'Debate Numbers, Not Narratives': Govt Pushes Back On Opposition's Budget Barbs

Last Updated:February 01, 2026, 17:17 IST

The budget's aftermath saw a volatile reaction from the stock markets and a burgeoning political firestorm over the renaming of India’s largest rural employment scheme

Government sources indicate that during a pre-budget cabinet meeting, the Prime Minister lauded the 'incredible' feat of the country’s first woman Finance Minister presenting nine continuous budgets. (Image: X)

In a historic display of fiscal continuity, Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 on Sunday, marking her ninth consecutive delivery under the leadership of Prime Minister Narendra Modi. While the budget serves as a foundational blueprint for Viksit Bharat 2047, its immediate aftermath was defined by a volatile reaction from the stock markets and a burgeoning political firestorm over the renaming of India’s largest rural employment scheme.

The Vision and the Volatility

Government sources indicate that during a pre-budget cabinet meeting, the Prime Minister lauded the “incredible" feat of the country’s first woman Finance Minister presenting nine continuous budgets. The strategy this year shifted focus heavily towards Part B, with sources explaining that the document was designed not merely for the current fiscal year but as a long-term vision leading to 2047.

Despite the ambitious outlook, the Sensex and Nifty witnessed a sharp negative reaction. Internal government analysis attributes this primarily to the increase in Securities Transaction Tax (STT) in the Futures and Options (F&O) segment.

“The government wants to discourage excessive participation in F&O trading by retail investors," a source noted. “The current market confusion is largely due to speculation, but we expect conditions to stabilise shortly."

Defence, Poll-Bound States, and the ‘Coconut’ Push

While the printed document provides specific figures, sources claim the actual focus on defence is far more extensive than what meets the eye.

Additionally, the budget made targeted overtures to poll-bound states. For instance, while specific projects like textile parks were mentioned as opportunities for states like West Bengal to claim, Tamil Nadu received a dedicated boost through special announcements for coconut cultivation.

The Political Flashpoint: From Gandhi to Ram

The most contentious element of the budget is the transformation of MGNREGA into the Mahatma Gandhi Gram Swaraj Abhiyan.

The opposition has accused the government of ideological overreach by replacing the “Mahatma Gandhi" branding in rural employment with “Shri Ram" in associated sub-schemes.

Opposition Reactions

Mallikarjun Kharge, Congress president, said, “By trying to erase the name of the Father of the Nation from the rural poor’s lifeline, this government has shown its true face. This is not a budget for the poor; it is a manifesto for ideological propaganda. You cannot feed the hungry with slogans while you snatch away the dignity of Gandhi’s legacy."

Poll-bound West Bengal’s chief minister Mamata Banerjee said, “This is a ‘Badla’ (Revenge) Budget. They have ignored the common man’s plight and focused on renaming schemes to suit their political narrative. Bengal has been deprived again, and the insult to Mahatma Gandhi will not be forgotten by the people."

The Government’s Rebuttal

Facing a barrage of criticism from the opposition benches regarding both the market slump and the renaming of schemes, Finance Minister Nirmala Sitharaman stood her ground, dismissing the allegations as being devoid of substance.

“I am fully prepared to engage in a debate with any member of the opposition. However, that debate must be based on facts and figures, not on emotional outbursts or manufactured narratives," she said. “Our allocations for rural development have only increased, and our focus remains on the empowerment of the last man in the queue."

News politics 'Debate Numbers, Not Narratives': Govt Pushes Back On Opposition's Budget Barbs

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