Sajid Chinoy: 'We Should Be Thinking Of Easing Press Note 3' To Attract Chinese FDI

This India Today special report features a pre-budget roundtable hosted by Rajdeep Sardesai, focusing on the Union Budget 2026 and the challenges facing Finance Minister Nirmala Sitharaman. Top economists, including Neelkanth Mishra, Sajid Chinoy, and Naina Lal Kidwai, analyze India's strategy amidst global geopolitical shifts and the 'fog of uncertainty.' Key discussion points include the 4.4% fiscal deficit target, the impact of 'Operation Sindoor' on defense spending, and the necessity of structural reforms to boost manufacturing. Experts deliberate on easing Press Note 3 to attract Chinese FDI, the role of the 16th Finance Commission, and tax clarity for Global Capability Centres. The panel provides a GDP growth forecast for FY27 between 6.5% and 7%, emphasizing the urgency of micro-reforms in urban infrastructure and agriculture. The report highlights the tension between fiscal consolidation and the need for private investment to jumpstart the economy, exploring trade relations with ASEAN and the importance of export-led growth in a fragmented global order.