Union Budget 2026: Former Finance Minister P Chidambaram has slammed the Union Budget presented on Sunday, February 1, 2026. He says it is a “failed test of economic strategy, economic statesmanship”.
At a press conference in New Delhi after the Union Budget was presented, the Congress MP said he was “not sure whether the Finance Minister and the government have read the Economic Survey 2025-26” and even if they had, they decided to drop the challenge and go back to “their favorite pastime of throwing words at people,” PTI reported.
Finance Minister Nirmala Sitharaman presented her ninth consecutive Union Budget for the financial year 2026-2027 on Sunday, February 1, 2026 at 11 am.
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From increasing investment to ₹12.2 trillion in FY27, rare earth corridors in Tamil Nadu, Kerala, Odisha and Andhra Pradesh, the budget also focused on financing small and medium enterprises, promotes Ayurveda and other reforms.
‘…you must be amazed’
On Sunday, Chidambaram claimed that he could count at least 10 issues identified by the Economic Survey and many knowledgeable experts.
Ahead of the Union Budget 2026 announcement, the Finance Ministry on Thursday, January 29, released its Economic Survey 2025-26, which offers a detailed look and analysis of how the Indian economy has performed so far in the current financial year and outlines the outlook for the upcoming fiscal year.
“Every commentator and pre-Budget writer and every student of economics must be amazed by what he heard in the Finance Minister’s speech in Parliament today,” Chidambaram said, PTI reported.
Highlights of the Union budget — What is cheaper and what is more expensive?
In terms of relief, the government introduced measures in its budget proposals to reduce prices of leather products, cancer drugs and seafood by extending political support, allowing duty-free imports and granting tariff exemptions.
At least 17 imported drugs for cancer patients, leather goods, textile garments, seafood, overseas tours, among others, could be made cheaper, while duties and duties on some items would be reduced.
Meanwhile, yard rates on chewing tobacco and snuff have been increased to 60% and the TCS rate on alcohol intended for human consumption has gone up from 2% to 1%.
