FM: Building ecosystem for improving productivity, employment generation

The idea behind the Budget ■ Sitharaman: We are laying the path and giving a push to the economy to maintain the growth momentum.

- Union Finance Minister Nirmala Sitharaman, along with her team of top bureaucrats, addressed a press conference to throw light on the fine print of Budget 2026-27- from tax reforms to capex push and global uncertainty. Excerpted by Ruchika Chitravanshi, Monika Yadav & Harsh Kumar

We are looking at building the ecosystem with structural reforms to make sure that we create an environment for improving productivity, and employment generation. We will ensure that technology is brought in to benefit the common man and above all inclusive development.

Capital expenditure

■ Sitharaman: The momentum that we gained since after Covid by increasing public capital expenditure will continue. We've announced ₹12.2 trillion through public expenditure this time. This is 4.4 per cent of GDP, the highest in the past 10 years. It could even be the highest, if you were to take earlier data. No increment like this in capital expenditure in a sustained fashion has happened ever before.

Committee for banking reforms

■ M Nagaraju, secretary, Department of Financial Services: There are a large number of aspects relating to banking, including the low credit-to-GDP ratio and expansion of the banking network. We will have Terms of Reference and consult stakeholders.

Disinvestment and asset monetisation

■ Arunish Chawla, secretary, Department of Investment and Public Asset Management: We follow a composite strategy for disinvestment and asset monetisation. We keep an aspirational target and we are on track and committed to the logical conclusion of both.