NEW DELHI: The Opposition on Tuesday accused the government of giving up its strategic autonomy to the United States, while the ruling alliance hailed the steps taken for the all-around development of the country and its people.
Participating in the debate on the Finance Bill 2026 in Lok Sabha, Congress MP Manish Tewari claimed there has been an exodus of foreign direct investment (FDI) and foreign portfolio investment (FPI) from the country, and the economy is not kicking off. There has been a massive fall in the rupee, with no steps taken to check its drop, he alleged.
Referring to the proposed trade agreement with the US, the Chandigarh MP claimed it will open the Indian market for US agricultural products.
India has given up its strategic autonomy by "agreeing" to not buy Russian oil due to US pressure, Tewari alleged. But ironically, he claimed, the same US is now encouraging countries to buy not only Russian oil but Iranian oil too.
The Congress MP also asked the government what would be the burden of the ongoing war in West Asia on India, and what the situation would be in the country after April 30, when the second phase of Bengal elections gets over.
Taking part in the debate, BJP member Naveen Jindal accused the opposition of criticising the government without any "facts or substance."
The Kurukshetra MP claimed the Opposition is engaged only in protests and disruptions without realising that the welfare programmes undertaken by the government would benefit their constituents too.
The Budget 2026-27 will help all sections of people, and boost agriculture and industry, Jindal said, adding that the government always works for the welfare of the farmers.
In its 11 years of rule, the NDA government encountered numerous problems, Covid, geopolitical tensions, war, but faced every crisis boldly to bounce back on the path of progress, Jindal said.
India has become the fastest-growing economy due to the government's consistent efforts, he said.
JD-U MP and ruling alliance member Ramprit Mandal said the NDA government has brought all-around development for the country and hailed its welfare schemes for the poor and marginal sections of society.
Mandal, who represents Jhanjharpur in Bihar, sought special steps for the industrialisation of the eastern state.
When Bihar develops, the country develops too, he said.
Pushpendra Saroj of the Samajwadi Party alleged that the government has failed to fire up the economy, and sought to know how much funds have been allocated to Uttar Pradesh for schemes like MGNREGA, Jal Jeevan Mission, and the Namami Ganga project.
The MP from Kaushambi in Uttar Pradesh claimed India was once respected globally for its independent foreign policy, but now the country has snapped ties with many nations.
He also claimed that there has been an impression that India's foreign policy has collapsed and the country has become "dependent" on the US. "The fact is, we are not just dependent, we have surrendered before the US," he said.
Joining the debate, Congress MP from Telangana, Vamsi Krishna Gaddam, sought tax relief for Dalit business founders and employee-linked incentives to encourage employers to recruit Dalit staff.
Multiple MPs brought up the increasing wealth gap in India and how a huge percentage of taxes continue to come from the poor rather than the rich.
Maharashtra Congress MP Kirsan Namdeo accused the government of disinvesting from public sector enterprises set up by the Congress.
Samajwadi Party's Priya Saroj accused the Centre of using funds meant for people to pay off debts.
The MP from UP's Machhlishah also criticised the reduction of corporate taxes and asked where the money is sourced from now.
Chandra Shekhar of the Aazad Samaj Party (Kanshi Ram) listed "multiple problems" with the Indian economy, from demonetisation and unemployment to the LPG crisis and issues faced by the MSMEs. "What does the Finance Bill do to address these problems?" the MP from UP's Nagina asked.
Lavu Sri Krishna Devarayalu of the TDP, an NDA ally, claimed the economy thrived in the past five years despite challenges, making India one of the fastest-growing economies with 7% GST growth.
However, some bottlenecks in the taxation system need to be addressed, the MP from Narasaraopet in Andhra Pradesh said.
Offering some criticism of the Budget, he said that utilisation of funds matters more than budgetary allocations, and asked the finance ministry to advance the AI target to two years, with 1 million graphics processing units (GPUs) by 2028, to ensure balance of payments and self-reliance.
Although funds are allocated to the semiconductor industry, which could potentially prevent the "brain drain" by bringing back Indian professionals to the country, they are not being spent, the TDP lawmaker claimed.