Union Budget progressive and growth-oriented, lays foundation for 'Viksit Bharat': Javadekar

Pune, Feb 4 (PTI) Former Union minister and BJP leader Prakash Javadekar on Wednesday termed the Union Budget as "historic" amid global turmoil, saying it lays a strong foundation for Prime Minister Narendra Modi's vision for a 'Viksit Bharat'.

Speaking to reporters here, he stated that the budget for 2026-27 provides new opportunities for development while fulfilling the aspirations of the people of India.

"This is a pro-people, progressive and growth-oriented budget. The foundation of the Prime Minister's vision of Viksit Bharat (developed India) has been laid through this budget," said Javadekar, who was a member of the first two Modi cabinets.

He noted the budget has been positioned as reform-driven and growth-oriented, with the government highlighting more than 350 reforms undertaken in the last 130 days, including deregulation, reduced compliances and trust-based governance.

"To further accelerate regulatory reforms, the budget proposes the Jan Vishwas Act 2.0, while placing strong emphasis on agricultural productivity, employment generation and enhancement of purchasing power. Aatmanirbhar Bharat (self-reliant India) remains the core philosophy of the budget, which is being welcomed across sections of society," he stated.

He said that post-GST implementation, states are receiving higher tax devolution.

Maharashtra alone is set to receive Rs 98,000 crore as tax and an additional Rs 12,355 crore through central schemes, taking the total allocation to Rs 1,10,661 crore - the highest ever for the state, the former Union minister pointed out.

He noted that tax devolution to states had increased from 32 per cent during the Congress-led UPA administration (2004-14) to 41 per cent under the current government.

The budget maintains fiscal discipline with the fiscal deficit targeted at 4.3 per cent of the GDP in 2026-27. Capital expenditure has been pegged at Rs 12.2 lakh crore, focusing on roads, railways, airports, waterways and infrastructure in Tier-2 and Tier-3 cities, Javadekar opined.

Manufacturing-led growth has been prioritised through Semiconductor Mission 2.0, the Rs 10,000-crore BioPharma Shakti programme, enhanced electronics outlay and a strong push for MSMEs via dedicated funds and credit facilitation mechanisms, he stated.

The budget also focuses on agriculture, women empowerment, critical minerals, data centres, tourism in the North East and India's goal of becoming the world's third-largest economy, Javadekar added. PTI SPK RSY