Lucknow (Uttar Pradesh) [India], February 2 : Uttar Pradesh Chief Minister Yogi Adityanath on Monday lauded the Union Budget 2026-27, asserting that the budget fulfils the aspirations of Uttar Pradesh with its special focus on Micro Small, and Medium Enterprises (MSME) sector.
Yogi Adityanath said the budget will help UP to acquire new technologies, develop training programs, and enhance packaging in the MSME sector.
"This budget also fulfils the aspirations of the country's most populous state. It primarily includes a budget allocation of ₹10,000 crore for the MSME sector," CM Yogi said in a press conference.
"Uttar Pradesh leads the country in this sector... We used to feel that our MSME sector, which we have promoted in the form of 'One District, One Product', had expanded our exports and generated employment, but what next?... This Rs 10,000 crore will help UP in acquiring technologies, training programs, and new developments in packaging," he added.
To strengthen domestic manufacturing, the Budget announced sector-specific interventions across biopharma, textiles, and MSMEs. A Rs 10,000 crore Biopharma SHAKTI initiative aims to position India as a global hub for biologics and biosimilars, while a separate Rs 10,000 crore SME Growth Fund has been proposed to nurture "Champion MSMEs."
The budget also announced the development of seven high-speed rail corridors connecting major cities.
Speaking about it, CM Yogi said two of the seven railway corridorsDelhi-Varanasi and Varanasi-Siligurihave been allocated to Uttar Pradesh. These two new railway corridors will benefit Uttar Pradesh's already excellent rail infrastructure."
"The Eastern and Western Dedicated Freight Corridors both pass through Uttar Pradesh, where our largest logistics hub is being developed. Uttar Pradesh will reap the benefits of this as well," he added.
He also said the budget will serve as a "strong foundation" to connect future generations with the vision of progress.
"Reform, growth, and fiscal discipline are clearly evident in this budget. By weaving these three elements together, this budget will serve as a strong foundation, enabling us to build a stronger India and connect future generations to this vision of progress," CM Yogi Adityanath said in a press conference.
Other 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.
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.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor