Union Budget brings home to markets the unpleasant reality of fiscal dominance where RBI ends up prioritising deficit financing over its primary function of inflation control.
The Budget’s emphasis on seven ‘strategic and frontier’ manufacturing areas is clearly not random. These are areas of high import dependence, strong employment, and rising geopolitical sensitivity.
Budget 2026 does not seek to redefine India’s growth model; rather, it reinforces the existing framework characterised by fiscal restraint, public investment, and manufacturing depth.
Corporate bonds are priced as a spread over the risk-free rate. In India, the reference risk-free rate is unreliable as large institutions are mandated to buy and hold government bonds.
Administrative efficiency and targeted schemes can ease frictions, but they cannot offset the competitiveness loss from expensive imported intermediates.
Armenia has procured significant defence equipment from India, including artillery guns, multi-barrel rocket launchers, air defence system, sniper rifles, weapons locating radars, anti-drone weapons.
The key to fighting a war successfully, or even launching it, is a clear objective. That’s an entirely political call. It isn’t emotional or purely military.
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