Budget 2026-27: Ledger of missed opportunities

Union budget represents a moral guide, a political direction, and an economic plan combined into a single entity.

- Abhishek Singhvi

It informs citizens not just of the government's planned expenditures, but also of who it aims to support. Budget 2026, unfortunately, achieves none of these effectively.

Itwas a budget of polish without proof, numbers without nuance, announcements without answers. It speaks in majestic visions but murmurs on delivery. It promises confidence, yet avoids commitment. It declares intent, but evades impact.

Ina period when the Indian economy faces declining private investment, pressured exports despite trade deals, weak employment, and increasing household hardship, this budget opts for distance rather than decisiveness. This budget is filled with slogans, lacking in fairness, and noticeably quiet about pain.

Let us start with the strict rigour of figures. The most notable, and sadly, absurd aspect of the budget is a calculation that fails to tally correctly. In 2025-26, revenue receipts were short by ₹78,086 crore, while total expenditure was short by ₹1,00,503 crore. Even more troubling, capital expenditure, crucial for growth, was cut by ₹1,44,376 crore, comprising ₹25,335 crore at the Centre and an alarming ₹1,19,041 crore at the state level.

This does not reflect financial caution; it signifies financial withdrawal. The Centre's capital spending dropped from 3.2% of GDP in 2024-25 to 3.1% in 2025-26, with no clarification provided in the finance minister's address. When growth decelerates, governments should aim to spend more wisely rather than retreat quietly. Budgets might communicate in percentages, yet citizens experience in absolutes.