Budget 2026 triggers 'middle class', STT meme fest, leaves business leaders divided

Finance Minister Nirmala Sitharaman presented her ninth Union Budget at the Parliament on Sunday.

The Union Budget 2026 set off a wave of memes online, particularly around the proposed hike in Securities Transaction Tax (STT) on futures and options. Traders flooded social media with posts lamenting that they were “working only to pay STT,” while others joked about “4 guna lagaan” — likening the tax increase to a Bollywood-style burden. The humour highlighted genuine frustration among retail investors, many of whom felt the Budget had overlooked middle-class concerns.

The Budget 2026 also divided business leaders. Some see structural reforms and sectoral investments as positive steps while others highlight missed opportunities for tax relief and investor-friendly policies.

Ashneer Grover’s sharp rebuke

Entrepreneur Ashneer Grover, known for his blunt style, dismissed the Budget as a complete waste of time. Drawing from his Shark Tank India days, Grover wrote: “Bilkul time waste kiya aapne – apna bhi aur humara bhi!” His remark resonated with traders who saw little relief in the announcements and pointed to the market’s sharp decline post-Budget as proof of disappointment.

Uday Kotak welcomes real economy focus

In contrast, veteran banker Uday Kotak offered a more measured take. He described the Budget as one for the “real economy,” welcoming the increase in defence spending and noting that fiscal discipline remained intact. Kotak highlighted the government’s attempt to balance financialisation with long-term development across diverse sectors, signalling cautious approval of the roadmap.

Deepak Shenoy flags tax blow to SGBs

Capitalmind CEO Deepak Shenoy raised alarm over a specific provision affecting Sovereign Gold Bonds (SGBs). From April 1, 2026, investors who buy SGBs in the secondary market will face full capital gains tax upon redemption. Shenoy called this “very negative” for SGBs, warning that it could dampen investor appetite for what has been a popular instrument.

Kiran Mazumdar-Shaw sees biopharma boost

Biocon founder Kiran Mazumdar-Shaw struck an optimistic note, praising the government’s decision to place biopharma among seven strategic frontier sectors. She welcomed the launch of Biopharma Shakti, a Rs 10,000 crore initiative over five years, calling it a decisive investment in India’s health and innovation future. With India’s disease burden shifting toward cancer, diabetes, and autoimmune disorders, she argued that biologics and biosimilars will be central to improving longevity and quality of life.

Satire rules the roost on social media

On social media, however, the verdict was swift and satirical — memes about STT hikes and middle-class struggles captured the mood of a public that remains sceptical about whether the Budget truly delivers on everyday concerns.

Middle class people waiting for tax relief in budget pic.twitter.com/livV0eLEW0

— Krishna Maheshwari (@krishnaeyee) February 1, 2026

Budget and the middle class pic.twitter.com/XPgcM35pI9 — Pakchikpak Raja Babu (@HaramiParindey) February 1, 2026

People were expecting STT removal#STT raise on F&O instead.. Nacho pic.twitter.com/ChXLB7JHKR

— Zafar Shaikh (@InvesysCapital) February 1, 2026

Indian Retail trader after STT hike pic.twitter.com/6cXb8ypajz — RedBoxxLocal India Parody (@REDBOXINDIIA) February 1, 2026

Finance Minister Nirmala Sitharaman, presenting her ninth consecutive Budget, framed it around three “kartavyas” — faster growth, inclusive development, and structural reforms. She emphasised the government’s “sankalp” to prioritise the poor and underprivileged.