New Delhi: Launching discussions on the 2026-27 budget in the Union House on Monday, Congress MP P Chidambaram attacked the government for cutting capital expenditure in 2025-26.“This is a budget to forget… prepared by a finance minister who has forgotten the promises he made in the House last year,” the former finance minister said.Chidambaram pointed out that the nominal growth rate in 2023-2024 was 12%, but it fell to 9.8% in the last fiscal year.Chidambaram said: “For the past 12 years, capital investment, gross fixed capital formation has been stuck at 30% of GDP. Net foreign direct investment fell to less than 0.09% in 2024-25. Foreign portfolio investors (FPIs) are leaving. Although corporates are cash-rich, private investment is stuck at 22% of GDP.”“Where is the motivation for the express train of reform?” he questioned.
