Chidambaram says the budget offers nothing to change the economic trajectory, maintaining average growth rates of 6% to 6.5%
Senior Congress leader and former Finance Minister, P. Chidambaram, sharply criticised the Union Budget for 2025-26, calling it a reflection of a government with “no new ideas” and “no will to reach beyond its grasp.” According to Chidambaram, the budget did not offer anything substantial to change the country's economic trajectory and will continue the status quo that has seen average growth rates of 6% to 6.5%.
Chidambaram highlighted that while the bureaucracy may be pleased with the proposals, there was little to inspire confidence among the general public. He said the budget appeared to prioritise maintaining a tight control over the country's economic and social sectors, at the expense of addressing the urgent needs of the people. “This is a government that has no vision for the future. It’s only interested in perpetuating its hold over the people and the economy,” Chidambaram stated.
In his remarks, he criticized the lack of bold new reforms and long-term plans to boost India’s economic growth. He remarked that while there were marginal adjustments in certain areas, there was a general absence of measures to ignite a transformative growth path. “The economy will trudge along the same path it has been following for years,” Chidambaram noted, referring to the country’s annual growth of 6% to 6.5%, which he argued is unlikely to change significantly under the current fiscal plan.
Chidambaram also pointed out that the government’s increasing control over people's activities, especially in sectors like finance and technology, would only continue to tighten in the coming year. He emphasized that the budget lacked any real effort to address unemployment or inflation, two key issues that have been at the forefront of national discourse.
Furthermore, the Congress leader slammed the government for its failure to address the root causes of economic inequality and for neglecting the needs of the poorest sections of society. “Instead of empowering people, this budget offers only the illusion of progress,” he added.
While Chidambaram's remarks reflect a broader discontent within the opposition about the budget’s focus on short-term gains, the government has defended its fiscal plan, emphasising the importance of maintaining economic stability and gradual reforms. However, for Congress and many of its allies, the budget seems to offer little hope of addressing the country's deeper economic challenges.
As the debate around the 2025-26 Budget continues, it is clear that the focus on gradual economic growth, alongside a tighter grip on governance, remains a divisive issue in Indian politics.
