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Indian Finance Minister presented the Union Budget 2026-27 in the Lok Sabha on Sunday (Feb 1). During the presentation, Nirmala Sitharaman set the fiscal deficit target at 4.3 per cent of GDP for 2026–27, slightly lower than the 4.4 per cent target for 2025–26. She also said that she has fulfilled her commitment made in the year 2021-22 to reduce the fiscal deficit below 4.5% of GDP by 2025-26“I am happy to inform this August House that I have fulfilled my commitment made in 2021-22 to reduce fiscal deficit below 4.5% of GDP by 2025-26,” FM Sitharaman said.She further said, “Since we assumed office 12 years ago, India’s economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation.” She added that India will balance ambition with inclusion going ahead.<h2>What is fiscal deficit?</h2>Fiscal deficit is the difference between the total revenue and total expenditure of the government in a financial year. It indicates how much borrowing is needed by the government to meet its expenses and is expressed as a percentage of GDP to show the level of fiscal discipline in the economy.Fiscal deficit also reflects the government’s financial health and discipline. A manageable deficit helps the government in controlling inflation and keeping borrowing costs low. It also supports the stability of the currency and boosts the confidence of investors. In contrast, an excessive deficit can strain the country’s economy and slow long-term growth.During the Union Budget 2026-27 speech, the finance minister In her speech, Sitharaman also highlighted that the government has Atmanirbharta (self-reliance) as a north star, which has resulted in a high growth rate of 7 per cent.“Since we assumed office 12 years ago, India's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation,” Sitharaman said in her ninth consecutive Union budget presentation in the Parliament.

FM Nirmala Sitharaman presented the Union Budget 2026–27, setting the fiscal deficit at 4.3% of GDP. She said the government met its 2021 pledge on fiscal deficit.

Indian Finance Minister presented the Union Budget 2026-27 in the Lok Sabha on Sunday (Feb 1). During the presentation, Nirmala Sitharaman set the fiscal deficit target at 4.3 per cent of GDP for 2026–27, slightly lower than the 4.4 per cent target for 2025–26. She also said that she has fulfilled her commitment made in the year 2021-22 to reduce the fiscal deficit below 4.5% of GDP by 2025-26 “I am happy to inform this August House that I have fulfilled my commitment made in 2021-22 to reduce fiscal deficit below 4.5% of GDP by 2025-26,” FM Sitharaman said. She further said, “Since we assumed office 12 years ago, India’s economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation.” She added that India will balance ambition with inclusion going ahead. What is fiscal deficit? Fiscal deficit is the difference between the total revenue and total expenditure of the government in a financial year. It indicates how much borrowing is needed by the government to meet its expenses and is expressed as a percentage of GDP to show the level of fiscal discipline in the economy. Fiscal deficit also reflects the government’s financial health and discipline. A manageable deficit helps the government in controlling inflation and keeping borrowing costs low. It also supports the stability of the currency and boosts the confidence of investors. In contrast, an excessive deficit can strain the country’s economy and slow long-term growth. During the Union Budget 2026-27 speech, the finance minister In her speech, Sitharaman also highlighted that the government has Atmanirbharta (self-reliance) as a north star, which has resulted in a high growth rate of 7 per cent. “Since we assumed office 12 years ago, India's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation,” Sitharaman said in her ninth consecutive Union budget presentation in the Parliament.

FM Nirmala Sitharaman presented the Union Budget 2026–27, setting the fiscal deficit at 4.3% of GDP. She said the government met its 2021 pledge on fiscal deficit.

‘I have fulfilled my commitment...’: Indian FM pegs fiscal deficit at 4.3% of GDP for FY2026-27

Finance Minister Nirmala Sitharaman announced in the Union Budget 2026-27 in the Lok Sabha on Sunday (February 1) to set up three new All India Institute of Ayurveda, &nbsp;National Institute of Pharmaceutical Education and Research. The Budget is also expected to reveal measures to sustain growth momentum, maintain fiscal discipline, and contain reforms that could protect the Indian economy from global trade frictions, which include US tariffs.&nbsp;Underlining the economic performance of the NDA government, the Finance Minister stated that the economic trajectory of India since 2014 has been marked by stability, fiscal discipline and sustained growth.&nbsp;"The reform express is well on its way and will maintain its momentum to help us fulfil our duties. Since we assumed office 12 years ago, the country's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation. This is the result of conscious choices we have made even in times of uncertainty and disruptions," said Sitharaman.&nbsp;She stated that by keeping Aatmanirbharta as a core guiding principle, the government has bolstered domestic manufacturing, ensuring energy security and reducing reliance on critical imports. She noted that these initiatives have helped achieve a growth rate of about 7 per cent while driving significant progress in poverty reduction and improving people’s quality of life.&nbsp;"Keeping Aatmanirbharta as a lodestar, we have built domestic manufacturing capacity, energy security and reduced critical import dependencies. Simultaneously, we have ensured that citizens benefit from every action of the Government, undertaking reforms to support employment generation, agricultural productivity, household purchasing power and universal services to people. These measures have delivered a high growth rate of around 7% and helped us make substantial strides in poverty reduction and improvement in the lives of our people," said Sitharaman.<h3>Nirmala Sitharaman's 9th budget</h3>This will be her ninth budget presentation in a row, with the Union Cabinet led by Prime Minister Narendra Modi expected to clear the FY 2026–27 Budget. The Union Budget is now presented on February 1 each year to allow for timely parliamentary approval and smooth rollout at the beginning of the financial year on April 1.&nbsp;Earlier, this was not the practice. Under British rule, the Union Budget was presented on the last working day of February, which often delayed approval of schemes and policies before the new financial year began. As a result, government departments and businesses had limited time to plan or adapt to the changes announced in the Budget.&nbsp;Also read: <a href="https://www.wionews.com/india-news/budget-2026-24-82-crore-indians-escaped-multidimensional-poverty-under-modi-govt-sitharaman-tells-parliament-1769926760965">Budget 2026: 24.82 crore Indians escaped multidimensional poverty under Modi govt, Sitharaman tells Parliament</a>

The Budget is also expected to reveal measures to sustain growth momentum, maintain fiscal discipline, and contain reforms that could protect the Indian economy from global trade frictions, which include US tariffs.

Finance Minister Nirmala Sitharaman announced in the Union Budget 2026-27 in the Lok Sabha on Sunday (February 1) to set up three new All India Institute of Ayurveda, National Institute of Pharmaceutical Education and Research. The Budget is also expected to reveal measures to sustain growth momentum, maintain fiscal discipline, and contain reforms that could protect the Indian economy from global trade frictions, which include US tariffs. Underlining the economic performance of the NDA government, the Finance Minister stated that the economic trajectory of India since 2014 has been marked by stability, fiscal discipline and sustained growth. "The reform express is well on its way and will maintain its momentum to help us fulfil our duties. Since we assumed office 12 years ago, the country's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation. This is the result of conscious choices we have made even in times of uncertainty and disruptions," said Sitharaman. She stated that by keeping Aatmanirbharta as a core guiding principle, the government has bolstered domestic manufacturing, ensuring energy security and reducing reliance on critical imports. She noted that these initiatives have helped achieve a growth rate of about 7 per cent while driving significant progress in poverty reduction and improving people’s quality of life. "Keeping Aatmanirbharta as a lodestar, we have built domestic manufacturing capacity, energy security and reduced critical import dependencies. Simultaneously, we have ensured that citizens benefit from every action of the Government, undertaking reforms to support employment generation, agricultural productivity, household purchasing power and universal services to people. These measures have delivered a high growth rate of around 7% and helped us make substantial strides in poverty reduction and improvement in the lives of our people," said Sitharaman. Nirmala Sitharaman's 9th budget This will be her ninth budget presentation in a row, with the Union Cabinet led by Prime Minister Narendra Modi expected to clear the FY 2026–27 Budget. The Union Budget is now presented on February 1 each year to allow for timely parliamentary approval and smooth rollout at the beginning of the financial year on April 1. Earlier, this was not the practice. Under British rule, the Union Budget was presented on the last working day of February, which often delayed approval of schemes and policies before the new financial year began. As a result, government departments and businesses had limited time to plan or adapt to the changes announced in the Budget. Also read: Budget 2026: 24.82 crore Indians escaped multidimensional poverty under Modi govt, Sitharaman tells Parliament

The Budget is also expected to reveal measures to sustain growth momentum, maintain fiscal discipline, and contain reforms that could protect the Indian economy from global trade frictions, which include US tariffs.

Budget 2026–27: Finance Minister Sitharaman announces 3 new All India Institute of Ayurveda,  Pharmaceutical Education and Research

Indian Union Finance Minister Nirmala Sitharaman, on Sunday (Feb 1), while presenting the Budget 2026-27, confirmed that the new Income Tax Act, 2025, will soon replace the old 1961 law. The timeline for this significant change has been set for April 1, 2026. She said the new system will feature simpler rules and redesigned forms so that “ordinary citizens can comply without difficulty”. Here's all you need to know.Also read | <a href="https://www.wionews.com/photos/beyond-the-budget-story-behind-indian-finance-minister-nirmala-sitharaman-s-iconic-budget-day-sarees-through-the-years-in-pics-1769913382545">What's the story behind FM Nirmala Sitharaman’s iconic Budget Day saree for 2026? Look at her drapes through the years | In Pics</a><h2>India's new Income Tax Act</h2>Finance Minister Nirmala Sitharaman has announced sweeping changes to India’s direct tax framework, unveiling a new Income Tax Act that will come into force from April 1, 2026. Presenting the Union Budget 2026–27, Sitharaman said the government has completed a comprehensive review of the Income Tax Act, 1961, “in record time”. The new Income Tax Act, 2025, will replace the existing law, with simplified rules and redesigned forms to make compliance easier for taxpayers. "In July 2024, I announced a comprehensive review of the Income Tax Act, 1961. This was completed in record time, and the Income Tax Act, 2025 will come into effect from 1 April 2026."&nbsp;She said the new forms will be notified shortly, “giving adequate time to taxpayers to familiarise themselves with the new requirements”.Also read | <a href="https://www.wionews.com/india-news/what-budget-2026-means-for-your-salary-is-there-a-change-in-income-tax-slabs-all-you-need-to-know-middle-class-union-budget-2026-1769931020866">What Budget 2026 means for your salary: Is there a change in income tax slabs? All you need to know</a><h2>Key relief for Indians</h2>Among key relief measures, the finance minister announced that any interest awarded by the Motor Accident Claims Tribunal to a natural person will be fully exempt from income tax, with procedural requirements removed. “I propose that any interest awarded by the Motor Accident Claims Tribunal to a natural person will be exempt from income tax, and any tedious procedures in this regard will be done away with.”&nbsp;Sitharaman also proposed cutting the Tax Collected at Source (TCS) on overseas tour packages to 2 per cent, down from the current 5 per cent and 20 per cent, without any minimum threshold. TCS rates for education and medical expenses under the Liberalised Remittance Scheme (LRS) will also be reduced from 5 per cent to 2 per cent.<a href="https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed">https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed</a>“I also propose to reduce the TCS rate for pursuing education and for medical purposes under the Liberalised Remittance Scheme (LRS) from 5 per cent to 2 per cent. The supply of manpower services is proposed to be specifically brought within the ambit of payments to contractors for the purpose of TDS, to avoid ambiguity. Thus, TDS on these services will be at the rate of either 1 per cent or 2 per cent only.”&nbsp;

India is set for a big tax overhaul. FM Nirmala Sitharaman has confirmed a brand new Income Tax Act will replace the 1961 law from April 2026, promising simpler rules, new forms and key reliefs for taxpayers. But what exactly changes, and who really benefits? Scroll down to know.

Indian Union Finance Minister Nirmala Sitharaman, on Sunday (Feb 1), while presenting the Budget 2026-27, confirmed that the new Income Tax Act, 2025, will soon replace the old 1961 law. The timeline for this significant change has been set for April 1, 2026. She said the new system will feature simpler rules and redesigned forms so that “ordinary citizens can comply without difficulty”. Here's all you need to know. Also read | What's the story behind FM Nirmala Sitharaman’s iconic Budget Day saree for 2026? Look at her drapes through the years | In Pics India's new Income Tax Act Finance Minister Nirmala Sitharaman has announced sweeping changes to India’s direct tax framework, unveiling a new Income Tax Act that will come into force from April 1, 2026. Presenting the Union Budget 2026–27, Sitharaman said the government has completed a comprehensive review of the Income Tax Act, 1961, “in record time”. The new Income Tax Act, 2025, will replace the existing law, with simplified rules and redesigned forms to make compliance easier for taxpayers. "In July 2024, I announced a comprehensive review of the Income Tax Act, 1961. This was completed in record time, and the Income Tax Act, 2025 will come into effect from 1 April 2026." She said the new forms will be notified shortly, “giving adequate time to taxpayers to familiarise themselves with the new requirements”. Also read | What Budget 2026 means for your salary: Is there a change in income tax slabs? All you need to know Key relief for Indians Among key relief measures, the finance minister announced that any interest awarded by the Motor Accident Claims Tribunal to a natural person will be fully exempt from income tax, with procedural requirements removed. “I propose that any interest awarded by the Motor Accident Claims Tribunal to a natural person will be exempt from income tax, and any tedious procedures in this regard will be done away with.” Sitharaman also proposed cutting the Tax Collected at Source (TCS) on overseas tour packages to 2 per cent, down from the current 5 per cent and 20 per cent, without any minimum threshold. TCS rates for education and medical expenses under the Liberalised Remittance Scheme (LRS) will also be reduced from 5 per cent to 2 per cent. https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed “I also propose to reduce the TCS rate for pursuing education and for medical purposes under the Liberalised Remittance Scheme (LRS) from 5 per cent to 2 per cent. The supply of manpower services is proposed to be specifically brought within the ambit of payments to contractors for the purpose of TDS, to avoid ambiguity. Thus, TDS on these services will be at the rate of either 1 per cent or 2 per cent only.”

India is set for a big tax overhaul. FM Nirmala Sitharaman has confirmed a brand new Income Tax Act will replace the 1961 law from April 2026, promising simpler rules, new forms and key reliefs for taxpayers. But what exactly changes, and who really benefits? Scroll down to know.

Budget 2026: FM Sitharaman confirms India's new Income Tax act to take effect from THIS date

India's Union Budget 2026-2027 presented by Finance Minister Nirmala Sitharaman has proposed to establish 'She-MARTS' to empower women entrepreneurs. Speaking in the Parliament on Sunday (Feb 1) Sitharaman said, ‘SHE marts’ will be set up as a community owned retail outlets.The central government will partner with state governments to realise this alongside taking other initiatives like promoting sandalwood cultivation.<h2>Hostel facilities for women</h2>&nbsp;Other women centric initiative announced by the Finance Minister is about a plan to set up hostel facilities for women students across the country.&nbsp;“Through VGF (viability gap funding) and capital support, one girls hostel will be established in every district," said Sitharaman in her speech.&nbsp;<a href="https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed">https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed</a>&nbsp;&nbsp;

While making the announcement, she highlighted constraints faced by women in advanced studies due the lack of such facilities.&nbsp;“In higher education, STEM institutions, prolonged hours of study and laboratory work pose some challenges to girl students."&nbsp;ALSO READ: <a href="https://www.wionews.com/india-news/budget-2026-fm-sitharaman-confirms-india-s-new-income-tax-act-to-take-effect-from-this-date-1769928667367">Budget 2026: FM Sitharaman confirms India's new Income Tax act to take effect from THIS date</a>&nbsp;Sitharaman also spoke of setting up new academic clusters near key economic hubs. “Our government will support states in creating five university townships in the vicinity of major industrial and logistics corridor,” Sitharaman said.&nbsp;These zones will host multiple colleges, institutions and research institutions, skill centres and residential complexes as proposed by the FM.&nbsp;This was Sitharaman's ninth consecutive budget, which is a record. With this she also inches closer to presenting the maximum number of budgets (10) held in the name of former Prime Minister Morarji Desai. &nbsp;

While making the announcement about setting up hostel facilities, Finance Minister Nirmala Sitharaman highlighted constraints faced by women in advanced studies due the lack of it.

India's Union Budget 2026-2027 presented by Finance Minister Nirmala Sitharaman has proposed to establish 'She-MARTS' to empower women entrepreneurs. Speaking in the Parliament on Sunday (Feb 1) Sitharaman said, ‘SHE marts’ will be set up as a community owned retail outlets. The central government will partner with state governments to realise this alongside taking other initiatives like promoting sandalwood cultivation. Hostel facilities for women Other women centric initiative announced by the Finance Minister is about a plan to set up hostel facilities for women students across the country. “Through VGF (viability gap funding) and capital support, one girls hostel will be established in every district," said Sitharaman in her speech. https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed

While making the announcement about setting up hostel facilities, Finance Minister Nirmala Sitharaman highlighted constraints faced by women in advanced studies due the lack of it.

Union Budget 2026: Sitharaman announces 'She-MART retail outlets, hostel facilities for women

Finance Minister Nirmala Sitharaman on Sunday (Feb 1) used the Union Budget 2026–27 to roll out a wide set of changes aimed at making India’s tax system simpler, more digital, and less intimidating for ordinary taxpayers. The most immediate change is for small taxpayers seeking lower or nil tax deduction certificates. Sitharaman announced that this will now be handled through a fully automated, rule-based system, removing the need to deal with tax officers altogether.For investors, there is more relief. Depositories will now be allowed to directly collect Form 15G and 15H and forward them to companies, easing compliance for people who hold securities across multiple firms.Also read | <a href="https://www.wionews.com/india-news/what-budget-2026-means-for-your-salary-is-there-a-change-in-income-tax-slabs-all-you-need-to-know-middle-class-union-budget-2026-1769931020866">What Budget 2026 means for your salary: Is there a change in income tax slabs?</a><h2>Longer window to fix mistakes</h2>Taxpayers will also get more breathing room to revise returns. The deadline for revising ITRs has been extended from December 31 to March 31, with a small fee.The filing calendar will now be staggered. Individuals filing ITR-1 and ITR-2 will still follow the July 31 deadline, while non-audit businesses and trusts will be allowed to file till August 31.<h2>Cutting down tax harassment</h2>A major theme of this Budget is reducing litigation. Sitharaman proposed merging assessment and penalty orders into a single decision to avoid multiple proceedings. She also cut the mandatory pre-payment during appeals from 20 per cent to 10 per cent.Also read | <a href="https://www.wionews.com/india-news/budget-2026-fm-sitharaman-confirms-india-s-new-income-tax-act-to-take-effect-from-this-date-1769928667367">Budget 2026: Sitharaman says new Income Tax law to take effect from THIS date</a>Taxpayers will no longer pay interest on penalty amounts while their appeal is pending. "There will be no interest liability on the taxpayer on the penalty amount for the period of appeal before the first appellate authority, irrespective of the outcome of the appeal process," said Sitharaman.In another big change, taxpayers can now update returns even after reassessment starts, by paying an extra 10 per cent tax. The updated return will become the final basis for proceedings. “As an additional measure for reducing litigation, I propose to allow taxpayers to update their returns even after reassessment proceedings have been initiated and an additional 10% tax rate over and above the rate applicable for the relevant year. The assessing officer will use only this updated return in his proceedings.”<a href="https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed">https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed</a>&nbsp;

Budget 2026 brings a quieter but important shift in how Indians deal with taxes. FM Nirmala Sitharaman is pushing for fewer human interfaces, longer timelines to fix mistakes, and less litigation. Scroll down to see what actually affects you.

Finance Minister Nirmala Sitharaman on Sunday (Feb 1) used the Union Budget 2026–27 to roll out a wide set of changes aimed at making India’s tax system simpler, more digital, and less intimidating for ordinary taxpayers. The most immediate change is for small taxpayers seeking lower or nil tax deduction certificates. Sitharaman announced that this will now be handled through a fully automated, rule-based system, removing the need to deal with tax officers altogether. For investors, there is more relief. Depositories will now be allowed to directly collect Form 15G and 15H and forward them to companies, easing compliance for people who hold securities across multiple firms. Also read | What Budget 2026 means for your salary: Is there a change in income tax slabs? Longer window to fix mistakes Taxpayers will also get more breathing room to revise returns. The deadline for revising ITRs has been extended from December 31 to March 31, with a small fee. The filing calendar will now be staggered. Individuals filing ITR-1 and ITR-2 will still follow the July 31 deadline, while non-audit businesses and trusts will be allowed to file till August 31. Cutting down tax harassment A major theme of this Budget is reducing litigation. Sitharaman proposed merging assessment and penalty orders into a single decision to avoid multiple proceedings. She also cut the mandatory pre-payment during appeals from 20 per cent to 10 per cent. Also read | Budget 2026: Sitharaman says new Income Tax law to take effect from THIS date Taxpayers will no longer pay interest on penalty amounts while their appeal is pending. "There will be no interest liability on the taxpayer on the penalty amount for the period of appeal before the first appellate authority, irrespective of the outcome of the appeal process," said Sitharaman. In another big change, taxpayers can now update returns even after reassessment starts, by paying an extra 10 per cent tax. The updated return will become the final basis for proceedings. “As an additional measure for reducing litigation, I propose to allow taxpayers to update their returns even after reassessment proceedings have been initiated and an additional 10% tax rate over and above the rate applicable for the relevant year. The assessing officer will use only this updated return in his proceedings.” https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed

Budget 2026 brings a quieter but important shift in how Indians deal with taxes. FM Nirmala Sitharaman is pushing for fewer human interfaces, longer timelines to fix mistakes, and less litigation. Scroll down to see what actually affects you.

Budget 2026: What changes for India's taxpayers, from ITR deadlines to penalties | Key takeaways

Union Finance Minister Nirmala Sitharaman will present her ninth consecutive budget today. Every year, income tax is hyped in the Union Budget, as it's one of the most important sources of the government's revenue. While taxpayers and the middle class eagerly look for relief, it will directly impact their disposable income and discretionary spending. Since 1962, the old tax regime has been in practice with little bit modification in tax rates, adjusting to growth and inflation. However, since 2020, the Union Government has introduced the optional new tax regime. Taxpayers will be keen on whether the government scraps the old tax regime altogether. Further, the new and simplified Income Tax Act is set to come into effect on April 1, 2026, for easier compliance.&nbsp;Also Read: <a href="https://www.wionews.com/world/gold-silver-flash-crash-explained-record-highs-1769771230629">Gold and silver prices fall after historic rally: What is causing flash crash?</a><h2>Old tax regime vs new tax regime- Which one is better?</h2>Both tax regimes have different slab rates, with modifications in exemptions. The slab rates in the old tax regime are higher, new tax regime has lower and more progressive slabs.Slab rates of the old tax regime&nbsp;

<figure class="table"><table><tbody><tr><td>Income tax slabs</td><td>Income tax rates</td></tr><tr><td>Up to Rs. 2.5 Lakhs</td><td>Nil</td></tr><tr><td>Rs 2.5 Lakhs to Rs 5 Lakhs</td><td>5%&nbsp;</td></tr><tr><td>Rs 5 Lakhs to Rs 10 Lakhs</td><td>20%</td></tr><tr><td>Above Rs 10 Lakhs</td><td>30%</td></tr></tbody></table></figure>

Slab rates of the new tax regime

<figure class="table"><table><tbody><tr><td>Income tax slabs</td><td>Income tax rates</td></tr><tr><td>Up to Rs 4 lakhs</td><td>NIL</td></tr><tr><td>Rs 4 lakhs - Rs 8 lakhs</td><td>5%</td></tr><tr><td>Rs 8 lakhs- Rs 12 lakhs</td><td>10%</td></tr><tr><td>Rs 12 lakhs - Rs 16 lakhs</td><td>15%</td></tr><tr><td>Rs 16 lakhs - Rs 20 lakhs</td><td>20%</td></tr><tr><td>Rs 20 lakhs - Rs 24 lakhs</td><td>25%</td></tr><tr><td>Above Rs. 24 lakhs</td><td>30%</td></tr></tbody></table></figure>

&nbsp;Standard deductionsA person with a salaried income can claim a standard deduction of Rs 50,000 under the old tax regime, compared to the &nbsp;Rs 75,000 standard deduction of the new tax regime.Other exemptions&nbsp;The new tax regime has done away with some of the exemptions and deductions, such as HRA, home loan interest under Section 80 EE, and Section 80EEA, investments under 80C, medical insurance under 80D, and education loan under 80E, etc., that were available under the old tax regime. Some controversial omissions are also there in the new regime, such as disability, charity, and donation to a political party.&nbsp;Which one is better?Each one has its own advantages. However, under the new tax regime, there is a tax-free rebate under section 87A up to Rs 12 lakh, which was Rs 5 lakh under the old tax regime. So, for a salaried employee with minimal deduction, the new tax regime is beneficial. But with a substantial tax-saving investment and claiming major deductions, the old tax regime is better.&nbsp;

Old tax regime or new tax regime? Here’s a detailed comparison of income tax slabs, deductions, exemptions, and which option works better for salaried taxpayers ahead of Budget 2026.

Union Finance Minister Nirmala Sitharaman will present her ninth consecutive budget today. Every year, income tax is hyped in the Union Budget, as it's one of the most important sources of the government's revenue. While taxpayers and the middle class eagerly look for relief, it will directly impact their disposable income and discretionary spending. Since 1962, the old tax regime has been in practice with little bit modification in tax rates, adjusting to growth and inflation. However, since 2020, the Union Government has introduced the optional new tax regime. Taxpayers will be keen on whether the government scraps the old tax regime altogether. Further, the new and simplified Income Tax Act is set to come into effect on April 1, 2026, for easier compliance. Also Read: Gold and silver prices fall after historic rally: What is causing flash crash? Old tax regime vs new tax regime- Which one is better? Both tax regimes have different slab rates, with modifications in exemptions. The slab rates in the old tax regime are higher, new tax regime has lower and more progressive slabs. Slab rates of the old tax regime

Old tax regime or new tax regime? Here’s a detailed comparison of income tax slabs, deductions, exemptions, and which option works better for salaried taxpayers ahead of Budget 2026.

Union Budget 2026: Old tax regime vs new tax regime, which is better for taxpayers?

Indian Union Finance Minister Nirmala Sitharaman, on Sunday (Feb 1), while presenting the Budget 2026-27, revealed that in the past ten years, 24.82 crore people escaped multidimensional poverty in India. Citing NITI Aayog’s discussion paper ‘Multidimensional Poverty in India since 2005-06’, she said this was achieved due to the Prime Minister Narendra Modi-led government's significant initiatives to address all dimensions of poverty between 2013-14 and 2022-23.Also read | <a href="https://www.wionews.com/india-news/budget-2026-27-fm-niramal-sitharaman-highlights-modi-govt-s-reform-express-says-360-reforms-including-gst-rationalisation-rolled-out-1769924406650">Budget 2026-27: FM Sitharaman highlights Modi govt's 'reform express' push</a><h2>Assisting poor and vulnerable groups a priority</h2>Sitharaman said that the “Government has been giving priority to assisting urban poor and vulnerable groups.” She announced that a scheme for socio-economic upliftment of urban workers will be implemented to “help them improve their incomes, have sustainable livelihoods and a better quality of life. ”For the welfare of online platform workers, the Indian Finance Minister announced a social welfare scheme that will “arrange for their identity cards and registration on the e-Shram portal ”. This will enable gig workers to avail of “healthcare under PM Jan Arogya Yojana.”“This measure is likely to assist nearly 1 crore gig-workers,” noted the Indian union minister.Also read | <a href="https://www.wionews.com/photos/beyond-the-budget-story-behind-indian-finance-minister-nirmala-sitharaman-s-iconic-budget-day-sarees-through-the-years-in-pics-1769913382545">What's the story behind FM Nirmala Sitharaman’s iconic Budget Day saree for 2026? Look at her drapes through the years | In Pics</a><h2>What is Multidimensional Poverty?</h2>Rather than measuring poverty solely by income, multidimensional poverty considers the simultaneous non-monetary deprivations affecting health, education, and living standards. This is measured by the Multidimensional Poverty Index (MPI). The MPI is a globally recognised, comprehensive measure that captures poverty in multiple dimensions beyond monetary aspects. Its global methodology is based on the robust Alkire and Foster (AF) method that identifies people as poor based on universally acknowledged metrics designed to assess acute poverty, providing a complementary perspective to conventional monetary poverty measures.&nbsp;<a href="https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed">https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed</a>

Budget 2026: 24.82 crore Indians escaped multidimensional poverty under Modi govt, Sitharaman tells Parliament

Indian Union Finance Minister Nirmala Sitharaman, on Sunday (Feb 1), while presenting the Budget 2026-27, revealed that in the past ten years, 24.82 crore people escaped multidimensional poverty in India. Citing NITI Aayog’s discussion paper ‘Multidimensional Poverty in India since 2005-06’, she said this was achieved due to the Prime Minister Narendra Modi-led government's significant initiatives to address all dimensions of poverty between 2013-14 and 2022-23. Also read | Budget 2026-27: FM Sitharaman highlights Modi govt's 'reform express' push Assisting poor and vulnerable groups a priority Sitharaman said that the “Government has been giving priority to assisting urban poor and vulnerable groups.” She announced that a scheme for socio-economic upliftment of urban workers will be implemented to “help them improve their incomes, have sustainable livelihoods and a better quality of life. ” For the welfare of online platform workers, the Indian Finance Minister announced a social welfare scheme that will “arrange for their identity cards and registration on the e-Shram portal ”. This will enable gig workers to avail of “healthcare under PM Jan Arogya Yojana.” “This measure is likely to assist nearly 1 crore gig-workers,” noted the Indian union minister. Also read | What's the story behind FM Nirmala Sitharaman’s iconic Budget Day saree for 2026? Look at her drapes through the years | In Pics What is Multidimensional Poverty? Rather than measuring poverty solely by income, multidimensional poverty considers the simultaneous non-monetary deprivations affecting health, education, and living standards. This is measured by the Multidimensional Poverty Index (MPI). The MPI is a globally recognised, comprehensive measure that captures poverty in multiple dimensions beyond monetary aspects. Its global methodology is based on the robust Alkire and Foster (AF) method that identifies people as poor based on universally acknowledged metrics designed to assess acute poverty, providing a complementary perspective to conventional monetary poverty measures. https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed

Budget 2026: 24.82 crore Indians escaped multidimensional poverty under Modi govt, Sitharaman tells Parliament

In her Union Budget 2026 speech on Sunday (February 1), Union Finance Minister Nirmala Sitharaman proposed the development of seven high-speed rail corridors. These corridors are intended to serve as "growth connectors" to link key economic, technology, and cultural hubs while providing a cleaner alternative to road and air travel.&nbsp;Also Read: <a href="https://www.wionews.com/photos/beyond-the-budget-story-behind-indian-finance-minister-nirmala-sitharaman-s-iconic-budget-day-sarees-through-the-years-in-pics-1769913382545">Beyond the budget: Story behind FM Nirmala Sitharaman’s iconic Budget Day sarees through the years | In Pics</a>&nbsp;The routes proposed by her are as follows:<ul><li>Mumbai Pune</li><li>Pune Hyderabad&nbsp;</li><li>Hyderabad Bengaluru</li><li>Hyderabad Chennai</li><li>Chennai to Bengaluru</li><li>Delhi to Varanasi&nbsp;</li><li>Varanasi to Siliguri</li></ul><a href="https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed">https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed</a>&nbsp;&nbsp;

In Budget 2026, Finance Minister Nirmala Sitharaman announced plans for seven high-speed rail corridors to connect major economic, tech and cultural centres. The network aims to improve regional growth while offering a cleaner, faster alternative to road and air travel.

In her Union Budget 2026 speech on Sunday (February 1), Union Finance Minister Nirmala Sitharaman proposed the development of seven high-speed rail corridors. These corridors are intended to serve as "growth connectors" to link key economic, technology, and cultural hubs while providing a cleaner alternative to road and air travel. Also Read: Beyond the budget: Story behind FM Nirmala Sitharaman’s iconic Budget Day sarees through the years | In Pics The routes proposed by her are as follows: Mumbai Pune Pune Hyderabad Hyderabad Bengaluru Hyderabad Chennai Chennai to Bengaluru Delhi to Varanasi Varanasi to Siliguri https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed

In Budget 2026, Finance Minister Nirmala Sitharaman announced plans for seven high-speed rail corridors to connect major economic, tech and cultural centres. The network aims to improve regional growth while offering a cleaner, faster alternative to road and air travel.

Union Budget 2026: FM Sitharaman proposes 7 high-speed rail corridors across India — CHECK routes here

Indian Union Finance Minister Nirmala Sitharaman on Sunday (Feb 1), during the Budget 2026-27 presentation, announced "Bio Pharma Shakti," a scheme which seeks to develop India as a "global bio-pharma manufacturing hub". For this purpose, she announced an outlay of Rs 10,000 crores over the next 5 years.<h2>India to become a bio-pharma manufacturing hub in 5 years</h2>Sitharaman, in her budget speech, announced a groundbreaking scheme titled "Bio Pharma Shakti" which she said will help develop India as a global bio-pharma manufacturing hub. Bio Pharma Shakti is aimed at building at making ecosystem for biopharma and biosimilars, she said.&nbsp;The Indian FM announced a ₹10,000 crores over five years for the scheme. "This will build an ecosystem for domestic productions of biologics and biosimilars," she said.Also read | <a href="https://www.wionews.com/india-news/budget-2026-27-fm-niramal-sitharaman-highlights-modi-govt-s-reform-express-says-360-reforms-including-gst-rationalisation-rolled-out-1769924406650">Budget 2026-27: FM Nirmala Sitharaman highlights Modi govt's reform express,' says 360 reforms including GST rationalisation rolled out</a>Sitharaman noted that based on observation, it can be deduced that India's disease burden is observed to be shifting towards non-communicable diseases like diabetes, cancer and autoimmune diseases. "Biological medicines are key to longevity and quality of life at affordable costs," she noted. Among other announcements, she proposed scaling up manufacturing in strategic and frontier sectors and developing city economic regions.

<blockquote class="twitter-tweet" data-media-max-width="560">VIDEO | Union Budget 2026: Union Finance Minister Nirmala Sitharaman (<a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a>) said, &quot;India&#39;s disease burden is observed to be shifting towards non-communicable diseases like diabetes, cancer and auto-immune diseases. Biological medicines are key to longevity and quality of… <a href="https://t.co/Q2sR04XEDd">pic.twitter.com/Q2sR04XEDd</a>&mdash; Press Trust of India (@PTI_News) <a href="https://twitter.com/PTI_News/status/2017838493045797103?ref_src=twsrc%5Etfw">February 1, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Also read | <a href="https://www.wionews.com/india-news/budget-2026-fm-sitharaman-confirms-india-s-new-income-tax-act-to-take-effect-from-this-date-1769928667367">Budget 2026: Sitharaman says new Income Tax law to take effect from THIS date</a><h2>Atmarnirbharta in focus</h2>In her initial remarks, Finance Minister Nirmala Sitharaman said that since her government assumed office, the Indian economic trajectory has been marked by fiscal discipline and sustained growth. She stressed that the government led by Prime Minister Narendra Modi has chosen action over ambivalence, and reform over rhetoric, keeping Atmanirbharta or self-reliance as a lodestar. India's real GDP growth for 2026-27 is projected in the range of 6.8-7.2 per cent, reflecting sustained medium-term growth capacity amid a challenging global environment. India's inflation rate hit a record low, with the average headline inflation from April to December 2025 at 1.7%, due to falling food and fuel prices. Moving forward, inflation is expected to remain mild, bolstered by positive supply conditions and the progressive effect of GST rate adjustments.<a href="https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed">https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed</a>

Budget 2026: Sitharaman announces ‘Bio Pharma Shakti’ - India’s ambitious plan to dominate next-gen drugs

Indian Union Finance Minister Nirmala Sitharaman on Sunday (Feb 1), during the Budget 2026-27 presentation, announced "Bio Pharma Shakti," a scheme which seeks to develop India as a "global bio-pharma manufacturing hub". For this purpose, she announced an outlay of Rs 10,000 crores over the next 5 years. India to become a bio-pharma manufacturing hub in 5 years Sitharaman, in her budget speech, announced a groundbreaking scheme titled "Bio Pharma Shakti" which she said will help develop India as a global bio-pharma manufacturing hub. Bio Pharma Shakti is aimed at building at making ecosystem for biopharma and biosimilars, she said. The Indian FM announced a ₹10,000 crores over five years for the scheme. "This will build an ecosystem for domestic productions of biologics and biosimilars," she said. Also read | Budget 2026-27: FM Nirmala Sitharaman highlights Modi govt's reform express,' says 360 reforms including GST rationalisation rolled out Sitharaman noted that based on observation, it can be deduced that India's disease burden is observed to be shifting towards non-communicable diseases like diabetes, cancer and autoimmune diseases. "Biological medicines are key to longevity and quality of life at affordable costs," she noted. Among other announcements, she proposed scaling up manufacturing in strategic and frontier sectors and developing city economic regions.

Budget 2026: Sitharaman announces ‘Bio Pharma Shakti’ - India’s ambitious plan to dominate next-gen drugs

Union Finance Minister Nirmala Sitharaman presenting the union budget 2026-27 in Parliament on Sunday (Feb 1) proposed to initiate semiconductor mission 2.0 for which she has set aside a fund of Rs 40,000 crore. For this the government will set up research and training centres.&nbsp;"We will launch India Semiconductor Mission 2.0 and also focus on industry-led research and training centres to develop tech and skilled workforce," said Finance Minister Nirmala Sitharaman during her budget speech in the parliament.&nbsp;<a href="https://www.wionews.com/videos/budget-2026-fulfilling-people-s-dreams-via-stable-growth-1769928666346/embed">https://www.wionews.com/videos/budget-2026-fulfilling-people-s-dreams-via-stable-growth-1769928666346/embed</a>&nbsp;<h2>Key focus areas would be:</h2>&nbsp;<ul><li>Focus on industry-led research and training centres for semiconductors</li><li>A funding of Rs 40,000 crore to capitalise on the momentum of the semiconductor mission</li><li>Setting up of research and training centres for skilled workforce</li><li>Odisha, Kerala, Andhra Pradesh and Tamil Nadu will be the focus states for this mission due to their mineral availability</li><li>A scheme is envisaged to help states establish three dedicated chemical parks to boost domestic manufacturing capabilities</li></ul>This was Sitharaman's ninth consecutive budget, which is a record. With this she also inches closer to presenting the maximum number of budgets (10) held in the name of former Prime Minister Morarji Desai.<h2>Who has presented how many budgets?</h2>Former finance minister Morarji Desai presented 10 budgets - between 1959 and 1969 - the maximum by any finance minister of the country.&nbsp;Former finance minister P Chidambaram has also presented nine Union budgets, first one being on March 19, 1996, during the United Front government led by Prime Minister HD Deve Gowda.&nbsp;Pranab Mukherjee with eight budget presentations stands third in the list. Yashwant Sinha, Yashwantrao Chavan and CD Deshmukh have presented seven budgets each while Manmohan Singh, who also went on to become the prime minister of the country presented six union budgets. &nbsp;

A funding of Rs 40,000 crore has been allotted by the government in the budget to capitalise on the momentum of the semiconductor mission.

Union Finance Minister Nirmala Sitharaman presenting the union budget 2026-27 in Parliament on Sunday (Feb 1) proposed to initiate semiconductor mission 2.0 for which she has set aside a fund of Rs 40,000 crore. For this the government will set up research and training centres. "We will launch India Semiconductor Mission 2.0 and also focus on industry-led research and training centres to develop tech and skilled workforce," said Finance Minister Nirmala Sitharaman during her budget speech in the parliament. https://www.wionews.com/videos/budget-2026-fulfilling-people-s-dreams-via-stable-growth-1769928666346/embed Key focus areas would be: Focus on industry-led research and training centres for semiconductors A funding of Rs 40,000 crore to capitalise on the momentum of the semiconductor mission Setting up of research and training centres for skilled workforce Odisha, Kerala, Andhra Pradesh and Tamil Nadu will be the focus states for this mission due to their mineral availability A scheme is envisaged to help states establish three dedicated chemical parks to boost domestic manufacturing capabilities This was Sitharaman's ninth consecutive budget, which is a record. With this she also inches closer to presenting the maximum number of budgets (10) held in the name of former Prime Minister Morarji Desai. Who has presented how many budgets? Former finance minister Morarji Desai presented 10 budgets - between 1959 and 1969 - the maximum by any finance minister of the country. Former finance minister P Chidambaram has also presented nine Union budgets, first one being on March 19, 1996, during the United Front government led by Prime Minister HD Deve Gowda. Pranab Mukherjee with eight budget presentations stands third in the list. Yashwant Sinha, Yashwantrao Chavan and CD Deshmukh have presented seven budgets each while Manmohan Singh, who also went on to become the prime minister of the country presented six union budgets.

A funding of Rs 40,000 crore has been allotted by the government in the budget to capitalise on the momentum of the semiconductor mission.

Union Budget 2026: Sitharaman announces launch of India Semiconductor Mission 2.0. Check details

Finance Minister Nirmala Sitharaman talked about three kartavyas (duties) in her first budget prepared at the Kartavya Bhavan. The Ministry of Finance headquarters shifted from the historic North Block to the Kartavya Bhavan at Janpath. The Union Budget 2026 was presented here, marking a new chapter in India's economic landscape. At the start of presenting her ninth consecutive budget, Sitharaman said that Budget 2026 is "Yuva Shakti" driven, and inspired by 3 "kartavyas." The first is to accelerate and sustain economic growth by enhancing competitiveness and building resilience to volatile global dynamics. The second kartavya is to fulfil people's aspirations and build their capacity and make them strong partners in India's path to prosperity. The third kartavya, she said, is to ensure "sab ka saath, sab ka vikas." Every family, community, and region should have access to resources, amenities and opportunities for meaningful participation, Sitharaman said.Also Read: <a href="https://www.wionews.com/india-news/budget-2026-24-82-crore-indians-escaped-multidimensional-poverty-under-modi-govt-sitharaman-tells-parliament-1769926760965">Budget 2026: 24.82 crore Indians escaped multidimensional poverty under Modi govt, Sitharaman tells Parliament</a> &nbsp;The finance minister said that to achieve the three kartavyas, a supportive ecosystem is needed. This includes sustaining the momentum of structural reforms, a robust and resilient financial sector and the use of cutting-edge technologies, such as artificial intelligence.&nbsp;&nbsp;https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed<h2>India Budget 2026: Income tax slabs and changes</h2>Nirmala Sitharaman's Budget 2026-27 speech lasted around one and a half hours. She wrapped it up with the government’s proposals on expenditure, taxation and reforms for the coming financial year. Among key aspects of the speech closely watched were the tax reforms. The New Income Tax Act will come into effect on April 1, Sitharaman said. The old regime stays and will not be phased out. The slabs under the old regime stand at Rs 5 lakh, Rs 10 lakh and above. The new regime stretches the zero tax bracket to Rs 4 lakh and rises to thirty per cent above Rs 24 lakh.&nbsp;&nbsp;

India Budget 2026: Finance Minister Nirmala Sitharaman said at the commencement of the budget speech that it is driven by Yuva Shakti and inspired by three “kartavyas”. She is presenting her ninth consecutive budget and the first one prepared at Kartavya Bhavan.

Finance Minister Nirmala Sitharaman talked about three kartavyas (duties) in her first budget prepared at the Kartavya Bhavan. The Ministry of Finance headquarters shifted from the historic North Block to the Kartavya Bhavan at Janpath. The Union Budget 2026 was presented here, marking a new chapter in India's economic landscape. At the start of presenting her ninth consecutive budget, Sitharaman said that Budget 2026 is "Yuva Shakti" driven, and inspired by 3 "kartavyas." The first is to accelerate and sustain economic growth by enhancing competitiveness and building resilience to volatile global dynamics. The second kartavya is to fulfil people's aspirations and build their capacity and make them strong partners in India's path to prosperity. The third kartavya, she said, is to ensure "sab ka saath, sab ka vikas." Every family, community, and region should have access to resources, amenities and opportunities for meaningful participation, Sitharaman said. Also Read: Budget 2026: 24.82 crore Indians escaped multidimensional poverty under Modi govt, Sitharaman tells Parliament The finance minister said that to achieve the three kartavyas, a supportive ecosystem is needed. This includes sustaining the momentum of structural reforms, a robust and resilient financial sector and the use of cutting-edge technologies, such as artificial intelligence. https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed India Budget 2026: Income tax slabs and changes Nirmala Sitharaman's Budget 2026-27 speech lasted around one and a half hours. She wrapped it up with the government’s proposals on expenditure, taxation and reforms for the coming financial year. Among key aspects of the speech closely watched were the tax reforms. The New Income Tax Act will come into effect on April 1, Sitharaman said. The old regime stays and will not be phased out. The slabs under the old regime stand at Rs 5 lakh, Rs 10 lakh and above. The new regime stretches the zero tax bracket to Rs 4 lakh and rises to thirty per cent above Rs 24 lakh.

India Budget 2026: Finance Minister Nirmala Sitharaman said at the commencement of the budget speech that it is driven by Yuva Shakti and inspired by three “kartavyas”. She is presenting her ninth consecutive budget and the first one prepared at Kartavya Bhavan.

India Budget 2026: Finance Minister Sitharaman says budget inspired by three 'kartavyas' | Details

Indian Finance Minister presented the Union Budget 2026-27 in the Lok Sabha on Sunday (Feb 1). During the presentation, Nirmala Sitharaman announced the creation of rare earth corridors in four states. In her speech, Sitharaman also highlighted that the government has Atmanirbharta (self-reliance) as a north star, which has resulted in a high growth rate of 7 per cent.<h2>Rare earth corridors</h2>Rare earth corridors will be created in Tamil Nadu, Kerala, Odisha, and Andhra Pradesh, the finance minister said during the annual budget presentation for the year 2026-27 in the Lok Sabha.“A scheme for rare earth permanent magnets was launched in 2025 November. We now propose to support mineral-rich states such as Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish rare earth corridors to promote mining, processing, research and manufacturing,” Sitharaman said.<h2>What are rare earth corridors?</h2>Rare earth elements are a set of critical minerals that play a vital role in modern technologies, including electric vehicles, wind turbines, mobile phones, defence systems, and advanced electronics. Permanent magnets derived from rare earth minerals are particularly crucial for clean energy applications and high-end manufacturing.Also read | <a href="https://www.wionews.com/india-news/live-blog-india-budget-2026-live-updates-1st-february-finance-minister-nirmala-sitharaman-speech-pm-modi-budget-session-railway-income-tax-1769905611902">Union Budget 2026 HIGHLIGHTS: From 5 university townships to Khelo India Mission - FM Nirmala Sitharaman's major proposals</a>The proposed corridors aim to build an integrated network for the mining, processing, and transportation of rare earth minerals across the country. By connecting mineral-rich states, the government plans to strengthen supply chains, reduce costs, and make domestic production more efficient and faster.<h2>Atmanirbharta and Union Budget 2026-27</h2>During the Union Budget 2026-27 speech, the finance minister also stressed the government’s push for Atmanirbharta (self-reliance).“Since we assumed office 12 years ago, India's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation,” Sitharaman said in her ninth consecutive Union budget presentation in the Parliament.Watch | Budget 2026: Historic One-Part Budget: Investors Eye Reforms<a href="https://www.wionews.com/videos/budget-2026-historic-one-part-budget-investors-eye-reforms-1769925951503/embed">https://www.wionews.com/videos/budget-2026-historic-one-part-budget-investors-eye-reforms-1769925951503/embed</a>

During the presentation, Nirmala Sitharaman announced the creation of rare earth corridors in four states.

Indian Finance Minister presented the Union Budget 2026-27 in the Lok Sabha on Sunday (Feb 1). During the presentation, Nirmala Sitharaman announced the creation of rare earth corridors in four states. In her speech, Sitharaman also highlighted that the government has Atmanirbharta (self-reliance) as a north star, which has resulted in a high growth rate of 7 per cent. Rare earth corridors Rare earth corridors will be created in Tamil Nadu, Kerala, Odisha, and Andhra Pradesh, the finance minister said during the annual budget presentation for the year 2026-27 in the Lok Sabha. “A scheme for rare earth permanent magnets was launched in 2025 November. We now propose to support mineral-rich states such as Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish rare earth corridors to promote mining, processing, research and manufacturing,” Sitharaman said. What are rare earth corridors? Rare earth elements are a set of critical minerals that play a vital role in modern technologies, including electric vehicles, wind turbines, mobile phones, defence systems, and advanced electronics. Permanent magnets derived from rare earth minerals are particularly crucial for clean energy applications and high-end manufacturing. Also read | Union Budget 2026 HIGHLIGHTS: From 5 university townships to Khelo India Mission - FM Nirmala Sitharaman's major proposals The proposed corridors aim to build an integrated network for the mining, processing, and transportation of rare earth minerals across the country. By connecting mineral-rich states, the government plans to strengthen supply chains, reduce costs, and make domestic production more efficient and faster. Atmanirbharta and Union Budget 2026-27 During the Union Budget 2026-27 speech, the finance minister also stressed the government’s push for Atmanirbharta (self-reliance). “Since we assumed office 12 years ago, India's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation,” Sitharaman said in her ninth consecutive Union budget presentation in the Parliament. Watch | Budget 2026: Historic One-Part Budget: Investors Eye Reforms https://www.wionews.com/videos/budget-2026-historic-one-part-budget-investors-eye-reforms-1769925951503/embed

During the presentation, Nirmala Sitharaman announced the creation of rare earth corridors in four states.

India Union Budget 2026: FM Sitharaman announces rare earth corridors in THESE states

Indian Union Finance Minister Nirmala Sitharaman on Sunday (Feb 1), while presenting the 2026-27 budget, highlighted the Narendra Modi government's push for a 'Reform Express'. She said that "Since we assumed office 12 years ago, the country's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation." This, she noted, was the "result of conscious choices we have made even in times of uncertainty and disruptions."Also read | <a href="https://www.wionews.com/india-news/budget-2026-sitharaman-announces-10-000-crore-bio-pharma-shakti-scheme-health-sector-announcements-from-the-union-budget-1769925595153">Budget 2026: Sitharaman announces ‘Bio Pharma Shakti’ - India’s ambitious plan to dominate next-gen drugs</a><h2>Reform Express</h2>Sitharam stated that under the Modi government's 'reform express' push “over 350 reforms," including GST rationalisation, have been rolled out. She noted that “The reform express is well on its way and will maintain its momentum to help us fulfil our duties,” said Sitharaman, adding that since the NDA government assumed office 12 years ago, “the country's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation.”Also read | <a href="https://www.wionews.com/photos/beyond-the-budget-story-behind-indian-finance-minister-nirmala-sitharaman-s-iconic-budget-day-sarees-through-the-years-in-pics-1769913382545">What's the story behind Nirmala Sitharaman’s iconic Budget Day saree for 2026?</a>"Keeping Aatmanirbharta as a lodestar, we have built domestic manufacturing capacity, energy security and reduced critical import dependencies. Simultaneously, we have ensured that citizens benefit from every action of the Government, undertaking reforms to support employment generation, agricultural productivity, household purchasing power and universal services to people. These measures have delivered a high growth rate of around 7% and helped us make substantial strides in poverty reduction and improvement in the lives of our people," said Sitharaman. &nbsp;<a href="https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed">https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed</a>Referring to global challenges, Sitharaman said India is facing an external environment in which trade and multilateralism are under strain. She emphasised that India will continue to take confident steps towards Viksit Bharat by balancing ambition with inclusion. "Today, we face an external environment in which trade and multilateralism are imperiled. And access to resources and supply chains are disrupted. New technologies are transforming production systems while sharply increasing demand on water, energy and critical minerals. India will continue to take confident steps towards Vikasit Bharat by balancing ambition with inclusion," said Sitharaman.&nbsp;&nbsp;

Budget 2026-27: FM Nirmala Sitharaman highlights Modi govt's reform express,' says 360 reforms including GST rationalisation rolled out

Indian Union Finance Minister Nirmala Sitharaman on Sunday (Feb 1), while presenting the 2026-27 budget, highlighted the Narendra Modi government's push for a 'Reform Express'. She said that "Since we assumed office 12 years ago, the country's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation." This, she noted, was the "result of conscious choices we have made even in times of uncertainty and disruptions." Also read | Budget 2026: Sitharaman announces ‘Bio Pharma Shakti’ - India’s ambitious plan to dominate next-gen drugs Reform Express Sitharam stated that under the Modi government's 'reform express' push “over 350 reforms," including GST rationalisation, have been rolled out. She noted that “The reform express is well on its way and will maintain its momentum to help us fulfil our duties,” said Sitharaman, adding that since the NDA government assumed office 12 years ago, “the country's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation.” Also read | What's the story behind Nirmala Sitharaman’s iconic Budget Day saree for 2026? "Keeping Aatmanirbharta as a lodestar, we have built domestic manufacturing capacity, energy security and reduced critical import dependencies. Simultaneously, we have ensured that citizens benefit from every action of the Government, undertaking reforms to support employment generation, agricultural productivity, household purchasing power and universal services to people. These measures have delivered a high growth rate of around 7% and helped us make substantial strides in poverty reduction and improvement in the lives of our people," said Sitharaman. https://www.wionews.com/videos/union-budget-2026-focus-on-growth-people-s-aspirations-sabka-saath-sabka-vikas-1769926861323/embed Referring to global challenges, Sitharaman said India is facing an external environment in which trade and multilateralism are under strain. She emphasised that India will continue to take confident steps towards Viksit Bharat by balancing ambition with inclusion. "Today, we face an external environment in which trade and multilateralism are imperiled. And access to resources and supply chains are disrupted. New technologies are transforming production systems while sharply increasing demand on water, energy and critical minerals. India will continue to take confident steps towards Vikasit Bharat by balancing ambition with inclusion," said Sitharaman.

Budget 2026-27: FM Nirmala Sitharaman highlights Modi govt's reform express,' says 360 reforms including GST rationalisation rolled out

As Finance Minister Nirmala Sitharaman presents her record-breaking ninth consecutive Union Budget today, she is supported by a core team of top bureaucrats and advisors. Here's a look at these people  who decides our income tax

Union Budget 2026: From Anuradha Thakur to V Anantha Nageswaran - Meet Sitharaman’s power team who decides your taxes

Ahead of Budget 2026-27, reports say Finance Minister Nirmala Sitharaman will shift focus from the traditional Part A to Part B of her budget speech. Beyond taxes, Part B is expected to detail key short-term priorities and long-term policy goals.

Union Budget 2026: Will FM Nirmala Sitharaman's speech focus on Part B? What it means and how it will be different this year

Nirmala Sitharaman’s Budget tradition reflects a shift from colonial symbols to Indian identity. From red briefcases to the traditional bahi khata in 2019, and later a tablet carried in a bahi-style pouch, the journey blends heritage with Digital India.

Union Budget 2026: What is ‘Bahi Khata’? From briefcase to tablet, will FM Nirmala Sitharaman carry it today?

Union Budget 2026: Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 in the Lok Sabha today (Feb 1) as Parliament met for a crucial day of the ongoing Budget Session. The Budget laid out the government’s fiscal priorities for the coming year, including spending plans, tax policy, and key reforms.The session began with the tabling of the Economic Survey on Thursday (Jan 29), formally kicking off the countdown to the Union Budget. The Economic Survey projected steady growth for the Indian economy and highlighted challenges ranging from global uncertainty to domestic job creation. The Survey set the tone for today’s announcements, with expectations of higher capital expenditure and continued focus on infrastructure.<h2>Stay tuned to WION for all the LIVE updates on Union Budget 2026-27</h2>

The Union Budget's proposals to extend tax exemptions send a strong signal to global investors and significantly strengthen GIFT City's position as an international financial services hub, said Sanjay Kaul, Managing Director and Group CEO of GIFT City, following the Budget announcement by the central government on Sunday. Presenting the Budget for 2026-27, Finance Minister Nirmala Sitharaman proposed to increase the period of deduction under section 147 to 20 consecutive years out of 25 years for units in IFSC and 20 consecutive years for OBUs. It was also proposed that the business income of these units from IFSC after the expiry of the period of deduction will be taxed at a rate of 15 per cent, to increase the competitiveness of IFSC.

Budget announcements boosts GIFT City appeal: MD Sanjay Kaul

Senior Congress leader P Chidambaram on Sunday said the Union Budget presented by Finance Minister Nirmala Sitharaman in Parliament earlier in the day "failed the test of economic strategy and economic statesmanship." Addressing a press conference, Chidambaram, a former Finance Minister, said he is not sure if the Finance Minister and the government read the Economic Survey 2025-26 and even if they have, they have decided to discard the challenged and fall back on "their favourite pastime of throwing words at the people".

Union Budget fails test of economic strategy, statesmanship: Chidambaram

The Ministry of Railways received its highest-ever outlay in the Union Budget 2026, with the Union Government putting aside Rs 2,78,030 crores for Indian Railways along with a capital expenditure (capex) of Rs 2,93,030 crores for the financial year 2026-27. In a major step towards high-speed rail connectivity in the country, Finance Minister Nirmala Sitharaman announced seven new high-speed rail corridors across the country. At present, India does not have any functional high-speed or bullet train corridor. The first bullet train is currently under construction between Ahmedabad and Mumbai.

Railways receive highest-ever allocation, 7 high-speed corridors announced

Tamil Nadu Chief Minister MK Stalin on Sunday strongly criticised the Union Budget 2026-27, stating that it has once again ignored the interests of Tamil Nadu and failed to address the needs of any section of society. "The Union Government's Budget, which was eagerly awaited, has delivered an even greater disappointment than usual," Stalin said in a statement.&nbsp;

Interests of Tamil Nadu completely ignored: CM MK Stalin on Union Budget

Fulfilling the long-standing demands of armed forces to increase capital outlay for defence to provide fiscal headroom for modernisation, the Union Budget 2026 set aside Rs 7.85 lakh crore for defence, a sharp uptick from Rs 6.81 lakh crore last year--a hike of around 15 per cent.

Major firepower boost for armed forces in Budget 2026 as defence capital outlay rises 22%

Responding to Lok Sabha LoP Rahul Gandhi’s post on X criticising the Union Budget, FM Nirmala Sitharaman said she did not understand what “course correction” was being referred to, asserting that India’s economic fundamentals remain strong.She said global uncertainty has impacted several sectors, and the government has rolled out multiple schemes to support small and medium enterprises, textiles, leather, rural workers, farmers, women entrepreneurs and self-help groups to cushion them from external volatility.She added that political criticism was welcome, but said she was open to responding to arguments backed by facts, underlining that the Budget focuses on protecting ordinary citizens from global economic shocks.

FM Nirmala Sitharaman rejects LoP Rahul Gandhi’s Budget criticism

Defence Minister Rajnath Singh has hailed the Union Budget 2026-27 and said it will help in further strengthening India’s defence capabilities. He thanked Prime Minister Narendra Modi for allocating a record Rs 7.85 lakh crore for the defence sector. “This budget is designed to ensure that the dividends of growth reach every section of society, with special focus on the poor, the underprivileged, and the disadvantaged,” he added.

‘Record allocation will further strengthen our defence capabilities’: Rajnath Singh

BJP national president Nitin Nabin hailed Union Budget 2026-27 and lauded the proposals in the manufacturing sector saying it aimed for ‘Sankalp se siddhi’ (accomplishment through resolution) for Viksit Bharat 2047 and will create new avenues for employment.“Finance Minister Nirmala Sitharaman, presenting the budget for the ninth time reflect BJP’s policy sustainability and good governance. This budget signifies public trust for Prime Minister Modi. PM Modi’s principle of ‘Sabka Sath, Sabka Vikas’ is reflected in the budget. Also, this is a ‘Sankalp se siddhi’ budget for Viksit Bharat 2047,” Nitin Nabin said.

‘Sankalp se siddhi for Viksit Bharat 2047’: BJP president Nitin Nabin hails Budget

Union Finance Minister Nirmala Sitharaman said in post-Budget press conference that the government is&nbsp;laying path to maintain growth momentum.&nbsp;“We are laying the path and giving a push to the economy to maintain the growth momentum and for that growth momentum or sustained economic growth which we want to ensure. Primarily, we are looking at building the ecosystem with structural reforms, which will go on.”

‘We are laying path to maintain growth momentum’, says FM Sitharaman on Union Budget

PM Narendra Modi said on the presented Union Budget 2026-27 on Sunday, "This is one such unique budget which has focus on bringing down fiscal deficit, on bringing inflation under control and with this, Budget also has the combination of high CapEx and high growth."

PM Narendra Modi on Union Budget 2026-27

On Union Budget, FICCI President Anant Goenka told news agency ANI," This Budget is one of stability and continuity in a world where we are seeing a lot of uncertainty and change. India has emerged as a macroeconomic environment with high macroeconomic stability and controlled inflation. This Budget builds on the government's past focus areas. It places a strong emphasis on the macro view. The Reform Express continues, and manufacturing remains a high-priority area. It is pleasant to see a focus on FDI coming into India, with tax holidays for MNCs. Fiscal deficit target has been met, and it's positive to see the 4.4% figure."

FICCI President Anant Goenka on Union Budget

Sameer Gupta, Partner and National Tax Leader, EY India said on on Union Budget 2026–27, “This Budget strikes the right chords on investor confidence with a thrust on reforms – through incentives, clearer rules and fewer adversarial measures. Recognising the opportunities of centrality of AI based technology and to position India as a competitive hub for cloud and AI infrastructure, the Government has taken a bold step in introducing a tax holiday for data centres serving foreign customers until March 31, 2047. &nbsp;Equally important is the new 15.5% safe harbour for IT, BPO, KPO and contract R&amp;D up to ₹2,000 crore, a sharp reduction from earlier high thresholds in light of India’s ambition to become a services‑led economy contributing 10% of global services output by 2047. Higher investment limits for overseas individual investors, simpler procedures and measures for decriminalisation of tax offences all point to a more predictable, investor-friendly regime.”

Sameer Gupta, Partner and National Tax Leader, EY India on on Union Budget 2026–27

On market crash after the Finance Minister Nirmala Sitharaman presented the Union Budget 2026-26, Congress MP Shashi Tharoor told news agency ANI, "What can I say? Can we be happy if they are disappointed?"

Shashi Tharoor on market crash

Adhil Shetty, CEO of BankBazaar, said on the Union Budget 2026–27 that it would bolster the foundations of India’s formal credit and financial system through targeted, data-backed measures." Union Budget 2026–27 strengthens the foundations of India’s formal credit and financial system through targeted, data-backed measures. The proposed ₹10,000 crore SME Growth Fund is a key intervention. It addresses the long-standing equity and growth capital gap faced by scaling MSMEs, which employ over 11 crore people and contribute nearly 30 per cent of India’s GDP. Better access to patient capital can help viable enterprises move from survival mode to sustainable expansion.The continued focus on strengthening the TReDS and invoice discounting framework directly tackles MSME liquidity stress. Faster receivables financing improves cash flows, reduces dependence on informal borrowing, and lowers working capital costs. This is critical for small businesses operating on thin margins.Within banking and NBFCs, the proposal to constitute a high-level committee on banking for Viksit Bharat signals a comprehensive review of the sector. The focus on financial stability, inclusion, consumer protection, and technology adoption is timely. The government’s clearer articulation of the role of NBFCs, including defined credit targets and technology-led efficiency, reinforces their importance in last-mile credit delivery.For households, the reduction in TCS under the Liberalised Remittance Scheme to 2 per cent from 5 per cent for foreign travel, education, and medical expenses will ease upfront cash-flow pressure. It improves affordability for overseas education and healthcare while reducing short-term liquidity strain.Overall, Budget 2026–27 takes a measured approach. By combining capital support, digital and AI-led infrastructure, and regulatory reform, it aims to deepen formal credit penetration, improve liquidity, and strengthen trust across India’s financial system," he added.

Adhil Shetty, CEO of BankBazaar on Union Budget 2026–27

Union Minister Chirag Paswan told ANI, "Today's budget has emphasised on infrastructure, rural infrastructure, urbanisation, and self-reliance... This is a budget that lays a strong foundation for a developed India."

Union Minister Chirag Paswan on Union Budget 2026

On the Union Budget, Union Minister Jyotiraditya Scindia told news agency ANI," It is a progressive Budget that focuses on every sector of the Indian economy. It is a Budget for every citizen. Particularly, the areas of telecom and DoNEAR have received strong impetus in this Budget. It will empower and power India. A lot of institutions and waterways have been allocated to the North East."

Jyotiraditya Scindia on Union Budget 2026

Madhya Pradesh Dy CM Jagdish Devda said after Finance Minister Nirmala Sitharaman announced the Union Budget 2026 on Sunday, “Farmers, youth, women, I think no one has been left out... All sectors have been fully included in the budget.” “This budget is dedicated to the people... It's such a good budget, and the opposition is speaking out against it because they are unsettled by its quality,” he added.

MP Dy CM Jagdish Devda reacts on Union Budget 2026

Sensex off day’s low, down 800 Pts; Nifty reclaims 25,000

Union Budget 2026 LIVE Updates:  Markets down after Sitharaman's speech

After delivering an hour and a half long speech, FM Nirmala Sitharaman tabled the Budget 2026-2027. Lok Sabha speaker Om Birla adjourned the house&nbsp;

Union Budget 2026 LIVE Updates: FM Nirmala Sitharaman tables the Budget 2026-2027; House adjourned

FM Nirmala Sitharaman made the following announcement under indirect taxes:<ul><li>Import duty on nuclear plants exempted till 2035</li><li>Limit for duty free imports in sea food for exports at 3% of FOB value allowed. Earlier it was 1%</li><li>Time Period for export of final product in leather industry increased from 6 months to 1 year</li><li>BCD in Li-ion cells exempt</li><li>Biogas CNG exempt from import duty</li><li>Duty exempt from manufacture of parts in MRO in Defence and civil aircraft manufacturing</li><li>Duty for imported goods for personal use over limit reduced to 10% from 20%.&nbsp;</li><li>Duties reduced on various drugs and medicines for special treatments</li><li>Customs processes to have minimal intervention of officers&nbsp;</li><li>AEOs to get 30 days to do paperwork</li></ul>

Union Budget 2026 LIVE Updates: FM's announcement under INDIRECT TAX

The FM announces various exemptions for various taxpayers: MAT on NRIs waived in presumptive scheme (44ADA, 44AD, 44AE)<ul><li>TCS rate reductions announced</li><li>STT on futures increased to 0.05% from 0.025%</li><li>Corporate Tax Rate reduced in New Tax Regime with MAT setoff allowed only in New Tax Regime.</li><li>MAT credit accumulation not allowed from 1st April 2026</li><li>Brought Forward MAT credit is allowed to be set off</li></ul>

Union Budget 2026 LIVE Updates: Exemptions for various taxpayers announced by FM 

Buyback taxation changes announced by the FM&nbsp;<ul><li>Proposed to change buyback as capital gains, instead of like dividends&nbsp;</li><li>Promoters to pay additional tax of 22 per cent tax for buyback of shares</li></ul>

Union Budget 2026 LIVE Updates: What FM announced in buyback taxation 

FM Nirmala Sitharaman announces tax holiday till 2047 for companies providing cloud services to Indian companies through India based data centres. She also proposes 15% cost allowed as safe harbor for data centre entities through Indian subsidiaries.

Union Budget 2026 LIVE Updates: FM announces tax holiday till 2047 for THESE companies

As FM Nirmala Sitharaman began her major announcements on direct taxes under Part B of the Budget speech, Indian stock turned red

Union Budget 2026 LIVE Updates: Indian stocks turn red after speech on direct taxes starts

FM Nirmala Sitharaman proposes 6-month foreign asset disclosure scheme under two categories&nbsp;Who didn't disclose: Upto Rs 1 crore @ 30% of FMV and 30% of additional tax as penalty&nbsp;Those who disclosed and/or paid tax but didn't declare asset acquired: Upto Rs 5 crores&nbsp; &nbsp;

Union Budget 2026 LIVE Updates: FM Nirmala Sitharaman announces 6-month foreign asset disclosure

FM Sitharaman, while delivering Budget speech on Sunday, made these announcements about Income Tax<ul><li>1.New income tax regime to come into effect from 1 April 2026</li><li>2.Any interest awarded by Motor Accident Claims Tribunal to be tax-free.</li><li>3. TCS Rate on overseas tour programs reduced to 2%</li><li>4. TCS under LRS to be reduced to 2%.</li><li>5. TDS under 194C (Contractors) is to be at 2% or 1%.</li><li>6. Depositories to accept 15G/15H to reduce TDS for depositors.</li><li>7. Revised Returns allowed to 31st March with fees.</li><li>8. ITR 1 and 2 till 31st July.</li><li>9. Non Audit Trusts - 31st August</li><li>10. TAN not required for NRIs.</li><li>11. Scheme for disclosure of Foreign Assets and Income for two types of taxpayers. Limit of Assets upto ₹1,00,00,000 and ₹5,00,00,000 - 30% tax and 30% penalty for Category A. 1,00,000 for Category B.</li><li>12. Quantum of prepayment reduced to 10% for Appeals.</li><li>13. Updated Return allowed for reassessment proceedings allowed. </li><li>14. Penalties for technical defaults (audit missing) to be converted to fees. No prosecution.</li><li>15. Non production of books of accounts and TDS payments decriminalized. </li><li>16. Fines conversion by courts allowed</li></ul>

Union Budget 2026 LIVE Updates: FM Nirmala Sitharaman makes major announcements on Income Tax

Union Budget 2026 LIVE Updates | The Finance Minister announced the launching of Nimhans Mental Health Institute in North India.

Union Budget 2026 LIVE Updates | Mental Health Institute launched 

In wildlife, FM Sitharaman said that India will host the Global Big Cats Summit with ministers from 95 range countries to deliberate on conservation strategies.

Union Budget 2026 LIVE Updates | India will host the Global Big Cats Summit, FM Sitharaman says

Union Budget 2026 LIVE Updates | FM Sitharaman proposes Digital Knowledge Grid to document heritage sites &amp; create local jobs. World-class trekking &amp; hiking trails in HP, Uttarakhand, J&amp;K &amp; the Ghats.

Union Budget 2026 LIVE Updates | FM Sitharaman proposes trekking and hiking trails 

Union Budget 2026 LIVE Updates | FM Sitharaman' announces launching of 'Khelo India mission'&nbsp;

Union Budget 2026 LIVE Updates | FM Sitharaman' announces launching of 'Khelo India mission' 

Under Orange Economy, &nbsp;FM Sitharaman announces:<ul><li>AVGC sector will require 2 million professionals by 2030&nbsp;</li><li>Will support content creation labs across 15,000 schools&nbsp;</li><li>New national institute of design to boost design education in East India&nbsp;</li><li>5 University townships in major industrial corridors.&nbsp;</li><li>Girls hostel in every district</li></ul>

Union Budget 2026 LIVE Updates | FM Sitharaman's proposals under 'Orange Economy'

Union Budget 2026 LIVE Updates | FM Sitharaman proposes 5 university townships in vicinity of industrial corridors to help in skill building. 1 girls hostel in every district with VGF support

Union Budget 2026 LIVE Updates | FM Sitharaman proposes 5 university townships 

"I propose setting up high level committee on banking for Viksit Bharat," said Finance Minister Nirmala Sitharaman. She also said Power Finance Corporation and Rural Electrification Corporations to be restructured. She added, “Comprehensive review of forex management to create more contemporary framework”

Union Budget 2026 LIVE Updates | FM Sitharaman proposes high level committee on banking

Union Budget 2026 LIVE Updates | FM Sitharaman says government will develop 7 high-speed rail corridors namely:<ul><li>Mumbai Pune</li><li>Pune Hyderabad&nbsp;</li><li>Hyderabad Bengaluru</li><li>Hyderabad Chennai</li><li>Chennai to Bengaluru</li><li>Delhi to Varanasi&nbsp;</li><li>Varanasi to Siliguri</li></ul>

Union Budget 2026 LIVE Updates | FM Sitharaman says government will develop 7 high-speed rail corridors 

Union Budget 2026 LIVE Updates | In her Budget speech, FM Sitharaman proposes ₹12.2 lakh crore on infrastructure spending. It includes:<ul><li>New Dedicated Freight Corridors and operationalize</li><li>20 new national waterways&nbsp;</li><li>Ship repair (inland waterways) centres</li><li>Coastal cargo incentivisation scheme&nbsp;</li><li>Sea Plane manufacturing boost</li></ul>

Union Budget 2026 LIVE Updates | FM Sitharaman proposes ₹12.2 lakh crore on infrastructure spending

Union Budget 2026 LIVE Updates | In her Budget speech, FM Sitharaman provides a major push for textile sector. She proposed the following1. National fibre scheme 2. Textile expansion and employment scheme 3. National handloom program 4. Tax eco initiative 5. Samaksh 2.0 6. Mega textile parks 7. Mahatma Gandhi Gram Swaraj Initiative

Union Budget 2026 LIVE Updates | FM Sitharaman proposes a major push to the texttile industries

Union Budget 2026 LIVE Updates | In her Budget speech, FM Sitharaman proposes Mahatma Gandhi Gram Swaraj initiative to benefit weavers, village industries, rural youth&nbsp;

Union Budget 2026 LIVE Updates | FM Sitharaman proposes Mahatma Gandhi Gram Swaraj initiative 

Union Budget 2026 LIVE Updates | In her Budget speech, FM Sitharaman proposes 'Integrated schemes for textiles'

Union Budget 2026 LIVE Updates | FM Sitharaman proposes 'Integrated schemes for textiles'

Union Budget 2026 LIVE Updates | In her Budget speech, FM Sitharaman says, “A scheme for rare earth magnets was launched in November 2025. Support for mineral-rich states of Odisha, Andhra Pradesh, Kerala, and Tamil Nadu to develop rare earth corridors.”

Union Budget 2026 LIVE Updates | FM Sitharaman briefs on 'India Rare Earth Corridor'

Union Budget 2026 LIVE Updates | In her Budget speech, FM Sitharaman announces launching of India SemiConductor Mission 2.0 to fortify supply chains.

Union Budget 2026 LIVE Updates | FM Sitharaman announces launching of India SemiConductor Mission 2.0 

Union Budget 2026 LIVE Updates | In her Budget speech, FM Sitharaman proposes ‘Biopharma Shakti’ with the outlay Rs. 10,000 crores over next 10 years&nbsp;

Union Budget 2026 LIVE Updates | FM Sitharaman proposes Biopharma Shakti 

Union Budget 2026 LIVE Updates | In her Budget speech, FM Sitharaman briefs on 'Reform Express'. She says “Government has rolled out 350 reforms. GST 2.0, QCOs and is working on deregulation.”

Union Budget 2026 LIVE Updates | FM Sitharaman briefs on 'Reform Express'

<ul><li>First kartavya is to accelerate and sustain economic growth by enhancing productivity and competitiveness and building resilience to volatile global dynamics.</li><li>Second kartavya is to fulfill aspirations of our people and build their capacity, making them strong partners in India's path to prosperity.</li><li>Third kartavya, aligned with the vision of Sabka Saath Sabka Vikas, is to ensure that every family, community, region and sector has access to resources, amenities and opportunities for meaningful participation."</li></ul>Under Kartavya 1, six interventions are proposed : - Scaling up manufacturing in 7 frontier sectors - Rejuvenating legacy industries -Championing MSMEs - Long-term security and stability -Developing city economic regions

Union Budget 2026 LIVE Updates | FM Sitharaman lists 3 'Kartavya' of Budget

Union Budget 2026 LIVE Updates | FM Sitharaman presents Budget 2026

Union Budget 2026 LIVE Updates | FM Sitharaman presents Budget 2026

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WATCH | Union Budget 2026-27 presentation live

The Union Cabinet has approved the Union Budget 2026-27. Finance Minister Nirmala Sitharaman is expected to present the Union Budget 2026-27 in Parliament shortly.

Cabinet approves Union Budget 2026-27

Union Budget 2026 Live Updates: Finance Minister Nirmala Sitharaman today (Feb 1) is presenting the Union Budget 2026-27 in Parliament. Budget 2026 will outline the government’s fiscal roadmap. All LIVE updates HERE.

Union Budget 2026: Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 in the Lok Sabha today (Feb 1) as Parliament met for a crucial day of the ongoing Budget Session. The Budget laid out the government’s fiscal priorities for the coming year, including spending plans, tax policy, and key reforms. The session began with the tabling of the Economic Survey on Thursday (Jan 29), formally kicking off the countdown to the Union Budget. The Economic Survey projected steady growth for the Indian economy and highlighted challenges ranging from global uncertainty to domestic job creation. The Survey set the tone for today’s announcements, with expectations of higher capital expenditure and continued focus on infrastructure. Stay tuned to WION for all the LIVE updates on Union Budget 2026-27

Union Budget 2026 Live Updates: Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 in Parliament today, February 1. Budget 2026 outlines the government’s fiscal roadmap. All LIVE updates HERE.

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