The Finance Bill seeks to give effect to the financial proposals of the Central Government for the financial year 2026-2027. Minister of State for Finance Pankaj Chaudhary, had moved the Bill in the House. Appropriation (No. 2) Bill 2026 seeks to authorise payment and appropriation of certain sums from and out of the Consolidated Fund of India for the services of the financial year 2026-27.

 

Replying to a discussion, Finance Minister Nirmala Sitharaman said, the government is committed to shielding its citizens from global oil price shocks while maintaining supply stability in a highly volatile international environment. She said, diesel and petrol prices remain unchanged despite volatility in crude oil prices due to West Asia crisis. She said the government has taken significant steps to protect Indian consumers from rising fuel costs amid a sharp rise in global crude oil prices triggered by geopolitical tensions in West Asia. She said, international crude oil prices have surged from around 70 US dollars per barrel to 122 US dollars per barrel within just one month, due to disruptions caused in the Strait of Hormuz. She said that several nations have increased the fuel prices ranging from 20 to 50 per cent. She said, despite supply constraints, Prime Minister Narendra Modi has guided that there should not be any burden on the people of the country and the government today issued a notification by giving relief with reduction of excise duty on petrol and diesel. She said, oil marketing companies are currently facing significant losses, estimated at around 24 rupees per litre on petrol and 30 rupees per litre on diesel, due to elevated global prices. She rejected the claims related to the imposition of lockdown in the country, saying that baseless rumours are being spread to create fear in the minds of the public.

 

The Finance Minister said, Finance Bill was drafted with reforms in mind. She said, Reform Express has guided the government to put various elements in the Finance Bill. She said, the government has made sure that every section gets the benefit from the opening of the economy. She said, the amended Finance Bill will ensure hassle‑free movement of goods and boost ease of doing business.

 

Initiating the discussion, Congress MP Shaktisinh Gohil said, there are no serious changes in the tax structure, but the government has done only a little tinkering. He added that overall, this budget will not benefit the middle class. He alleged that some changes have been made for those who are investing from overseas. Participating in the discussion, BJP MP Sanjay Seth said that under the leadership of the Prime Minister Narendra Modi, the government has managed to control the GDP-to-debt ratio has been managed to be controlled. He said, today the GDP-to-debt ratio of the centre and states combined is 83 per cent, which will be reduced to 50 per cent by 2030.’ He stated that under the 2008-09 UPA government, the fiscal deficit was 7.5 per cent, which has now reduced to 4.3 per cent. He said this has been achieved after the Modi government paid the debt of one lakh 43 thousand crore rupees for oil bonds issued by the UPA government. Saket Gokhale of Trinamool Congress alleged that the government today reduced the excise duty on Petrol and Diesel in the wake of State Assembly Elections. He said, for the last four years, the government was purchasing crude oil at a discounted level below 60 US dollars per barrel. He alleged that not a single rupee was passed on to consumers. P. Wilson of DMK raised questions over the rising unemployment rate in the country, saying that there is no national employment guarantee for the urban youth. Dr. Ashok Kumar Mittal of Aam Aadmi Party raised a question over the Smart City scheme, saying that despite the expenditure of over 48 thousand crore rupees, not a single smart city was developed in the country. Manas Ranjan Mangaraj of BJD, Dr. M Thambidurai of DMK, KR Suresh Reddy of BRS, Ramji Lal Suman of Samajwadi Party, Dr. Sinkander Kumar of BJP, among others, also participated in the debate.

 

Later, the Rajya Sabha was adjourned for the day after completing its business.