Presenting the Union Budget 2026 in the Lok Sabha on Sunday, Finance Minister Nirmala Sitharaman said India’s economic journey over the past decade has been defined by stability, decisive governance and sustained reforms under the leadership of Prime Minister Narendra Modi.
‘Action over ambivalence, reform over rhetoric’: FM in Budget speech
Rising to deliver her Budget speech, Sitharaman—who is presenting her ninth consecutive Union Budget—said the government has consistently prioritised action over indecision and reforms over rhetoric. “Since we assumed office 12 years ago, India’s economic trajectory has been marked by stability. This government has chosen action over ambivalence and reform over rhetoric. We have undertaken far-reaching structural reforms, ensured fiscal prudence and maintained monetary stability, while keeping a strong focus on public investment,” she told the House.
India navigating global disruptions, resource competition and tech shifts
Highlighting the evolving global landscape, the Finance Minister said India is navigating a challenging external environment where trade systems and multilateral frameworks are under strain, supply chains face disruptions, and access to critical resources is becoming increasingly competitive. She noted that rapid technological transformation is reshaping production systems while sharply increasing pressure on water, energy and critical minerals.
“Despite these challenges, India will continue to move forward with confidence towards the goal of Viksit Bharat, balancing ambition with inclusion,” Sitharaman said, emphasising that growth and equity would remain central to the government’s economic strategy.
FRBM statements tabled, fiscal roadmap outlined
As part of the Budget presentation, the Finance Minister also laid two mandatory statements before Parliament under Section 3(1) of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003. These include the Medium-term Fiscal Policy-cum-Fiscal Policy Strategy Statement and the Macro-Economic Framework Statement, which outline the government’s fiscal roadmap and broader economic outlook.
GST reforms, export concerns and record-setting Budget in focus
Separately, while presenting the Budget, Sitharaman reiterated that the government has deliberately chosen the path of reforms rather than populist rhetoric. She said India would continue to take steady steps towards becoming a developed nation, or Viksit Bharat, through sustained policy reforms and economic resilience.
The Finance Minister also tabled the 16th Finance Commission report in the Lok Sabha, which outlines recommendations on the devolution of tax revenues between the Centre and states for the 2026–2031 period.
This Budget brings Sitharaman closer to the long-standing record held by former Prime Minister Morarji Desai, who presented 10 Union Budgets during different tenures. With nine consecutive Budgets since 2019, Sitharaman has already surpassed several predecessors in terms of continuity.
The Budget document is also being closely watched for proposed GST reforms, often referred to as ‘GST 2.0’, aimed at simplifying the indirect tax regime through a two-rate structure of 5 per cent and 18 per cent, reducing compliance burdens and lowering the cost of living by cutting rates on essential goods and services.
This year’s Budget assumes added significance amid concerns over export growth following the United States’ decision to impose a steep 50 per cent tariff on certain Indian goods, prompting expectations of policy measures to support exporters.
Earlier this week, Sitharaman had tabled the Economic Survey of India for 2025–26, which reviews the state of the economy and sets the context for the Budget.
The ongoing Budget Session of Parliament will span 30 sittings over 65 days and is scheduled to conclude on April 2. Both Houses will adjourn on February 13 and reconvene on March 9, allowing Standing Committees to examine the Demands for Grants of various ministries and departments.