कथन

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Chairman Sir, I thank you for giving me this opportunity to participate in this very important discussion on the Budget that was presented by the hon. Finance Minister Shrimati Nirmala Sitharaman Ji. Sir, I would first like to begin by congratulating her on her 9th consecutive Budget that she had presented in the Parliament. The Budget gives us a clear message about India’s long-term priorities and it also emphatically states where India intends to position herself in the unfurling global economic scenario. It also clearly states that the Budget intends to balance growth and macro-stability. The challenge before the hon. Finance Minister as she was charting out the Budget was that she had to ensure momentum alongside building resilience. We had a GDP of around seven per cent with inflation being low and fiscal deficit in the right direction. This was the momentum that was there in the country, but we need it to build our resilience against the global trade which was in a flux. Sir, the fiscal deficit of 4.3 per cent which is marginally lower than 4.4 per cent only emphasizes that the focus of the Finance Minister has been on continuity rather than ambition. Since the pandemic, the slow rate of fiscal deficit reduction only highlights that the focus has been on stability rather than dramatic consolidation. With the global uncertainty looming large and also the rupee being under pressure, the Budget that was presented is nothing short of prudent macroeconomics. Above all of this, the real story is in the increase of 10.02.2026 1222 allocation of capex at Rs.12.20 lakh crore as against Rs.11.20 lakh crore which is 4.4 per cent of the GDP and this clearly underlines that the focus is on investments rather than on consumption subsidies. This is what we would call fiscal prudence over populism. The EU Free Trade Agreement would most probably come into operation by 2027 and we also have the US tariff uncertainties looming large. Under these circumstances, we need to build our domestic capacities to protect our country from supply chain disruptions. Sir, against this backdrop, the industrial strategy that has been spelt out in the budget, reveals a resolve to move up the value chain. It could be an amount of Rs. 10,000 crore allocation for the Biopharma Shakti Initiative or the amount of Rs. 40,000 crore allocation for the Electronic Component Manufacturing or India’s Semiconductor Mission 2.0. They together emphasise that India would want to become Atmanirbhar or self-reliant in these strategic sectors on which it was until now import dependent. Sir, there is also renewed emphasis on service sector and we know that the contribution of service sector to our GDP is around 55 per cent and it dominates our exports as well. Sir, the common safe harbour margins 15.5 per cent and the threshold enhancement from Rs. 300 crore to Rs. 2,000 crore only emphasise that India’s software still remain our reliable foreign exchange earner. Sir, the proposed Education to Employment and Enterprise Standing Committee aiming at 10 per cent of the global service market underscores this 10.02.2026 1223 and the expansion of AYUSH and Khelo India Mission only revealed the intent of extending or diversifying service exports beyond technology. Sir, there has also been emphasis on rare earth mineral corridors. Today, we are faced with an external environment in which trade as well as multilateralism is in danger and access to supply chains is being disrupted. Hence, we need to strengthen, if not protect ourselves against these external shocks. Therefore, the manufacturing of rare earth permanent magnets or REPM is vital to meet our growing demands of the upstream industries like electronics, electric vehicles, aerospace, defence and the likes. Sir, the need for securing our supply chain arose when China, the world’s largest, if not the only, supplier of REPM curbed its exports giving rise to global shortage and disrupting industries. This shock emphasised the need for indigenisation. Today, by indigenising REPM, India could position itself as a global hub of sustainable manufacturing. Sir, the proposed scrapping of custom duty on monazite from the present 2.5 per cent is a welcome measure because this would only attract more investments in REPM and also improve the employment opportunities for our own children. The States in which monazite is largely found are Kerala, Tamil Nadu, Andhra Pradesh, Odisha, Jharkhand, Maharashtra, Gujarat and West Bengal with Andhra Pradesh, Kerala, Tamil Nadu and Odisha contributing 89 per cent of the 12.73 million tonne monazite reserves in our country. Sir, I would only request the hon. Finance Minister here that we would 10.02.2026 1224 need to work closely with the States for the single window clearances as well as land subsidies because this is largely in the control of the States and this would also hasten and quicken investments into our country in REPM. Alongside, I would also request the hon. Finance Minister to consider applying PLI or performance linked incentives for the mining of rare earth minerals because as the very name states, they are rare earth minerals and we need our efficacy to improve in mining of rare earth minerals and also apply PLI to REPMs too. Sir, the Budget further simplifies customs tariff by rationalising exemptions and focusing on effective rates. The ripple effect of this would be that our domestic manufacturing sector would be strengthened and our exports would improve. Customs today are moving towards trust-based, digitally AI- assisted framework marking a significant stride towards ease of doing business. So, the targeted exemptions and process reforms aim at reducing the input cost that would improve certainty for long gestation and capital incentive projects. Sir, manufacturing is the central pillar of our Indian economic growth and its contribution to the GDP is around 16 to 17 per cent. It is much lower than what many of the other countries, for example, China, have. However, measures such as duty-free imports for the leather and footwear industry, the extension of the export-obligation period under the Advance Authorisation Scheme from six months to one year, the announcement of a scheme to support the production of high-value, technologically advanced construction 10.02.2026 1225 and infrastructure components, and the removal of Rs. 10 lakh per- consignment cap on courier exports for MSMEs would not only improve access to foreign markets but also strengthen domestic manufacturing. Sir, in the health sector, the customs duty exemption on 17 additional drugs and medicines as well as on key diagnostic components, only indicates the commitment of the NDA Government to the well-being of its citizens. This is over and above the exemption that was given for the cancer drugs earlier in her earlier Budget. This reduction in customs duty would provide immediate relief to patients who are suffering from cancer and rare diseases, signalling a policy towards affordable health care. This is alongside the Ayushman Bharat, the Jan Aushadhi Kendras which are already in place in our country. The PLI allocation for the auto sector has been increased, which is a very welcome measure, but I would also appeal to the hon. Finance Minister to reconsider the 45 per cent reduction in the PLI for the lithium-ion cells because this is rather important. The Exclusive Economic Zone, or the EEZ, span about 2.3 million kilometer in the Indian Ocean. Catching fish in the EEZ duty-free will not only reduce operational costs, but would also recognize the fish as Indian catch. If it lands on other shores, then it would be considered as exports. Many countries, like the US and China actually follow this route, and this would actually unlock the economic potential of our country’s marine resources. This would also, beyond boosting deep-sea fishing, facilitate harvesting high-value fish, like tuna, marlin, sailfish, and the likes. Presently, Indian fishing vessels are not 10.02.2026 1226 well-equipped for long distance operations. This would actually call for investments in vessels with on-board freezing facilities as well, opening up a sea of opportunities for our fisherfolk. The limit for duty-free imports and specified inputs used for processing seafood has been increased from one per cent to three per cent over the previous year’s export turnover, and this would actually ease the pressure on the marine sector by bringing down the cost of production at a time when one of our largest export earners is actually facing a crisis of the high US tariffs, which have now been, of course, reduced. Sir, now I would state about the Budget thrust on high value farm produce and allied sectors. This would also help in reducing our import cost dependency, modernize agricultural practices, and also improve farm incomes. The production of coconut oil has reduced drastically in the past one decade. The production of coconut in our country is around 600 thousand tons, and of coconut oil is around 450 hundred tons. The oil production has now reduced to 4 lakh tons, and one of the reasons, if not the sole reason, is that our plantations are ageing and we need to replace them. Therefore, the hon. Finance Minister coming forward, shouldering the coconut farmers and assuring them that their trees would be replaced by new saplings is a welcome measure. The export on coconuts have actually risen to 1.88 lakh tons in 2025 as against the 1.76 lakh tons in 2024, which is a seven per cent hike. None of us have actually forgotten the success story of Aruku Coffee. When it was initiated, there were many people who did not believe that it would succeed. But today, Aruku Coffee has become a global brand. So, riding on 10.02.2026 1227 the success of Aruku Coffee, to emulate it in cashew nuts and coconuts would actually reduce our dependency on imports. Exports of cocoa and related products have increased 26 per cent touching 4.54 lakh tons in 2025, up from 36.86 lakh tons. So, I think this is a very welcome measure. Sandalwood is an integral part of our culture. Therefore, the support that has been given to sandalwood farming as well as post-harvest processing would only help us in restoring the past glory of sandalwood. Sir, alongside this, the AI initiative called the Virtually Integrated System to Access Agricultural Resources (VISTAAR) would educate the farmers in every detail of agriculture and economics, and this is very important for us because 80 per cent of our farmers are small and marginal farmers who have land holdings which are less than five acres. Therefore, this technical assistance would help farmers in innovative practices, thereby enhancing their incomes. Sir, India’s 7.4 million MSMEs would stand to benefit from the Rs. 10,000 crore SME Growth Fund that has been allocated. This is over and above the Rs. 2000 crore Self Reliant India Fund that has already been allocated, and this provides access to risk capital for MSMEs. MSMEs largely supply to PSUs and other large houses, but payments are quite often delayed, which leads to financial crunch and thereby the ill-health of the MSME. Therefore, TReDS are being made mandatory where the invoice has to be settled via the platform with no excuses. It is a big help for the MSMEs. The 10.02.2026 1228 chronic problem that MSMEs face, which even our Economic Survey has emphasized, is their lack of accessibility to capital. Therefore, these initiatives would surely enhance proximity to capital for the MSMEs, which are one of the largest employment generators after agriculture. Sir, urbanization is happening at a great speed and the focus on Tier II and Tier III and Temple cities is a welcome measure because here the infrastructure would definitely be upgraded and modernized, making life for migrants, who actually come into these cities, much better and safer, and they would not have to live in deplorable conditions as they are doing now. Today, recognizing cities and towns as growth hubs is the need of the hour. Therefore, I would surely like to welcome this measure. … (Interruptions) Sir, I just need five minutes. Sir, having said that, a nation’s progress is impossible without the empowerment of its women. Building on the success of Lakhpati Didi, the most important initiative that has been introduced in the Budget, is the establishment of the Self-Help Entrepreneur Marts or SHE-Marts, which will provide women entrepreneurs direct market access and business opportunities. In addition, the credit-linked support for women-led fisheries and aquaculture enterprises encourages economic independence in coastal and rural regions. These initiatives are designed to convert small-scale participation into scalable enterprise. Another landmark initiative in this Budget is the establishment of one hostel for girls in every district, especially near the STEM 10.02.2026 1229 institutions. This step ensures that talented young women from rural and semi- urban areas would not have to discontinue education for lack of accommodation. These initiatives collectively strengthen financial inclusion, education access, and entrepreneurial growth for women, converting empowerment into leadership. Beyond economic and educational support, the Budget also gives a strong social message that women are partners in nation- building and not mere beneficiaries of welfare. Therefore, it is no longer women’s development, but, now, the new story is ‘women-led development’. Sir, having said that, I would only like to conclude by saying that the Budget has been crafted and presented amidst unique circumstances in an increasingly turbulent world. In such circumstances, this Budget is a coherent framework that laid emphasis on financial prudence, infrastructure-led growth, and human development, preparing India for the Viksit Bharat 2047 in a volatile and an unpredictable world. Thank you, Sir.

वक्ता Rahul Kaswan

कब कहा 2026-02-10T00:00:00.000Z

किस वाद-विवाद में Ruling regarding Notices of Adjournment Motion