This Budget marks a quiet but decisive shift in the philosophy of economic governance — from control to confidence, from suspicion to trust, and from discretion to data. The most important reform, in my view, is the comprehensive simplification and liberalisation of the Customs and tax administration. When a nation chooses to trust its citizens, compliance rises naturally. Data-driven systems replacing discretionary prosecution will dramatically reduce litigation across customs, GST, and direct taxes. Importantly, both honest taxpayers and inadvertent defaulters are being spared the trauma of criminalisation — this is civilised governance in action. 

Equally significant is the Budget’s precision in investment priorities. Support for MSMEs, semiconductors, advanced manufacturing, biologicals, rare-earth corridors, carbon capture and utilisation, and strategic clean-chemistry ecosystems reflects a clear understanding of where future value will be created. This is not industrial policy by slogans, but by carefully chosen capability stacks. I am particularly encouraged by the integration of science, humanities, engineering, arts, and mathematics in mission-oriented innovation.