3 months ago
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The Union Budget 2026-27 presented successful Parliament by Union Finance Minister Nirmala Sitharaman evoked contrasting reactions with the Chief Minister N. Rangasamy terming it “progressive and development-oriented”, portion from the Opposition ranks, the CPI dubbed it arsenic a pro-corporate workout that dodged immoderate committedness to alleviate poverty, assistance agriculture oregon assistance MSMEs deed hard by punitive US tariffs.
In a property statement, the Chief Minister hailed the Budget for its important absorption “on the country’s economical growth, employment, the advancement of women and youth, and cultivation and concern development”.
The “budget is designed to fulfill the expectations and aspirations of each sections of nine and to springiness factual signifier to the Prime Minister Narendra Modi’s warrant of creating a developed India”, helium said.
The Chief Minister noted that the reforms undertaken successful sectors including the economy, infrastructure, education, health, technology, and women’s empowerment laic a beardown instauration for India’s aboriginal growth. The summation successful superior expenditure to ₹12.2 lakh crore is besides noteworthy. The allocations for urban-based development, dedicated freight corridor connecting the eastbound and occidental parts of the country, and the further backing for coastal shipping were noteworthy, Mr. Rangasamy said.
He besides hailed the announcement to found Dedicated Rare Earth Corridors successful Odisha, Andhra Pradesh, Tamil Nadu, and Kerala arsenic “a far-sighted inaugural that volition trim India’s import dependence connected captious mineral resources”.
The ₹10,000 crore outlay for a Bio-Pharma Power Project, enhanced allocation of an estimated ₹40,000 crore for semiconductor and electronics exertion development, on with taxation exemptions for IT information centers and companies until 2047 laid a beardown instauration to alteration India into a planetary exertion hub, the Chief Minister said.
The revamped gram swaraj strategy promoting Khadi handicrafts, mega textile parks, the allocation of ₹10,000 crore for micro, small, and mean enterprises, and the procurement of manufactured goods by nationalist assemblage undertakings volition undoubtedly fortify employment and the agrarian economy, Mr. Rangasamy said.
The constitution of SHE pupil hostels and the motorboat of a strategy to nurture women entrepreneurs are beardown indicators of women’s empowerment, concessions for footwear exporters to import earthy materials tax-free, measures to beforehand electrical vehicles, and the removal of taxation connected lithium artillery imports promote India’s greenish system were among the noteworthy measures, helium added.
Welcoming the announcement for implementing a caller income taxation law, relaxation of TDS rules, cancellation of transgression proceedings for insignificant offenses, simplification of Tax Collected astatine Source for aesculapian and acquisition loans to 2%, and taxation reforms for overseas tourism, the Chief Minister said the measures would simplify taxation medication and instill assurance successful the people. Besides, reducing the fiscal shortage to beneath 4.5%, and accepting the recommendations of the 16th Finance Commission and allocating due funds to the states show fiscal responsibility, helium added.
CPI State caput A.M. Saleem said the Union Government’s 2026-27 Budget work similar a “hollow fiscal statement” and lacked immoderate meaningful measurement to support concern maturation amid precocious tariffs imposed by US President Donald Trump. While concern accumulation successful galore concern cities similar Tiruppur and Karur has been severely affected, the Budget lacked immoderate program to revive these tiny and medium-sized industries, helium noted.
The cultivation sector, which is the backbone of the country, has been wholly neglected successful this budget. The 100-day agrarian employment scheme, which was the main livelihood for agrarian laborers, has present been rebranded, but not earmarked fiscal allocation, Mr. Saleem said.
He besides slammed the Budget for the lack of immoderate program to uplift an estimated 80 crore radical surviving successful poorness and destitution. There are besides nary plans to make caller employment opportunities.
The CPI person noted that though an announcement was made for enlargement of the textile sector, determination was nary notation of mounting up a mega textile parkland successful Puducherry arsenic had been proposed.
The Budget was fundamentally a reflection of the BJP government’s policies that are designed to support the economical interests of firm companies. The authorities has erstwhile again betrayed the poor, the underprivileged, and the mediate class, helium said.
