Budget 2026: Nirmala Sitharaman’s Speech Remained ‘Cold’ for the Common Man!....by Gurpreet Singh
The Budget for the year 2026–27, presented by Union Finance Minister Nirmala Sitharaman in Parliament today, did not live up to the expectations of common citizens across the country, including Punjab. At a time of rising inflation, people were hoping the government would cut taxes and provide relief on essential items such as cooking gas, but no such major announcement was made in the Budget speech.
Ignorance of farmers, workers and youth
The budget failed to present any special package or new scheme for farmers in the agriculture-dominated state of Punjab and North India. The absence of concrete relief for workers and the poor was clearly visible. Similarly, no clear roadmap was outlined for creating new job opportunities for youth struggling with unemployment.
The Finance Minister announced that the New Income Tax Act will come into effect from April 1, 2026. Although the government has termed it a step towards simplification, there is widespread disappointment among the salaried class due to the absence of any change in tax slabs. Tax rates have been retained as before.
The stock market witnessed a sharp decline immediately after the budget presentation. Investors failed to see any strong growth-oriented measures in the proposals, leading to turbulence in the Sensex and Nifty.
The most controversial aspect of the budget has been the relief extended to income tax evaders. Individuals who concealed their actual income have now been provided an exit route by paying only 30 percent tax, without facing penalties or punishment. Critics argue that this move will severely dent the morale of honest taxpayers.
Gold and silver cheaper — is this enough?
Following customs duty reforms announced in the budget, gold prices have dropped by nearly ₹3,500, while silver has become cheaper by around ₹25,000 per kilogram. However, experts say this relief benefits mainly the affluent class, whereas reducing everyday kitchen expenses should have been the priority for the common man.
Overall, the budget appears to favour a select few industrial houses. The absence of any major announcement or project for a border and agriculture-dependent state like Punjab highlights the Centre’s regional indifference. For the common people, this budget has ultimately proven to be “hollow.”
February 1, 2026
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Gurpreet Singh, Senior Journalist
gurpreetsinghjossan@gmail.com
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