correction of inverted duty structures, the government is lowering the cost of intermediates and capital goods, making assembly-led manufacturing viable at scale. This complements large investments in freight corridors, national waterways, and sector-specific ecosystems such as semiconductors, biopharma, textiles, and rare earths. Such measures are especially timely given that India’s total exports reached a record USD 825.3 billion in FY25 and merchandise exports were broadly flat at USD 437.7 billion, with growth concentrated in non-petroleum, non-gems & jewellery sectors. Export growth in electronics, solar PV, and batteries is also constrained by rising import intensity, highlighting the need for deeper integration into global value chains. By lowering production costs, improving logistics, and supporting high-value manufacturing, the Budget strengthens India’s ability to diversify exports, enhance competitiveness in services- and manufacturing-led sectors, and reduce reliance on import-heavy supply chains. In a global trade environment marked by supply-chain diversification and geopolitical risk, these initiatives position India as a reliable partner for global value chains while addressing structural challenges to long-term export growth.”