‘Reform Express Moving Fast’: Nirmala Sitharaman On Why Budget Isn’t Whole Story | Exclusive

In an exclusive interview with Network18 Group Editor-in-Chief Rahul Joshi following the presentation of the Union Budget 2026-27, Finance Minister Nirmala Sitharaman emphasised that the government’s economic agenda is not a once-a-year event. Coining the phrase “Reform Express”, the minister asserted that the momentum of structural changes remains constant, often moving at a high velocity outside the traditional budgetary cycle.

Beyond the Budget

Sitharaman challenged the notion that major policy shifts are restricted to the annual financial statement. She noted that the government has consistently implemented critical reforms throughout the year, independent of the budget document.

“Budget and aside from the budget, reforms continue,” the Finance Minister told

News18. “We have done several reforms not through the budget, but yet outside of it through the year. That is why the expression ‘Reform Express’. It is continuing to move and move at a good pace.”

She urged observers to look beyond the immediate announcements of February 1 and evaluate the government’s sustained performance and year-round legislative activity.

Signature Reform: The Customs Overhaul

A primary example of this “on-track” momentum is the comprehensive overhaul of the customs framework. While the 2026 Budget touched upon several customs rationalisations, Sitharaman revealed that the scope of this reform is far broader than what was mentioned on the floor of the House.

Time Constraints: The minister noted that many specific changes were omitted from the speech for “want of time” but remain active priorities.

Continuous Revamp: The overhaul is described as a “major signature reform” that will carry on well into the next fiscal year, aiming to simplify compliance and mirror the transparency achieved in the income tax regime.

Focus on Frontier Areas and R&D

The Finance Minister further highlighted that the “Reform Express” is currently pulling into “frontier areas”. This includes significant investment and the promotion of research and development (R&D) in sectors like biopharma, rare earth minerals, and green energy. By creating an ecosystem that encourages innovation outside of mere fiscal allocations, the government intends to secure India’s position in the global supply chain.

As the markets and political analysts digest the 2026 figures, Sitharaman’s message remains clear: the budget is merely one stop for a “Reform Express” that does not intend to slow down.