Kolkata: West Bengal Chief Minister Mamata Banerjee launched a sharp attack on the Union Budget 2026 on Monday, dubbing it a “Humpty Dumpty Budget” in reference to the nursery rhyme that speaks of a great fall. Her critique came in the wake of a volatile reaction in Indian markets following Finance Minister Nirmala Sitharaman’s ninth Budget presentation, which saw the Sensex plummet over 1,600 points and the Nifty drop more than 500 points during afternoon trading before partially recovering.
“They have not given a single paisa for Bengal. This is a Humpty Dumpty Budget,” Banerjee declared, portraying the document as directionless and disconnected from the aspirations of ordinary citizens. She added that the Budget was “visionless, actionless, and anti-people,” singling out women, farmers, students, and marginalized communities including SC, ST, and OBC for its perceived neglect.
The Budget’s announcement triggered immediate market jitters. The 30-share Sensex of the Bombay Stock Exchange (BSE) initially dropped over 1,600 points, while the 50-stock Nifty index on the National Stock Exchange (NSE) fell by more than 500 points. By the close of trading, the indices had recovered roughly half of their losses, with Sensex down around 600 points and Nifty 250 points in the red, reflecting cautious optimism among investors.
The Congress party also slammed the Budget, terming it “totally lacklustre” and claiming it failed to deliver meaningful support to farmers or generate sufficient employment opportunities for the youth. Party leaders echoed Banerjee’s sentiments, arguing that the document fell far short of the hype surrounding its release.
Presenting the Budget, Sitharaman emphasized structural reforms alongside fiscal prudence. Among the major announcements was the creation of a “High Level Committee on Banking for Viksit Bharat”, aimed at a comprehensive review of the banking sector to align it with India’s next phase of growth.
The finance minister also unveiled indirect tax measures designed to:
• Simplify the tariff structure
• Support domestic manufacturing
• Boost export competitiveness
• Correct duty inversion
These moves came amid global uncertainties, trade frictions, US tariffs, and a slowdown in exports, factors that have influenced India’s economic planning for the coming fiscal year.
Prime Minister Narendra Modi, in a televised post-Budget statement, described the package as “historic,” asserting that it reflected the aspirations of 140 crore Indians while strengthening the reform agenda. He highlighted that the Budget charts a clear roadmap for Viksit Bharat, reinforcing initiatives such as Make in India and Aatmanirbhar Bharat, and providing momentum to India’s economic reform trajectory.
“This Budget lays the foundation for our journey towards a Viksit Bharat by 2047. It will energise India’s reform express with new momentum,” PM Modi said.
International observers viewed the Budget as a cautious, strategic step rather than a transformative overhaul. Moody’s Ratings called it “tactical” but not a “breakthrough,” acknowledging that while the government has set a roadmap for the next financial year, it does not yet constitute a bold departure in fiscal or structural policy.
In sum, while the Centre positions Budget 2026 as forward-looking and reform-oriented, opposition voices and market reactions indicate widespread skepticism over its immediate impact and inclusivity, with Bengal emerging as a focal point of criticism.