Union Budget 2026: Sitharaman hails decade of stability, reforms under Modi

Presenting the Union Budget 2026 in the Lok Sabha on Sunday Finance Minister Nirmala Sitharaman said Indiarsquos economic journey over the past decade has been defined by stability decisive governance and sustained reforms under the leadership of Prime Minister Narendra ModilsquoAction over ambivalence reform over rhetoricrsquo FM in Budget speechRising to deliver her Budget speech Sitharamanmdashwho is presenting her ninth consecutive Union Budgetmdashsaid the government has consistently prioritised action over indecision and reforms over rhetoric ldquoSince we assumed office 12 years ago Indiarsquos economic trajectory has been marked by stability This government has chosen action over ambivalence and reform over rhetoric We have undertaken farreaching structural reforms ensured fiscal prudence and maintained monetary stability while keeping a strong focus on public investmentrdquo she told the HouseFollow the live updates of Union Budget 2026 with realtime coverage of major announcements tax reforms economic priorities and policy decisionsIndia navigating global disruptions resource competition and tech shiftsHighlighting 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 mineralsldquoDespite these challenges India will continue to move forward with confidence towards the goal of Viksit Bharat balancing ambition with inclusionrdquo Sitharaman said emphasising that growth and equity would remain central to the governmentrsquos economic strategyUnion Budget 2026 highlights Key announcements by FM Nirmala SitharamanFRBM statements tabled fiscal roadmap outlinedAs part of the Budget presentation the Finance Minister also laid two mandatory statements before Parliament under Section 31 of the Fiscal Responsibility and Budget Management FRBM Act 2003 These include the Mediumterm Fiscal PolicycumFiscal Policy Strategy Statement and the MacroEconomic Framework Statement which outline the governmentrsquos fiscal roadmap and broader economic outlookGST reforms export concerns and recordsetting Budget in focusSeparately 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 resilienceThe 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 2026ndash2031 periodThis Budget brings Sitharaman closer to the longstanding 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 continuityThe Budget document is also being closely watched for proposed GST reforms often referred to as lsquoGST 20rsquo aimed at simplifying the indirect tax regime through a tworate 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 servicesThis yearrsquos Budget assumes added significance amid concerns over export growth following the United Statesrsquo decision to impose a steep 50 per cent tariff on certain Indian goods prompting expectations of policy measures to support exportersEarlier this week Sitharaman had tabled the Economic Survey of India for 2025ndash26 which reviews the state of the economy and sets the context for the BudgetThe 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