Dehradun, February 7 Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Saturday that the 2026-27 budget reflects the confidence and maturity of an economy that has undergone fundamental transformation since 2014.
Addressing the media here, Puri said the budget strikes a careful balance between promoting growth and maintaining fiscal discipline, underscoring India's journey from being counted among the "fragile five" to becoming the world's fourth-largest economy.
Describing the budget as forward-looking and stability-oriented, the Union Minister said it builds upon the foundations laid over the past decade, while also preparing India for the next phase of global leadership.
He said India's GDP growth for the financial year 2026-27 is projected at 7.4 per cent, confirming India's position as the fastest-growing major economy for the fourth consecutive year.
Referring to the sharp improvements achieved since 2014 in price stability, Puri said India recorded the sharpest decline in headline inflation among major economies in 2025.
He said that between April and December 2025, inflation averaged approximately 1.7 per cent. He added that India's inflation level is significantly lower than that of many advanced and emerging economies.
The Union Minister said that the total capital expenditure in 2026-27 is approximately Rs 12.2 lakh crore, which is more than 430 per cent higher than in 2013-14.
He said that during this period, the allocation for national highways has increased by approximately 500 per cent, for defense by more than 210 per cent, for health and family welfare by approximately 176 per cent, and for education by more than 110 per cent.
He said that spending on infrastructure has become a major engine of growth, with every rupee spent on national highway development resulting in a Rs 3.2 increase in GDP.
Regarding the strengthening of defense and strategic capabilities, Puri said that consistent investment in this sector since 2014 has helped reduce dependence on imports and accelerated indigenous defense manufacturing, in line with the vision of self-reliance.
He emphasized that human capital development has been crucial to India's growth trajectory over the past decade, and since 2014, the number of IITs has increased from 16 to 23, IIMs from 13 to 21, All India Institutes of Medical Sciences (AIIMS) from 7 to 23, and medical colleges from 387 to 819.
The Union Minister said that the expansion of infrastructure has transformed connectivity and daily life across the country.
He stated that the length of national highways has increased from approximately 91,000 km in 2014 to approximately 1.46 lakh km in 2026, while the number of airports has increased from 70 to 160.
He added that India has invested over Rs 2.5 lakh crore since 2014 in manufacturing more than 2,000 metro coaches domestically.
