Dehradun, February 7: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stated on Saturday that the Union Budget for 2026-27 reflects the confidence and maturity of an Economy that has undergone significant transformation since 2014.
During a press conference addressing the media about the Union Budget 2026-27, Puri emphasized that the budget strikes a careful balance between promoting growth and maintaining fiscal discipline. He highlighted India’s journey from being classified among the “Fragile Five” to becoming the world’s fourth-largest economy and one of the most reliable global growth stories.
Describing the budget as visionary and consolidation-oriented, Puri noted that it builds on the foundations laid over the past decade and prepares India for the next phase of global leadership. Driven by consumption and investment, India’s GDP growth rate for the fiscal year 2026 is projected to be 7.4 percent, establishing India as the fastest-growing major economy for the fourth consecutive year, despite the global growth rate hovering around 3 percent.
The minister further stated that India recorded the largest decline in inflation among major economies in 2025, dropping to approximately 1.8 percent. From April to December 2025, inflation averaged around 1.7 percent, largely due to lower food prices, particularly for vegetables and pulses. He also pointed out that India’s inflation level is significantly lower than that of many developed and emerging economies.
Puri emphasized the decisive shift towards capital-based development since 2014, revealing that total capital expenditure for 2026-27 is approximately ₹12.2 lakh crore, reflecting an increase of over 430 percent compared to 2013-14. During this period, allocations for national highways increased by nearly 500 percent, over 210 percent for defense, approximately 176 percent for health and family welfare, and more than 110 percent for education.
He stated that spending on infrastructure has become a key engine of growth, with every rupee spent on national highway development contributing ₹3.2 to the Gross Domestic Product (GDP).
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