Union Budget 2026–27 Signals India’s Economic Maturity: Hardeep Singh Puri

Union Minister for Petroleum and Natural Gas Shri Hardeep Singh Puri on Friday said that Union Budget 2026–27 reflects the confidence, resilience and maturity of an economy that has undergone a fundamental transformation since 2014.

Addressing the media during a press interaction in Dehradun, Shri Puri described the Budget as forward-looking, consolidation-oriented and firmly rooted in fiscal discipline, while continuing to accelerate India's growth trajectory.

He said India's journey from being counted among the "fragile five" economies to becoming the world's fourth-largest economy is a testament to sustained reforms and strategic investments over the last decade.

India Remains the Fastest-Growing Major Economy

Shri Puri highlighted that India's GDP growth for FY26 is estimated at 7.4%, driven by strong consumption and rising investment.

He noted that India has remained the fastest-growing major economy for the fourth consecutive year, even as global growth remains around 3%.

"India today stands as one of the most trusted global growth stories," the Minister said.

Inflation at Historic Lows, Strong Price Stability Achieved

On price stability, Shri Puri pointed to India's sharp improvement in inflation management since 2014.

He said India recorded the steepest reduction in headline inflation among major economies in 2025, at around 1.8%.

Between April and December 2025, inflation averaged about 1.7%, supported by lower food prices, especially vegetables and pulses.

He added that India's inflation levels are significantly lower than those prevailing in several advanced and emerging economies.

Capital Expenditure Surge Driving Infrastructure-Led Growth

Emphasising the decisive shift towards capital-led growth, Shri Puri said infrastructure spending has become India's key growth engine.

Overall capital expenditure in 2026–27 stands at about ₹12.2 lakh crore, representing an increase of over 430% compared to 2013–14.

Key allocation increases since 2014 include:

• National highways: up nearly 500%

• Defence: up over 210%

• Health and family welfare: up nearly 176%

• Education: up more than 110%

He noted that every rupee spent on national highway development generates ₹3.2 in GDP, demonstrating the multiplier effect of infrastructure investment.

Strengthening Defence and Strategic Capabilities

The Minister said sustained investment in defence since 2014 has reduced import dependence and accelerated indigenous defence manufacturing in line with the Aatmanirbharta vision.

He stressed that India's strategic capabilities have strengthened through long-term planning and domestic production.

Human Capital Expansion at Unprecedented Scale

Shri Puri underlined that education and healthcare expansion have been central to India's transformation.

Since 2014:

• IITs have increased from 16 to 23

• IIMs have grown from 13 to 21

• AIIMS have expanded from 7 to 23

• Medical colleges have risen from 387 to 819

He added that India now has international IIT campuses in Zanzibar and Abu Dhabi, reflecting global recognition of India's education ecosystem.

Connectivity Revolution Across India

The Minister highlighted the massive expansion of transport infrastructure over the past decade:

• National highways expanded from 91,000 km (2014) to nearly 1.46 lakh km (2026)

• Metro network grew from 248 km to over 1,000 km

• Airports more than doubled from 70 to around 160

Over the last five years alone, more than 57,000 km of highways have been constructed, generating around 33 crore person-days of employment annually.

He also noted:

• Over 164 Vande Bharat Express trains are operational

• 260 sleeper trainsets are planned

• Indigenous technologies will power seven newly announced high-speed rail corridors

India has also invested over ₹2.5 lakh crore since 2014 in building more than 2,000 metro coaches domestically.

Under the UDAN scheme, 1.5 crore passengers have flown on routes that did not exist earlier, helping India become the world's third-largest domestic aviation market.

MSME Growth and Clean Innovation Embedded in Budget

On MSMEs and clean growth, Shri Puri said the Budget aligns competitiveness with sustainability.

Major initiatives include:

• Bio-Pharma SHAKTI with an outlay of ₹10,000 crore

• ₹10,000 crore MSME Growth Fund

• ₹2,000 crore top-up to the Self-Reliant India Fund

• ₹20,000 crore CCUS Mission for carbon capture and storage

• Duty exemptions for lithium-ion battery equipment, critical minerals and nuclear power projects till 2035

These measures, he said, will strengthen innovation, enterprise and India's clean growth transition.

A Nation-Building Budget Towards Viksit Bharat

Summing up, Shri Puri said Union Budget 2026–27 recognises India's decade-long transformation into a major global economy and lays the foundations for sustained, inclusive and innovation-driven growth.

He described it as a nation-building Budget that advances India steadily towards a truly Aatmanirbhar and Viksit Bharat.