New Delhi [India], February 1 (ANI): Union Finance Minister Nirmala Sitharaman on Sunday created history by presenting her ninth consecutive Union Budget in Parliament, asserting that the “reform express” of the Narendra Modi-led National Democratic Alliance (NDA) government is well on its way and will continue to maintain momentum to fulfil its duties.
Highlighting the economic performance of the NDA government, Sitharaman said India’s economic trajectory since 2014 has been marked by stability, fiscal discipline and sustained growth. “The reform express is well on its way and will maintain its momentum to help us fulfil our duties. Since we assumed office 12 years ago, the country’s economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation,” she said.
She noted that these outcomes were the result of conscious policy choices made even during periods of uncertainty and global disruption.
Emphasising Aatmanirbharta as a guiding principle, Sitharaman said the government has strengthened domestic manufacturing capacity, ensured energy security and reduced critical import dependencies.
“Keeping Aatmanirbharta as a lodestar, we have built domestic manufacturing capacity, energy security and reduced critical import dependencies. Simultaneously, we have ensured that citizens benefit from every action of the government,” she said.
She added that reforms undertaken to support employment generation, agricultural productivity, household purchasing power and universal services have delivered a high growth rate of around 7 per cent, while enabling substantial strides in poverty reduction and improvement in people’s lives.
The Finance Minister further stated that the NDA government has consistently chosen action over ambivalence, pursuing far-reaching structural reforms, fiscal prudence and monetary stability, while maintaining a strong thrust on public investment.
Referring to global challenges, Sitharaman said India is operating in an external environment where trade and multilateralism are under strain, supply chains are disrupted and access to resources is increasingly constrained.
“India will continue to take confident steps towards Viksit Bharat by balancing ambition with inclusion,” she said.
Union Budget 2026-27: Sitharaman unveils initiative for high-quality sports manufacturing
New Delhi [India], February 1 (ANI): Union Finance Minister Nirmala Sitharaman on Sunday announced a dedicated initiative for high-quality sports goods manufacturing and research while presenting the Union Budget 2026-27.
“I propose a dedicated initiative for high-quality sports goods manufacturing, research and innovation in equipment design as well as material sciences,” Sitharaman said, adding that India has the potential to emerge as a global hub for affordable, high-quality sports goods.
She also proposed a scheme to revive 200 legacy industrial clusters to improve cost competitiveness and efficiency through infrastructure and technology upgradation.
Highlighting employment potential, Sitharaman said the sports sector provides multiple avenues for skilling and job creation. She proposed launching a Khelo India Mission to transform the sports sector over the next decade.
For the labour-intensive textile sector, the Finance Minister announced an integrated programme with multiple pillars. The first pillar, the National Fibre Scheme, aims to achieve self-reliance in natural fibres such as silk, wool and jute, as well as man-made and next-generation industrial fibres.
The second pillar, the Textile Expansion and Employment Scheme, seeks to modernise traditional clusters through capital support for machinery, technology upgrades and common testing and certification centres.
The third component, the National Handloom and Handicraft Programme (NHHP), is designed to integrate and strengthen existing schemes while ensuring targeted support for weavers and artisans.
With the introduction of Samarth 2.0, the government aims to modernise the textile skilling ecosystem through collaboration with industry and academic institutions, ensuring a future-ready workforce.
Concluding her remarks, Sitharaman said large-scale infrastructure will play a key role in improving efficiency. She proposed setting up mega textile parks to reduce logistics costs, boost exports and promote value addition, particularly in technical textiles used in healthcare and automotive industries.
Budget 2026: Fiscal deficit target pegged at 4.3% for 2026-27
New Delhi [India], February 1 (ANI): Presenting the Union Budget, Finance Minister Nirmala Sitharaman pegged the fiscal deficit at 4.3 per cent of GDP for 2026-27, compared to 4.4 per cent targeted in 2025-26.
Fiscal deficit represents the gap between total revenue and total expenditure and indicates the government’s borrowing requirements. The government had aimed to bring the deficit below 4.5 per cent of GDP by 2025-26 and remains on course to achieve this target.
The Union Budget 2026-27 outlines a comprehensive economic roadmap focused on strengthening self-reliance while keeping India firmly integrated with global markets.
To sustain economic momentum, Sitharaman identified seven priority areas, including scaling up manufacturing across strategic and frontier sectors and promoting city-based economic regions as new engines of growth.
As part of sector-specific initiatives, the government announced Bio Pharma Shakti, a Rs 10,000-crore programme over five years to build a strong ecosystem for domestic production of biologics and biosimilars.
In the technology and minerals space, the government announced the launch of India Semiconductor Mission 2.0, along with industry-led research and training centres to develop a skilled workforce.
Targeted support was also proposed for mineral-rich states such as Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish rare-earth corridors, building on a permanent magnet scheme launched in 2025.
Sitharaman reiterated that India’s economic journey since 2014 has been marked by stability, fiscal discipline and sustained growth, while balancing ambition with inclusion.
India’s real GDP growth for 2026-27 is projected at 6.8–7.2 per cent, reflecting strong medium-term growth potential despite global challenges.
Finance Minister proposes Rs 10,000 crore SME growth fund
New Delhi [India], February 1 (ANI): Finance Minister Nirmala Sitharaman on Sunday proposed the introduction of a dedicated Rs 10,000-crore SME growth fund to create future champions and generate employment.
“I propose to introduce a dedicated Rs 10,000 crore SME growth fund to incentivise enterprises based on select criteria,” she said, adding that the self-reliant India fund will be topped up with Rs 2,000 crore to support micro-enterprises and maintain access to risk capital.
More than Rs 7 lakh crore has already been made available to MSMEs through liquidity support measures, the Finance Minister noted.
To further leverage MSME potential, Sitharaman proposed mandating the TREDS platform for all purchases from MSMEs by CPSEs, introducing credit guarantee support for invoice discounting, linking government procurement data with financiers, and enabling TREDS receivables to be treated as asset-backed securities.
She also announced continued focus on infrastructure development in Tier-II and Tier-III cities with populations exceeding five lakh to transform them into growth centres.
Public capital expenditure has increased from Rs 2 lakh crore in 2014-15 to Rs 11.2 lakh crore, and is proposed to rise further to Rs 12.2 lakh crore in 2026-27.
India’s real GDP growth for 2026-27 is projected at 6.8–7.2 per cent, while headline inflation averaged 1.7 per cent during April–December 2025, the lowest since the CPI series began, supported by favourable supply-side conditions. (ANI)
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