Calling it historic, Prime Minister Narendra Modi said Union Budget 2026 empowers women, accelerates reforms and sets the stage for India’s journey towards becoming a developed nation by 2047.
PM Modi lauds Union Budget 2026-27
New Delhi: Prime Minister Narendra Modi on Sunday termed the Union Budget 2026 “historic,” stating that it strengthens women’s empowerment, accelerates economic reforms, and lays a firm foundation for India’s long-term growth.
Congratulating Finance Minister Nirmala Sitharaman for presenting her ninth consecutive Budget, Modi said the document converts aspirations into action and reinforces India’s journey towards becoming a developed nation.
Speaking after the Budget presentation, the Prime Minister said the government’s focus remains on inclusive growth, ease of living, and sustained reforms.
Union Budget 2026-27: Defence allocation set at ₹7.85 lakh crore, up from ₹6.81 lakh crore last year
Highlighting Sitharaman’s record, Modi said her ninth straight Budget marks a milestone in India’s parliamentary history. He described the occasion as symbolic of women’s growing leadership in governance and policymaking. According to Modi, the Budget reflects the confidence of the nation and acts as a catalyst for new opportunities.
Prime Minister Narendra Modi on Sunday said that the Union Budget 2026-27 is human-centric and strengthens India’s foundation with path-breaking reforms.#UnionBudget2026 #Budget2026 @narendramodi pic.twitter.com/bR9PBqEXRX
— Dynamite News (@DynamiteNews_) February 1, 2026
He likened Budget 2026 to a “pathway of possibilities” that channels the country’s ambitions into tangible outcomes across sectors.
Reiterating the government’s long-term goals, Modi said India aims to go beyond being the world’s fastest-growing major economy. He stressed that the aspirations of 140 crore citizens are aligned with making India the world’s third-largest economy in the near future.
The Union Budget reflects the aspirations of 140 crore Indians. It strengthens the reform journey and charts a clear roadmap for Viksit Bharat.#ViksitBharatBudget https://t.co/26hIdizan9
— Narendra Modi (@narendramodi) February 1, 2026
The Prime Minister said the Budget provides renewed momentum to India’s reform agenda and strengthens the roadmap towards becoming a developed nation by 2047.
Presenting the Budget in Parliament, Finance Minister Sitharaman announced multiple measures to simplify taxation and improve citizen convenience. She said the income tax system is being made more transparent and taxpayer-friendly.
Among key announcements, interest awarded by the Motor Accident Claims Tribunal (MACT) to individuals will be exempt from income tax, ensuring that compensation reaches beneficiaries without deductions.
To ease overseas travel expenses, the TCS on foreign tour packages has been reduced to a flat 2 per cent, replacing the earlier higher slabs. Additionally, the TCS rate for sellers of alcohol, scrap, and minerals has been rationalised to 2 per cent, simplifying compliance.
The Budget proposes higher excise duties and a new cess on tobacco products, likely leading to price increases. Trading in futures and options has also become costlier following a hike in Securities Transaction Tax.
To support domestic manufacturing, import duty exemptions on select machinery have been withdrawn where adequate local capacity exists. The Finance Minister also announced a technical restructuring of NCCD on certain tobacco products, without increasing the effective tax burden.
