00:00Item No. 1
00:12Item No. 1
00:27Sir, with your permission, I rise to lay on the table a copy each of the following papers, Hindi and English versions, under Article 281 of the Constitution, Report for 2026 to 2031, Volume 1, Main Report of the 16th Finance Commission.
00:542. Report for 2026-2031, Volume 2, Annexures of the 16th Finance Commission.
01:053. Explanatory memorandum as to the action taken on the recommendations contained in the above report.
01:16Item No. 2
01:17Honorable Speaker, Sir, on the sacred occasion of Magpurnima and the birth anniversary of Guru Ravi Das, I present the budget for the year 2026.
01:47Since we assumed office 12 years ago, India's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation.
02:07This is the result of conscious choices we have made, even in times heightened uncertainty and disruption.
02:16Our government, led by Honorable Prime Minister Modi, has decisively and consistently chosen action over ambivalence, reform over rhetoric and people over populism.
02:32We have pursued far-reaching structural reforms, fiscal prudence and monetary stability, whilst maintaining a strong trust on public investment, keeping Atmanirbarta as a lodestar.
02:47We have built domestic manufacturing capacity, energy security and reduced critical import dependencies.
02:54Simultaneously, we have ensured that citizens benefit from every action of the government, undertaking reforms to support employment generation, agricultural productivity, household purchasing power and universal services to people.
03:03These measures have delivered a high growth rate of around 7% and helped us make substantial strides in poverty reduction and improvement in the lives of our people.
03:31Today, we face an external environment, in which trade and multilateralism are impaired and access to resources and supply chains are disrupted.
03:42New technologies are transforming production systems, while sharply increasing demands on water, energy and critical minerals.
03:53India will continue to take confident steps towards Vikasid Bharat, balancing ambition with inclusion.
04:01As a growing economy with expanding trade and capital needs, India must also remain deeply integrated with global markets, exporting more and attracting stable long-term investment.
04:20As I begin Part A, I want to express my gratitude to the people for standing firmly with us as we forge our way together towards becoming one of the largest economies of the world.
04:35Our aim is to transform aspiration into achievement and potential into performance as we ensure that the dividends of growth reach every farmer, the scheduled caste, the scheduled tribes, the nomads, the youth, the poor and the women.
05:00In Vikasid Bharat Young Leaders Dialogue 2026, several innovative ideas were shared with our Prime Minister, which have inspired many of the proposals, making this a unique Yuba Shakti-driven budget.
05:19Our government's sankalp is to focus on our poor, underprivileged and the disadvantaged.
05:30To deliver on this sankalp, and given that this is the first budget prepared in Kartavya Bhavan, we are inspired by three Kartavya.
05:41Our first Kartavya is to accelerate and sustain economic growth by enhancing productivity and competitiveness, and building resilience to volatile global dynamics.
06:00Our second Kartavya is to fulfill aspirations of our people and build their capacity, making them strong partners in India's path to prosperity.
06:13Our third Kartavya, aligned with our vision of Sapka Saat Sapka Vikas, is to ensure that every family, community, region, and sector has access to resources, amenities, and opportunities for meaningful participation.
06:34This three-fold approach requires a supportive ecosystem.
06:40The first requirement is to sustain the momentum of structural reforms, continuous, adaptive, and forward-looking.
06:50Second, a robust and resilient financial sector is central to mobilizing savings, allocating capital efficiently, and managing risks.
07:01Third, cutting-edge technologies, including AI applications, can serve us as force multipliers for better governance.
07:14Reform Express
07:16Our government has undertaken comprehensive reforms towards creating employment, boosting productivity, and accelerating growth.
07:25After the Prime Minister's announcement on Independence Day in 2025, over 350 reforms have been ruled out.
07:37This includes GST simplification, notification of labor codes, and rationalization of mandatory quality control orders.
07:47High-level committees have been formed, and in parallel, the central government is working with the state governments on deregulation and reducing compliance requirements.
08:02The reform Express is well on its way and will maintain its momentum to help us fulfill our Kartavya.
08:09Part 3
08:29Part 3
08:30Part 4
08:32Part 5
08:33Part 5
08:34Part 5
08:35Part 5
08:36Part 6
08:37Part 2
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