Commodity expert, policy commentator G Chandrashekhar on Budget
This story was originally published at 13:41 IST on 1 February 2026
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MUMBAI - G. Chandrashekhar, commodity expert and policy commentator, said the following on the Union Budget for 2026-27 (Apr-Mar), presented in the Lok Sabha by Finance Minister Nirmala Sitharaman on Sunday:
First, the Budget is long on intent and short on strategy. Second, implementation is the key. Even if the intent is good, it is extraordinarily important to devise a strategy and monitor and evaluate the progress of the strategy. That is what our country lacks. Third, there were, in my view, opportunities to generate more revenue by raising customs duty, for example, on gold and silver. I think bullion should be taxed as a demerit commodity. And that will generate more revenue for the government. And if that were to reduce our imports, it would also stabilise the rupee. Bullion import is something which is actually destabilising the rupee and raising the fiscal deficit.
Another opportunity was to raise customs duty on edible oil. It was 20% previously, but in May 2025, the government reduced it to 10%. Consumers have not received any reason. Import duty on edible crude oil would have supported domestic oil seed prices. Farmers would have benefited if you continued to merely import large quantities of edible oil.
The Budget was below expectations. There are some very significant changes that the Budget could have proposed as far as strengthening agriculture is concerned. For example, stewardship for farmers in terms of input management and agronomy. The second one is technology infusion, and the third one was contract farming. The government should have encouraged contract farming and made corporates more responsible for producing their input. End
As told to Shreya Shetty
Filed by Avishek Dutta
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