Bengaluru, Feb 1 (NationPress) R. Ashoka, the Karnataka Leader of the Opposition, remarked on Sunday that the Union Budget 2026-27 represents a pivotal advancement towards a more developed India, emphasizing that the Bengaluru-Hyderabad high-speed rail corridor will solidify Bengaluru's role as a vital economic center in South India.

"The introduction of seven high-speed rail corridors in the budget is set to invigorate economic activities by swiftly linking major urban centers across the nation. The Bengaluru-Chennai and Bengaluru-Hyderabad high-speed routes will bolster Bengaluru’s status as a crucial economic hub of South India," he noted.

He observed that this initiative will subsequently enhance job creation, industrial growth, trade, and the logistics sector.

Ashoka asserted that under the decisive guidance of Prime Minister Narendra Modi, the Union Budget 2026-27 presented by Union Finance Minister Nirmala Sitharaman is a forward-thinking and well-balanced budget that propels the country towards the vision of Viksit Bharat by 2047.

He highlighted that economic discipline, citizen-focused policies, and a development-oriented approach are the foundational principles of this budget.

He pointed out that the budget clearly delineates three principal national priorities: first, accelerating economic growth through productivity enhancements; second, achieving inclusive development by addressing the aspirations of the populace; and third, providing opportunities for every citizen under the principle of Sabka Saath, Sabka Vikas. This vision distinctly mirrors the governance philosophy of the Modi administration," he claimed.

Special attention has been directed towards the agriculture sector in this budget. Initiatives such as the Mahatma Gandhi Gram Swaraj Scheme to promote khadi and handloom products, special packages for coconut, sandalwood, and cashew cultivation, along with the goal to establish cashew and cocoa as global export products by 2030 are crucial steps aimed at enhancing farmers’ incomes. These measures will foster new markets and economic opportunities for farmers throughout the country, including Karnataka, Ashoka asserted.

"The announcement of support for Micro, Small and Medium Enterprises (MSMEs) and an allocation of Rs 40,000 crore for the semiconductor sector will significantly boost the industrial domain. This will reinforce the industrial ecosystem of Bengaluru and Karnataka and create more employment prospects for the youth," he noted.

He mentioned that with the middle class in mind, several key simplifications have been introduced in the tax framework.

“A mere 10 percent penalty for late income tax filing without any criminal liability, a reduction of the Tax Collected at Source (TCS) on health and education services from 5 percent to 2 percent, and the introduction of a new Income Tax Act aimed at establishing a simple and transparent tax system are all citizen-friendly measures,” he stated.

Ashoka pointed out that the reduction in prices of 17 essential medicines and medicines for six rare diseases, alongside tax exemptions on accident compensation, are compassionate, people-oriented decisions that alleviate the financial burden on everyday citizens.

“These initiatives reflect a humane approach to fortifying the healthcare sector," he remarked.

Ashoka concluded that overall, this budget acts as a balanced framework of economic discipline, social justice, and inclusive growth, possessing the potential to elevate India into the ranks of leading nations globally.

“Heartfelt congratulations and gratitude to Prime Minister Modi and Finance Minister Nirmala Sitharaman for delivering this people-centric and development-driven budget that outlines a clear trajectory for the nation’s future,” he expressed.