‘Historic, Ambitious Budget,’ PM Modi Says in Light of Union Budget 2026

In light of the Union Budget for 2026–27, Prime Minister Narendra Modi said the budget is historic, ambitious, futuristic, and sensitive. He stated that it addressed the aspirations of the country towards its journey to Viksit Bharat 2047, ensuring the welfare of women, youth, farmers, and the poor. The Union Budget was presented by Union Finance Minister Nirmala Sitharaman on Sunday. The 2026 budget marked her ninth consecutive budget presentation, making her second only to former Prime Minister Morarji Desai, who presented ten budgets.

“This is a historic budget. It depicts a strong reflection of the nation’s Nari Shakti. As a woman finance minister, Nirmala Sitharaman has created a new record by presenting her ninth consecutive budget,” Modi stated in a post-budget address. “This budget is the highway for immense opportunities. It gives shape to the dreams of the present and strengthens the foundation of Bharat’s bright future. It is a strong base for our soaring flight towards a developed India,” he said.

He also reiterated that the 2026 budget was unique owing to its focus on reducing the fiscal deficit and controlling inflation, as well as increased capital expenditure to sustain growth momentum. The fiscal deficit for FY27 was projected at 4.3% of GDP, while capex is projected at 4.4%.

Modi also addressed India’s aspiration to become the world’s third-largest economy. According to revised estimates by the International Monetary Fund (IMF), India is expected to cross the $5 trillion threshold only in FY29, a year later than previously projected.

Modi also highlighted key schemes and policies mentioned in the budget and described it as “an ambitious road map” for India’s push towards self-reliance. The Union Budget saw a renewed push for sunrise sectors and boosting manufacturing in new-age industries. Schemes such as the Bio-Pharma SHAKTI Mission, India Semiconductor Mission (ISM) 2.0, the Electronic Component Manufacturing Scheme, and the construction of a rare-earth corridor all found their way into the budget.

Further, the textile sector, which is one of the key export segments for India, also saw new schemes launched, along with the promotion of high-tech tool manufacturing and schemes for “creating champion” micro, small, and medium enterprises (MSMEs). The Budget also announced enhanced efforts in infrastructure, including a dedicated freight corridor, expansion of waterways, and a high-speed rail corridor.