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Finance Minister Nirmala Sitharaman presented her ninth consecutive Union Budget for the financial year 2026-27 at 11 AM on Sunday, 1 February 2026
Union Budget 2026: Former finance minister P Chidambaram sharply criticised the Union Budget presented on Sunday, 1 February, 2026. Alleging it is a “failed test of economic strategy, economic statesmanship,”
Addressing a press conference in New Delhi after the Union Budget was presented, the Congress MP claimed he is not ‘sure if the Finance Minister and the government read the Economic Survey 2025-26’ and even if they have, they have decided to discard the challenged and fall back on “their favourite pastime of throwing words at the people,” reported PTI.
Finance Minister Nirmala Sitharaman presented her ninth consecutive Union Budget for the financial year 2026-27 at 11 AM on Sunday, 1 February 2026.
From increase in Capex to ₹12.2 trillion in FY27, rare earth corridors in Tamil Nadu, Kerala, Odisha, and Andhra Pradesh, the Budget also focused on funding for MSMEs, push for Ayurveda, among other reforms.
‘…must be astonished’
On Sunday, Chidambaram claimed he can count at least 10 challenges identified by the Economic Survey and many knowledgeable experts.
Ahead of the Union Budget 2026 announcement, the Ministry of Finance's Department of Economic Affairs released its Economic Survey 2025-26 on Thursday, 29 January, offering a detailed insight and analysis into how the Indian economy has performed over the current financial year so far and outlining the outlook for the upcoming fiscal year.
“Every pre-budget commentator and writer, and every student of economics, must be astonished by what he or she heard in the Finance Minister's speech to Parliament today,” said Chidambaram, reported PTI.
Union Budget Highlights — What is cheaper and what is costlier?
Regarding relief, the government has introduced measures in its budget proposals to lower prices for leather products, cancer medications, and seafood by extending policy support, enabling duty-free imports, and granting customs exemptions.
At least 17 imported drugs for cancer patients, leather items, textile garments, seafood products, overseas tour packages among other items might get cheaper, with reduced levies and customs duties on some items slashed.
Meanwhile, the rates for chewing tobacco and jarda scented tobacco have been increased to 60%, and the TCS rate on alcohol for human consumption has risen from 2% to 1%.
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