The ninth consecutive and record-setting Union Budget of Finance Minister Nirmala Sitharaman was the first without the backdrop of usual macroeconomic concerns - either about anaemic growth or high inflation - that have dogged most FMs. In fact, given that economic growth is projected at a very impressive 7.4% in 2025-26 and retail inflation plumbing an unprecedented low of 1.33% in December, the Indian economy is experiencing the so-called 'Goldilocks' moment - neither too hot, nor too cold, perfect.

The Finance Minister exploited this rare opportunity to share a national blueprint to strengthen the foundations of the Indian economy, which commits the government to pursue domestic reforms and accelerate the ongoing decentralisation - a strategy that cements India as the landing stage for the next phase of growth.

No surprises then that the downside of shunning instant gratification - an expectation sharpened by the social-media era's demand for headline-ready Budget sops - and placing the wager on long-term growth drew a negative reaction from the markets.

The truth is that enhancing the Indian economy to realise the audacious ambition of becoming a developed economy in the next 21 years entails unglamorous work: fixing the plumbing of the economy and cities, restoring the credibility of regulators, deepening financial and consumer markets, improving the quality of education, ensuring the predictability of taxes, seamless logistics, instilling the discipline of governance, and last but not the least, dealing with the political opposition. The outcome of this rather boring heavy-lifting, if pursued, will be a stronger Indian economy - the best defence against frequent geopolitical disruptions, something that is rapidly becoming the norm rather than the exception.

Reclaiming fiscal control - manifesting in reduced government debt - is what allowed Sitharaman the space to focus on renewing the economic........

© NDTV