Rajya Sabha has taken up the discussion on the Union Budget 2026-27. Initiating the debate, Congress MP P Chidambaram raised questions over the growth rate of the Indian economy, saying that the nominal growth rate in 2023-24 was 12% while in 2024-25 it came down to 9.8%. He added that in 2025-26, it had come down further to 8%.
He said that the fiscal deficit for 2025-26 is 4.4%, but next year it will come down only to 4.3%, and the revenue deficit in the current year will be 1.5%, and next year will also remain 1.5%. Mr Chidambaram emphasised the need to eliminate the revenue deficit, which should remain at 1%.
On unemployment, Chidambaram said in a country with 144 crore people, only 195 lakh are employed in a factory, noting that manufacturing has been stuck at 16% for years now. Congress leader P. Chidambaram also questioned allocations under the Budget, saying that there are reductions in science, social welfare and urban sectors. The Congress leader said that several schemes were announced, but outlays were low or not announced.
Participating in the discussion, BJP MP Arun Singh said that the size of the budget has been tripled and reached 53 lakh crore rupees, while in the UPA Rule it was only over 16 lakh crore rupees. He also highlighted that a huge budget has been allocated to ensure that poor people receive housing. He said the PM has ensured that more than 4 lakh crores rupees were directly transferred to farmers. He added that the production of grains and horticulture has increased. Mr Singh said, there is an increase of 22% in the budgetary allocation to Viksit Bharat G RAM G over the MNREGA allotment last year. He said the budget will ensure ease of living and ease of doing business.
Sushmita Dev of TMC alleged that there are huge loopholes in the data that the finance minister has given on growth and poverty alleviation. She also criticised the Government over the delay of years in conducting the census.
P Wilson of DMK alleged that the Budget has nothing for the farmers, workers and entrepreneurs. He said it is a matter of concern that India’s debt has risen to 215 trillion rupees, which is approximately 56% of the GDP.
Raghav Chadha of AAP said that heavy regulation and compliance are required for virtual digital assets like cryptocurrency. Saying that a lot of investors are moving offshore, he suggested that they should be brought onshore.
Muzibulla Khan of BJD said that the budget is disappointing to Odisha. He said, be it the agriculture sector or Railways, the State has been ignored.
AIADMK’s M Thambidurai says the budget has given strong emphasis to health and medical education. He said that textile hubs in Tamil Nadu will benefit from the budget. The discussion is underway.
