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Finance Minister Nirmala Sitharaman on Monday mounted a sharp defence of Union Budget 2026, responding to criticism from Leader of Opposition in Lok Sabha Rahul Gandhi, who had accused the government of being "blind to realities" facing the economy.
In an exclusive interview with News18 Network, Sitharaman said she was willing to engage seriously with Opposition feedback, but questioned the substance behind Gandhi's remarks. Sitharaman said that while she respects the office Gandhi holds, his criticism often lacks data and rigour. "He is the leader of Opposition in Lok Sabha. I want to take him seriously, and I want to take his observations seriously to see if things can be done better. But most often, I think he shoots from his hip," she said, adding that policy critique must be rooted in facts. According to her, credible opposition is essential for democracy, but it must be backed by "good foundational data" so that the government can respond meaningfully. Referring specifically to Gandhi echoing US President Donald Trump's remark describing India as a "dead economy," Sitharaman said the comment undermined the Opposition leader's own position. "Being in India, being in the Parliament, being the leader of Opposition... are you saying you are living in a dead economy," she asked, arguing that such statements "pull the carpet from under his feet." She said India needs an Opposition that challenges the government with evidence and seriousness, remarking, "When you speak sometimes without any kind of basis... what do I respond on? You are speaking out of thin air. India deserves a better Opposition party." Earlier on Sunday, too, FM Sitharaman had directly addressed criticism from the Opposition, especially from Congress leaders who labelled the Budget as out of touch with the "real crises" facing India -- such as unemployment, farmer distress and slowing manufacturing. Rahul Gandhi had called it a "Budget that refuses course correction, blind to India's real crises", arguing it failed to tackle core economic challenges and was more rhetoric than substantive action. Sitharaman pushed back firmly against these critiques, rejecting the call for a course correction and saying she was unsure "what course correction he is referring to", while asserting that "the economy and its fundamentals are strong." She emphasised that the Budget contains targeted measures for MSMEs, farmers, women entrepreneurs and small businesses to cushion them against global volatility, and welcomed political criticism only if it was backed by factual data. Furthermore, the Finance Minister, in an exclusive interview with News18 Network on Monday, said the increase in Securities Transaction Tax (STT) for the futures and options segment in the Budget has not been done for revenue consideration, but to bring a deterrent for speculative trading. "There are people who, within India, are saying, India's markets are overpriced. I'm not even getting into that debate. We are only touching on the futures and options section of the market, cash is not even touched..., we have tried bringing in a deterrent where speculation exists," the finance minister noted in the first interview post-Budget. The government in the Budget presented on February 1 had raised the STT on Futures to 0.05% from the present 0.02%. While STT on options premium and exercise of options was raised to 0.15% from the present rate of 0.1% and 0.125%, respectively. Discussing the decision, the finance minister noted that the Ministry of Finance also received requests from parents asking if the Ministry would wait and watch as people lose money. According to a SEBI report, about 90 per cent of F&O traders lost money because of market illiteracy, whereas more than 75 per cent of loss-makers kept trading even after losing money for two consecutive years. "The market regulator will also do this, the institution will do its bit," Sitharaman clarified that the decision did not affect the larger market. (ANI)
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