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The Congress connected Sunday (February 1, 2026) claimed that the Union Budget has “failed” the trial of economical strategy and statesmanship, with erstwhile Finance Minister P Chidambaram saying that the Budget code did not laic retired a communicative to code the challenges mentioned successful this year’s Economic Survey.
Addressing a property league astatine the All India Congress Committee (AICC), Mr. Chidambaram listed 10 large challenges flagged by the Survey and economical experts. He mentioned the interaction of penal U.S. tariffs connected exporters, protracted planetary commercialized conflicts, a widening commercialized shortage with China, debased gross fixed superior enactment of astir 30%, and the backstage sector’s reluctance to invest.
Also read: Union Budget 2026 LIVE updates
He besides highlighted the uncertain outlook for overseas nonstop concern into and persistent outflow of overseas portfolio investors, dilatory fiscal consolidation successful usurpation of FRBM targets, a disconnect betwixt authoritative ostentation information and household expenses connected essentials specified arsenic education, healthcare and transport, the distress faced by MSMEs, wide closures, unemployment among younker —deteriorating municipality infrastructure amid accelerated urbanisation.
“None of this was addressed by the Finance Minister’s speech,” helium said astatine a associated property league with enactment colleagues, Jairam Ramesh and Amitabh Dubey.
Union Budget 2026 governmental reactions LIVE
Mr. Chidambaram criticised the government’s fiscal absorption successful 2025-26, noting shortfalls of ₹78,086 crore successful gross receipts and ₹1,00,503 crore successful full expenditure. Capital expenditure, helium said, was chopped by ₹1,44,376 crore, with the Centre’s capex falling from 3.2% to 3.1% of GDP, without immoderate explanation.
He flagged crisp cuts successful gross expenditure affecting agrarian and municipality development, societal welfare, agriculture, acquisition and health, and termed the drastic simplification successful allocations for the Jal Jeevan Mission “cruel”.
“The astir superior disapproval of the Budget code is that the Finance Minister is not bushed of adding to the fig of schemes, programmes, missions, institutes, initiatives, funds, committees, hubs, etc. I counted astatine slightest 24,” helium said, wondering “how galore of them volition beryllium forgotten and vanish by adjacent year”.
“Our verdict is that the Budget code and the Budget neglect the trial of economical strategy and economical statesmanship,” Mr. Chidambaram added
Also read: Union Budget 2026 Industry reactions LIVE
Congress president Mallikarjun Kharge said the Union Budget lacked argumentation imaginativeness and governmental volition arsenic it failed to code inequality, jobs, workplace distress, manufacturing, exports, societal information and States’ fiscal stress. “Modi authorities has tally retired of ideas,’’ Mr. Kharge said, arguing the papers offered neither solutions nor credible betterment signals.
Offering his absorption connected societal media level X, erstwhile Congress main and Leader of Opposition successful the Lok Sabha Rahul Gandhi said, “Youth without jobs. Falling manufacturing. Investors pulling retired capital. Household savings plummeting. Farmers successful distress. Looming planetary shocks - each ignored. A Budget that refuses people correction, unsighted to India’s existent crises”.
