Prime Minister Narendra Modi on Sunday hailed the Union Budget 2026-27 as a “strong foundation” for India’s journey towards a developed India 2047 and said it will provide new energy and momentum to the ‘reform express’ on which the country is riding.
Finance Minister Nirmala Sitharaman stood up in the Lok Sabha today to present the Union Budget. He presented the ninth consecutive budget.
Addressing the nation, Prime Minister Modi said, “This budget lays a strong foundation towards realizing the dream of a developed India 2047. This budget will provide new energy and momentum to India’s ‘reform pace’. These unprecedented reforms will provide immense opportunities to the courageous and talented youth of India. Our endeavor has been to continuously strengthen skills, breadth and sustainability.”
Prime Minister Modi emphasized that citizens are the greatest asset and the government has made unprecedented investments to enhance their capabilities. He said, “The greatest asset of any country is its citizens. In recent years, our government has made unprecedented investments in enhancing the capabilities of its citizens.”
Highlighting the fiscal and economic strategy, the Prime Minister said, “This is a unique budget that focuses on reducing fiscal deficit, bringing inflation under control and at the same time, this budget also has a combination of high capital expenditure and high growth.”
The Prime Minister said, “This budget further strengthens India’s role at the global level. India’s 140 crore citizens are not only satisfied with being the fastest growing economy, but we also want to become the third largest economy globally as soon as possible. This is the resolve of crores of citizens of the country.”
He said, “India’s role as a trusted, democratic partner of the world and a reliable quality supplier is continuously expanding. The maximum benefits of the recently signed trade agreements, called the ‘Mother of All Agreements’, should accrue to India’s youth and small and medium industries. Important steps have been taken in this direction in the Budget.”
Prime Minister Modi said that the government has always given top priority to agriculture, dairy production and fisheries. He further said, “This budget also includes many important measures for farmers cultivating coconut, cocoa, cashew and sandalwood.”
The Prime Minister further said that important measures have been implemented to promote tourism, especially in the North-East. “Significant measures have been implemented in this budget to promote tourism, especially in the North-Eastern region. By strengthening various states, this budget lays the foundation for balanced and equitable development,” he said.
Highlighting the need to strengthen infrastructure and several key initiatives, PM Modi further said that construction of high-speed rail corridors and special focus on development of tier II and III cities will lead to the development of states.
To strengthen the infrastructure, several key initiatives have been included in the budget. These include the development of dedicated freight corridors.
Special focus on expansion of national waterways, construction of high-speed rail corridors and development of tier II and III cities. Additionally, the purpose of promoting municipal bonds is to provide a strong economic base to urban areas. He further said, “All these measures together will accelerate progress towards a developed India.”
Meanwhile, Congress President Mallikarjun Kharge alleged that the budget lacks ideas and does not provide any solution to economic problems.
He said, “The Modi government is running out of new ideas. Budget 2026 does not offer a single solution to India’s many economic, social and political challenges. “Mission mode” has now become “challenge route”. The “reform express” rarely stops at any “reform” junction. The result: no policy vision, no political will. Our Annadata farmers are still waiting for meaningful welfare support or an income protection scheme.”
PM Modi said, “Inequality has crossed even the levels of the British Raj, but there is no mention of it in the budget, nor has any assistance been provided to the Scheduled Castes, Scheduled Tribes, Other Backward Classes, Minority Classes and minority communities. The Finance Commission’s recommendations need to be studied further, but they do not seem to provide any relief to the state governments facing severe financial crisis. Federalism has become its victim.”