Prime Minister Narendra Modi on Thursday commended Finance Minister Nirmala Sitharaman for outlining what he described as a transformative roadmap for India’s economy in the Union Budget.
Sharing her Lok Sabha speech on X, PM Modi wrote, “In her speech in the Lok Sabha, Finance Minister Smt. Nirmala Sitharaman Ji gave a comprehensive picture of how this year’s Budget will contribute to our nation’s economic transformation. She emphasised on Reform Express, the support to MSMEs, skilling, push to next-gen infrastructure, efforts to boost healthcare, education and more.”
Earlier, Sitharaman said states will receive an estimated Rs 25.44 lakh crore in 2026–27 through tax devolution and centrally sponsored schemes, an increase of Rs 2.7 lakh crore over 2025–26.
Refuting Opposition claims of reduced allocations, she asserted that all dues have been transferred and that 41 per cent of the net tax proceeds are shared with states as per Constitutional norms, with figures audited by the CAG. She added that cess collections for health, education and roads also eventually reach states.
The Budget provides for a total capital investment of Rs 17.15 lakh crore, which she said carries a 4X multiplier effect. The Centre’s capex stands at Rs 12.22 lakh crore, or 3.1 per cent of GDP — an 11.5 per cent rise over 2025-26. Including state transfers, total capex amounts to 4.4 per cent of GDP.
Sitharaman rejected claims that fiscal consolidation at a 4.3 per cent deficit came at the cost of development.
Inviting states to propose mega food parks, IT parks, smart cities and medical hubs, she said, “Any state can aspire — by going through the PM Gati Shakti filters — if they have a viable proposition.”
She also highlighted support for labour-intensive sectors, high-value agriculture, Agri stack digitisation and entrepreneurship hubs aimed at boosting productivity and employment.
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