Union Budget 2026: Why Policy Certainty Matters More Than Populism

Often described as boring and predictable, Union Budget 2026 may actually be signalling something far more valuable - policy certainty. Former Finance Secretary Subhash Garg explains why this was a year of hard constraints, limited fiscal space and pragmatic choices. With tax revenues growing just 1%, a lower fiscal deficit target of 4.3% and expenditure growth capped at 5.5%, the government had little room for big-bang announcements or populist relief. Instead, the Budget focused on realism and long-term intent. Garg notes that while headline announcements on infrastructure, semiconductors and future cities set the right narrative, their execution remains uncertain. In a year without fiscal adventures, the biggest takeaway may be predictability - offering stability to investors even if the josh was missing.