Budget for 'invisible friends', says Akhilesh Yadav as Sensex plummets

Samajwadi Party chief Akhilesh Yadav alleged the Union Budget 2026-27 is for BJP's 'invisible friends,' citing the Sensex plummet. Opposition leaders from Kerala and Tamil Nadu also protested, calling the budget discriminatory and disappointing.

Akhilesh Yadav slams budget, cites market fall

Samajwadi Party Chief Akhilesh Yadav on Monday alleged that the Union Budget 2026-27 is "largely designed for invisible friends" of Bharatiya Janata Party. Taking a jibe, Akhilesh Yadav said that the budget announcement has caused the Sensex to plummet. "What can you say about a government whose budget announcement caused the Sensex to plummet? How much further will the Sensex and the rupee fall?... Thousands of acres of land have been acquired in Uttar Pradesh to build a defence corridor. But what has been achieved?" he said.

"The BJP has many invisible friends who benefit greatly. This budget was largely designed for those who are invisible. Five per cent of the budget is for people. What's the benefit for farmers?" he added.

Regional Opposition voices dissent

Opposition MPs from Kerala protested against the Union Budget 2026 in Parliament on Monday, calling it an 'anti-Kerala Budget'.

Marumalarchi Dravida Munnetra Kazhagam (MDMK) General Secretary Vaiko criticised the Central government over the "disappointing" Union Budget 2026-27 and alleged "discrimination against Tamil Nadu." The MDMK leader said the state's economic and industrial concerns have largely been ignored, with specific reference to the textile hubs of Coimbatore, Tiruppur, Karur, and Erode.

Speaking to ANI here, Vaiko said, "That demand has not been accepted by the Union Govt. The Budget presented by Finance Minister Nirmala Sitharaman yesterday was disappointing; Tamil Nadu, in particular, has been discriminated against."

Key Budget Announcements

Some of the key announcements of the budget were that public capital expenditure has been increased to Rs 12.2 lakh crore for FY 2026-27, up from Rs 11.2 lakh crore in the previous year, underlining the government's continued focus on infrastructure-led growth. Key initiatives include the development of seven high-speed rail corridors connecting major cities, new dedicated freight corridors, and the operationalisation of 20 national waterways over the next five years to promote environmentally sustainable transport systems.

A major highlight on the taxation front was the announcement that the New Income Tax Act, 2025, will come into effect from April 2026, accompanied by simplified rules and redesigned forms to ease compliance for taxpayers. The Budget also proposes reductions in Tax Collected at Source (TCS) rates for overseas tour packages, education and medical expenses under the Liberalised Remittance Scheme. (ANI)

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