<h1>Fiscal policy critique: Budget prioritises targeted relief and new programmes while trimming core public spending and reform.</h1> The commentary critiques the Union Budget 2025-26 for favouring politically targeted relief while cutting public expenditure and underperforming on revenue. It notes revised revenue and net tax shortfalls, substantial reductions in total and capital expenditure across social and development sectors, and questions the government's capacity to deliver proposed capital outlays. It also highlights reduced allocations for disadvantaged groups, under-allocation to railways, underspending on employment schemes, and the Budget's preference for new programmes over deregulation and structural reform.