Former Union Finance Minister P Chidambaram strongly criticised the Union Budget 2026 presented by Finance Minister Nirmala Sitharaman, saying it fails to address the key challenges highlighted in the Economic Survey. In an exclusive interview with NDTV Editor-in-Chief Rahul Kanwal, Chidambaram said India and the world are facing serious economic and global pressures, but the Finance Minister neither mentioned these issues nor offered solutions.
He argued that the Budget speech and figures do not reflect any clear economic strategy or “statesmanship.” According to him, the Chief Economic Advisor had already outlined major concerns in the Economic Survey, and since the advisor works under the Finance Ministry, the government cannot ignore those warnings. Chidambaram said the Finance Minister should have acknowledged the challenges and reassured the public through concrete measures, adding that addressing problems does not mean creating panic.
Chidambaram flags weak manufacturing growth, says semiconductor push came too late
When asked whether the government could be working quietly behind the scenes to manage issues, he responded sharply, questioning whether the government’s approach was to spread fear with one hand and calm it with the other.
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Chidambaram also commented on the government’s semiconductor push, stating that after 12 years in power, such initiatives should have started earlier. He pointed out that the government itself admits manufacturing remains stuck at around 15% of GDP, and demanded specific steps to increase it. He stressed that no country becomes prosperous without significantly boosting manufacturing, warning that India cannot achieve long-term growth if the sector remains stagnant.
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