New Delhi, Feb. 2 -- The budget reaffirms a defining feature of India's economic strategy over the past decade: growth anchored in reform, investment and macroeconomic credibility. Rather than announcing isolated measures, it presents a coherent growth compact built on multiple pillars to strengthen its foundations while adapting to a complex global environment.

Reform as a continuous process: A central message of the budget is that reform is not episodic but ongoing. The emphasis on a 'Reform Express' underscores an intent to keep improving the regulatory and compliance ecosystem-as we have seen with the simplification of GST, rationalization of quality controls, reduction in procedural friction and greater trust-based governance.

In a...