Union Finance Minister Nirmala Sitharaman on Wednesday rejected all opposition claims that states have been neglected in the Union Budget and asserted that the Centre has transferred the full 41% share of divisible taxes to states as recommended by the Finance Commission. Replying to the debate on the budget in Parliament, Sitharaman said the headline capital expenditure stands at Rs 12.2 lakh crore, while the effective capital expenditure, including grants to states, totals Rs 17.1 lakh crore, amounting to 4.4% of GDP.&nbsp;“This Rs 17.1 lakh crore is being spent to build assets across states and Union Territories,” she said, emphasising that the money is going directly to strengthen infrastructure across the country.&nbsp;Also Read: <a href="https://www.wionews.com/world/day-before-bangladesh-polls-jamaat-leader-arrested-at-saidpur-airport-with-tk50-lakh-in-cash-1770813630948">Day before Bangladesh polls, Jamaat leader arrested at Saidpur Airport with Tk50 lakh in cash</a><h2>Centre has not diluted tax devolution: FM</h2>&nbsp;Sitharaman also dismissed allegations that the Centre has diluted tax devolution. “We have transferred 41% of the divisible pool to the states. No state’s share has been reduced,” she said.&nbsp;Underscoring the scale of the transfer, she said that for 2026-27, Rs 25.44 lakh crore have been transferred to states, including tax devolution and releases under centrally sponsored schemes, an increase of Rs 2.70 lakh crore over the current year’s revised estimate and Rs 3.78 lakh crore more than the 2024-25 actuals.&nbsp;Also Read: <a href="https://www.wionews.com/world/-us-used-pakistan-like-toilet-paper-says-defence-minister-khawaja-asif-1770808649575">‘US used Pakistan like toilet paper,’ says Defence Minister Khawaja Asif</a>&nbsp;Sitharaman also said that there is no shortage of lending to industry, including small and medium enterprises, as total credit increased by 13.8% in the current financial year.&nbsp;&nbsp;The 16th Finance Commission report tabled in Parliament reviewed transfers from 2018-19 to 2022-23 and concluded that the Centre’s devolution matched its recommendations in each year.Addressing criticism over cesses, she said collections earmarked for sectors such as education, health, and roads ultimately support states. She pointed members to Annex 4A and 4B of the budget receipt documents, audited by the CAG, for detailed data on how funds are allocated.&nbsp;Also Read: <a href="https://www.wionews.com/world/us-to-offer-bangladesh-defence-systems-to-counter-chinese-influence-ambassador-in-dhaka-1770804612423">‘US to offer Bangladesh defence systems to counter Chinese influence’: Washington's envoy in Dhaka</a><h2>Sitharaman emphasises Centre’s push for infrastructure</h2>&nbsp;She also talked about the Centre’s push for infrastructure. “It’s not just roads, it’s not just national highways. We are also looking at waterways, so that the cost of logistics may come down and states which are not connected to sea ports will have advantage of moving goods faster at a lesser cost,” she said.&nbsp;&nbsp;Sitharaman said the Centre is willing to work with states for Mega Textile Parks, particularly looking at industrial textiles, which are going to be “new age” and becoming a part of the manufacturing sector.&nbsp;Lok Sabha took up discussion on the Union Budget on Tuesday. Sitharaman is expected to reply to the debate in the Rajya Sabha on Thursday.&nbsp;Also Read: <a href="https://www.wionews.com/world/bangladesh-general-election-2026-why-bangladesh-polls-matter-for-hindu-minority-s-safety-1770817177549">Bangladesh General Election 2026: Why Bangladesh polls matter for Hindu minority’s safety</a>

Finance Minister Nirmala Sitharaman dismissed allegations that the Centre has diluted tax devolution and said the Union government transferred 41% of the divisible pool to the states and the share of no state has been reduced.

Union Finance Minister Nirmala Sitharaman on Wednesday rejected all opposition claims that states have been neglected in the Union Budget and asserted that the Centre has transferred the full 41% share of divisible taxes to states as recommended by the Finance Commission. Replying to the debate on the budget in Parliament, Sitharaman said the headline capital expenditure stands at Rs 12.2 lakh crore, while the effective capital expenditure, including grants to states, totals Rs 17.1 lakh crore, amounting to 4.4% of GDP. “This Rs 17.1 lakh crore is being spent to build assets across states and Union Territories,” she said, emphasising that the money is going directly to strengthen infrastructure across the country. Also Read: Day before Bangladesh polls, Jamaat leader arrested at Saidpur Airport with Tk50 lakh in cash Centre has not diluted tax devolution: FM Sitharaman also dismissed allegations that the Centre has diluted tax devolution. “We have transferred 41% of the divisible pool to the states. No state’s share has been reduced,” she said. Underscoring the scale of the transfer, she said that for 2026-27, Rs 25.44 lakh crore have been transferred to states, including tax devolution and releases under centrally sponsored schemes, an increase of Rs 2.70 lakh crore over the current year’s revised estimate and Rs 3.78 lakh crore more than the 2024-25 actuals. Also Read: ‘US used Pakistan like toilet paper,’ says Defence Minister Khawaja Asif Sitharaman also said that there is no shortage of lending to industry, including small and medium enterprises, as total credit increased by 13.8% in the current financial year. The 16th Finance Commission report tabled in Parliament reviewed transfers from 2018-19 to 2022-23 and concluded that the Centre’s devolution matched its recommendations in each year. Addressing criticism over cesses, she said collections earmarked for sectors such as education, health, and roads ultimately support states. She pointed members to Annex 4A and 4B of the budget receipt documents, audited by the CAG, for detailed data on how funds are allocated. Also Read: ‘US to offer Bangladesh defence systems to counter Chinese influence’: Washington's envoy in Dhaka Sitharaman emphasises Centre’s push for infrastructure She also talked about the Centre’s push for infrastructure. “It’s not just roads, it’s not just national highways. We are also looking at waterways, so that the cost of logistics may come down and states which are not connected to sea ports will have advantage of moving goods faster at a lesser cost,” she said. Sitharaman said the Centre is willing to work with states for Mega Textile Parks, particularly looking at industrial textiles, which are going to be “new age” and becoming a part of the manufacturing sector. Lok Sabha took up discussion on the Union Budget on Tuesday. Sitharaman is expected to reply to the debate in the Rajya Sabha on Thursday. Also Read: Bangladesh General Election 2026: Why Bangladesh polls matter for Hindu minority’s safety

Finance Minister Nirmala Sitharaman dismissed allegations that the Centre has diluted tax devolution and said the Union government transferred 41% of the divisible pool to the states and the share of no state has been reduced.

‘No state neglected in Budget’: FM Nirmala Sitharaman shreds Opposition’s claims

Finance Minister Nirmala Sitharaman relieved taxpayers on Sunday after announcing in the Budget that foreign travel and remitting money for education abroad would be made cheaper. However, she increased the tax amount on futures and option trading in order to provide a reasonable course correction.&nbsp;Meanwhile, the Finance Minister left the income tax slabs untouched, with no extra tax to be charged. It will follow the announced 2025 tax slab. Likewise, the Budget did not announce any changes to long-term capital gains (LTCG) tax or the standard deduction under the new tax regime, despite expectations from several quarters ahead of the presentation.&nbsp;LTCG refers to gains earned from the sale of a capital asset held over a long period, including immovable property such as land and buildings, as well as financial instruments like equity shares and equity mutual funds.<h3>Foreign travel is getting cheaper</h3>Finance Minister Nirmala Sitharaman lowered the Tax Collected at Source (TCS) on overseas tour packages to 2 per cent, removing earlier thresholds. At present, a 5 per cent TCS applies to spending up to Rs 10 lakh in a financial year, while amounts exceeding Rs 10 lakh attract a 20 per cent levy.&nbsp;&nbsp;She also revised TCS rates on education and medical remittances under the Liberalised Remittance Scheme (LRS), cutting them from 5 per cent to 2 per cent. This move is expected to benefit families, including parents transferring funds for children studying overseas.<h3>F&amp;O trading is now expensive</h3>Meanwhile, Sitharaman emphasised the need for a reasonable course correction while announcing a hike in the Securities Transaction Tax (STT) on futures and options trading. She said that the STT on Futures would be increased to 0.05 per cent from the existing 0.02 per cent to provide reasonable course correction in the F&amp;O segment in the capital market and generate extra revenues for the government.&nbsp;At the same time, STT on options has been revised, with the levy on premium and exercise of options, which is proposed to be raised to 0.15 per cent from the present rate of 0.1 per cent and 0.125 per cent, respectively.&nbsp;The government has also proposed a one-time six-month scheme allowing small taxpayers to voluntarily disclose foreign assets. Under the proposal, small taxpayers—defined as students, young professionals and NRIs- will be able to declare overseas assets below specified limits of Rs 1 crore or Rs 5 crore and receive immunity from prosecution. &nbsp;

Finance Minister Nirmala Sitharaman lowered the TCS on overseas tour packages to 2 per cent, removing earlier thresholds. At present, a 5 per cent TCS applies to spending up to Rs 10 lakh in a financial year, while amounts exceeding Rs 10 lakh attract a 20 per cent levy. 

Finance Minister Nirmala Sitharaman relieved taxpayers on Sunday after announcing in the Budget that foreign travel and remitting money for education abroad would be made cheaper. However, she increased the tax amount on futures and option trading in order to provide a reasonable course correction. Meanwhile, the Finance Minister left the income tax slabs untouched, with no extra tax to be charged. It will follow the announced 2025 tax slab. Likewise, the Budget did not announce any changes to long-term capital gains (LTCG) tax or the standard deduction under the new tax regime, despite expectations from several quarters ahead of the presentation. LTCG refers to gains earned from the sale of a capital asset held over a long period, including immovable property such as land and buildings, as well as financial instruments like equity shares and equity mutual funds. Foreign travel is getting cheaper Finance Minister Nirmala Sitharaman lowered the Tax Collected at Source (TCS) on overseas tour packages to 2 per cent, removing earlier thresholds. At present, a 5 per cent TCS applies to spending up to Rs 10 lakh in a financial year, while amounts exceeding Rs 10 lakh attract a 20 per cent levy. She also revised TCS rates on education and medical remittances under the Liberalised Remittance Scheme (LRS), cutting them from 5 per cent to 2 per cent. This move is expected to benefit families, including parents transferring funds for children studying overseas. F&O trading is now expensive Meanwhile, Sitharaman emphasised the need for a reasonable course correction while announcing a hike in the Securities Transaction Tax (STT) on futures and options trading. She said that the STT on Futures would be increased to 0.05 per cent from the existing 0.02 per cent to provide reasonable course correction in the F&O segment in the capital market and generate extra revenues for the government. At the same time, STT on options has been revised, with the levy on premium and exercise of options, which is proposed to be raised to 0.15 per cent from the present rate of 0.1 per cent and 0.125 per cent, respectively. The government has also proposed a one-time six-month scheme allowing small taxpayers to voluntarily disclose foreign assets. Under the proposal, small taxpayers—defined as students, young professionals and NRIs- will be able to declare overseas assets below specified limits of Rs 1 crore or Rs 5 crore and receive immunity from prosecution.

Finance Minister Nirmala Sitharaman lowered the TCS on overseas tour packages to 2 per cent, removing earlier thresholds. At present, a 5 per cent TCS applies to spending up to Rs 10 lakh in a financial year, while amounts exceeding Rs 10 lakh attract a 20 per cent levy.&nbsp;

From foreign travel to F&O trades: Union Budget brings BIG changes for taxpayers—Check details inside

In the Union Budget 2026, Finance Minister Nirmala Sitharaman announced the 'Prime Minister Dhan-Dhaanya Krishi Yojana'. This new programme aims to develop agricultural districts that are currently lagging in productivity.

Union Budget 2026: What is the ‘PM Dhan-Dhaanya Krishi Yojana’ and how will it change 100 districts?

The education ministry has been allocated Rs 1.39 lakh crore in the Union Budget 2026-27, presented by Finance Minister Nirmala Sitharaman on Sunday (February 1). The move marked an 8.27 per cent increase over the previous financial year, showing education and skilling at the core of India's long-term growth strategy. The allocated amount accounts for nearly 2.6 per cent of the total estimated expenditure of Rs 53.5 lakh crore for 2026-27.&nbsp;Presenting the Budget in Parliament, Union Finance Minister announced a series of initiatives for the education and skilling sector. These include plans to develop five University Townships, set up veterinary and para-veterinary colleges, establish Animation, Visual Effects, Gaming and Comics (AVGC) Content Creator Labs, and create a National Institute of Hospitality.&nbsp;Of the total outlay, Rs 83,562.26 crore has been allocated for school education, while Rs 55,727 crore has been earmarked for higher education. The allocations for school and higher education have increased by 6.35 per cent and 11.28 per cent, respectively. The Ministry of Education received a total allocation of Rs 1.28 lakh crore in FY 2025–26.&nbsp;WATCH: https://www.wionews.com/videos/budget-2026-pm-modi-budget-2026-fuels-viksit-bharat-2047-vision-1769939464377/embedd<h3>Dharmendra Pradhan lauds Union Budget 2026-27</h3>Welcoming the increased funding, Union Education Minister Dharmendra Pradhan said the Budget reflects the vision of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to realise the goal of a developed India.&nbsp;"To achieve the goal of a developed India, the budget this time is reflected in the excellent arrangements of the Prime Minister's vision and the Minister of Finance, Nirmala Sitharaman. I would like to congratulate them on some points from the Education Department. The budget this time is bigger than the budget last time," he said.&nbsp;"Last year's budget allocation was Rs 1 lakh 28 thousand 650 crore, which has now been increased to Rs 1 lakh 39 thousand 299 crore, 8.27% rise compared to the last budget... Women have contributed significantly to the field of science and technology, more so than in many other nations. To further promote this growth, we plan to establish girls' hostels in every state in collaboration with the respective state governments... We also plan to develop a university council for the overall advancement of educational infrastructure and to create a knowledge-based economy," he added.&nbsp;Also read: <a href="https://www.wionews.com/world/big-firepower-for-forces-in-budget-2026-capital-outlay-for-defence-surges-22-as-india-prepares-for-dual-front-challenges-1769943755460">Big firepower for forces in Budget 2026: Capital outlay for defence surges 22% as India prepares for dual-front challenges</a>

Union Finance Minister announced a series of initiatives for the education and skilling sector, including University Townships, setting up veterinary and para-veterinary colleges, establishing Animation, Visual Effects, Content Creator Labs, and a National Institute of Hospitality.

The education ministry has been allocated Rs 1.39 lakh crore in the Union Budget 2026-27, presented by Finance Minister Nirmala Sitharaman on Sunday (February 1). The move marked an 8.27 per cent increase over the previous financial year, showing education and skilling at the core of India's long-term growth strategy. The allocated amount accounts for nearly 2.6 per cent of the total estimated expenditure of Rs 53.5 lakh crore for 2026-27. Presenting the Budget in Parliament, Union Finance Minister announced a series of initiatives for the education and skilling sector. These include plans to develop five University Townships, set up veterinary and para-veterinary colleges, establish Animation, Visual Effects, Gaming and Comics (AVGC) Content Creator Labs, and create a National Institute of Hospitality. Of the total outlay, Rs 83,562.26 crore has been allocated for school education, while Rs 55,727 crore has been earmarked for higher education. The allocations for school and higher education have increased by 6.35 per cent and 11.28 per cent, respectively. The Ministry of Education received a total allocation of Rs 1.28 lakh crore in FY 2025–26. WATCH: https://www.wionews.com/videos/budget-2026-pm-modi-budget-2026-fuels-viksit-bharat-2047-vision-1769939464377/embedd Dharmendra Pradhan lauds Union Budget 2026-27 Welcoming the increased funding, Union Education Minister Dharmendra Pradhan said the Budget reflects the vision of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to realise the goal of a developed India. "To achieve the goal of a developed India, the budget this time is reflected in the excellent arrangements of the Prime Minister's vision and the Minister of Finance, Nirmala Sitharaman. I would like to congratulate them on some points from the Education Department. The budget this time is bigger than the budget last time," he said. "Last year's budget allocation was Rs 1 lakh 28 thousand 650 crore, which has now been increased to Rs 1 lakh 39 thousand 299 crore, 8.27% rise compared to the last budget... Women have contributed significantly to the field of science and technology, more so than in many other nations. To further promote this growth, we plan to establish girls' hostels in every state in collaboration with the respective state governments... We also plan to develop a university council for the overall advancement of educational infrastructure and to create a knowledge-based economy," he added. Also read: Big firepower for forces in Budget 2026: Capital outlay for defence surges 22% as India prepares for dual-front challenges

Union Finance Minister announced a series of initiatives for the education and skilling sector, including University Townships, setting up veterinary and para-veterinary colleges, establishing Animation, Visual Effects, Content Creator Labs, and a National Institute of Hospitality.

Union Budget 2026–27 allocates Rs 1.39 lakh crore to education ministry, increases by 8.27%

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. This hints at the centre's renewed focus on military readiness and modernisations amid a volatile geopolitical scenario and heightened threats on both eastern and western borders with China and Pakistan, respectively.&nbsp;As per official data, the defence outlay for 2026-27 is pegged at Rs 7,84,678 crores, compared to Rs 6,81,210 crores in the previous fiscal. The most significant part of the increase was the steep increase in defence capital expenditure, which was increased by 28 per cent to Rs 2.31 lakh crore vis-a-vis Rs 1.80 lakh crore last year. &nbsp;Of this, Rs 63,733 crore is allocated for aircraft and aero engines, and Rs 25,023 crores for the naval fleet.&nbsp;However, the union government has been expanding the defence budget; it reached Rs 29 lakh crore in 2014-15 and has grown to Rs 7.85 lakh crore in 2026-27.&nbsp;The increased capital outlay is set to fund major acquisitions of advanced weapon systems, including the biggest-ever fighter aircraft deal worth Rs 3.25 crore, India inked with France to purchase 114 Rafale jets and domestic defence manufacturing.&nbsp;Finance Minister Nirmala Shitaraman also announced exemption of basic customs duty on raw material imported forthe manufacturing of parts used in the maintenance, rapair and overhaul of defence units.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/union-budget-2026-fm-sitharaman-proposes-7-high-speed-rail-corridors-across-india-check-routes-here-1769925871373">Union Budget 2026: FM Sitharaman proposes 7 high-speed rail corridors across India — CHECK routes here</a><h2>Breakup of the Defence budget</h2>The defence budget allocates Rs 3,65,479 crore for revenue expenditure to meet the armed forces’ day-to-day operational needs, including salaries, maintenance, and combat readiness. The government has earmarked a record Rs 2,19,306 crore for capital outlay, reflecting a 21.8 per cent increase aimed at modernisation and the acquisition of advanced military equipment.&nbsp;In addition, Rs 1,71,338 crore has been set aside to meet pension liabilities for more than 34 lakh retired defence personnel. The remaining Rs 28,555 crore will go to civil organisations under the Ministry of Defence, including the Border Roads Organisation and the Indian Coast Guard, to support infrastructure development and strategic operations.

Union budget 2026-27 announces a record Rs 7.85 lakh crore for the Ministry of Defence, featuring a massive 22% hike in capital outlay.

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. This hints at the centre's renewed focus on military readiness and modernisations amid a volatile geopolitical scenario and heightened threats on both eastern and western borders with China and Pakistan, respectively. As per official data, the defence outlay for 2026-27 is pegged at Rs 7,84,678 crores, compared to Rs 6,81,210 crores in the previous fiscal. The most significant part of the increase was the steep increase in defence capital expenditure, which was increased by 28 per cent to Rs 2.31 lakh crore vis-a-vis Rs 1.80 lakh crore last year. Of this, Rs 63,733 crore is allocated for aircraft and aero engines, and Rs 25,023 crores for the naval fleet. However, the union government has been expanding the defence budget; it reached Rs 29 lakh crore in 2014-15 and has grown to Rs 7.85 lakh crore in 2026-27. The increased capital outlay is set to fund major acquisitions of advanced weapon systems, including the biggest-ever fighter aircraft deal worth Rs 3.25 crore, India inked with France to purchase 114 Rafale jets and domestic defence manufacturing. Finance Minister Nirmala Shitaraman also announced exemption of basic customs duty on raw material imported forthe manufacturing of parts used in the maintenance, rapair and overhaul of defence units. Also Read: Union Budget 2026: FM Sitharaman proposes 7 high-speed rail corridors across India — CHECK routes here Breakup of the Defence budget The defence budget allocates Rs 3,65,479 crore for revenue expenditure to meet the armed forces’ day-to-day operational needs, including salaries, maintenance, and combat readiness. The government has earmarked a record Rs 2,19,306 crore for capital outlay, reflecting a 21.8 per cent increase aimed at modernisation and the acquisition of advanced military equipment. In addition, Rs 1,71,338 crore has been set aside to meet pension liabilities for more than 34 lakh retired defence personnel. The remaining Rs 28,555 crore will go to civil organisations under the Ministry of Defence, including the Border Roads Organisation and the Indian Coast Guard, to support infrastructure development and strategic operations.

Union budget 2026-27 announces a record Rs 7.85 lakh crore for the Ministry of Defence, featuring a massive 22% hike in capital outlay.

Big firepower for forces in Budget 2026: Capital outlay for defence surges 22% as India prepares for dual-front challenges

Union Finance Minister on Sunday created history by presenting her 9th consecutive Union Budget in Parliament, asserting that the "reform express" of the Narendra Modi-led government is well on its way. Know all the proposals, allocation of money for different sectors, and other plans.

Who got big bucks? From Biopharma to Defence: Breakdown of budget allocations in 2026 across key sectors

Hailing the Budget 2026 as India's roadmap for the ‘Reform Express’ it is on, Prime Minister Narendra Modi said that it lays a strong foundation for the flight to the vision of ‘Viksit Bharat 2047’. He said that Finance Minister Nirmala Sitharaman achieved a historic feat by delivering the budget speech for ninth consecutive time. The PM also added that the path-breaking reforms announced in the budget will provide an open sky to the "courageous, talented youth of India." PM Modi highlighted that budget focusses on bringing down the fiscal deficit and keep inflation under control as well as it is a combination of high Capex and growth. &nbsp;Also Read: <a href="https://www.wionews.com/photos/union-budget-2026-income-tax-slabs-old-new-regime-slabs-ltcg-what-becomes-costlier-cheaper-1769933963094">Union Budget 2026: Key takeaways on income tax, LTCG, what becomes costlier and what becomes cheaper</a>

<blockquote class="twitter-tweet" data-media-max-width="560"><a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | On <a href="https://twitter.com/hashtag/UnionBudget?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget</a>, PM Narendra Modi says, &quot;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.&quot; (Video: DD) <a href="https://t.co/GBxJxs14uC">pic.twitter.com/GBxJxs14uC</a>&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/2017882948423626805?ref_src=twsrc%5Etfw">February 1, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<a href="https://www.wionews.com/videos/budget-2026-tds-rate-reduced-from-5-to-2-without-any-limit-1769934046811/embed">https://www.wionews.com/videos/budget-2026-tds-rate-reduced-from-5-to-2-without-any-limit-1769934046811/embed</a>&nbsp;&nbsp;"This Budget further strengthens India's global role. The 140 crore citizens of India are satisfied with not just being the fastest-growing economy, but we also want to be the third-largest global economy at the earliest. This is the resolve of crores of citizens of the country. As a trusted, democratic partner of the world and as a trusted quality supplier, India's role is expanding continuously. The maximum benefit of trade deals recently signed by India - Mother of All Deals, should go to the youth of India, to the small and medium scale industries of India. In this direction, major steps have been taken in the Budget," the prime minister said.&nbsp;Also Read: <a href="https://www.wionews.com/photos/union-budget-2026-what-gets-cheaper-and-what-becomes-costlier-1769919522225">Union Budget 2026: What gets cheaper and what becomes costlier</a>&nbsp;The Prime Minister added that significant measures have been implemented to boost tourism, particularly in the Northeast. “In this budget, significant measures have been implemented to boost tourism, especially in the Northeast region. By strengthening various states, the budget lays the foundation for balanced and equitable development.” Highlighting the need to strengthen infrastructure and several major initiatives, PM Modi further added that the construction of high-speed rail corridors, and a special focus on the growth of tier 2 and tier 3 cities would develop the states.

Prime Minister Narendra Modi praised Budget 2026 as a historic roadmap for India’s “Reform Express” towards Viksit Bharat 2047. He said it boosts growth through high capital spending, fiscal discipline and inflation control, while empowering youth 

Hailing the Budget 2026 as India's roadmap for the ‘Reform Express’ it is on, Prime Minister Narendra Modi said that it lays a strong foundation for the flight to the vision of ‘Viksit Bharat 2047’. He said that Finance Minister Nirmala Sitharaman achieved a historic feat by delivering the budget speech for ninth consecutive time. The PM also added that the path-breaking reforms announced in the budget will provide an open sky to the "courageous, talented youth of India." PM Modi highlighted that budget focusses on bringing down the fiscal deficit and keep inflation under control as well as it is a combination of high Capex and growth. Also Read: Union Budget 2026: Key takeaways on income tax, LTCG, what becomes costlier and what becomes cheaper

Prime Minister Narendra Modi praised Budget 2026 as a historic roadmap for India’s “Reform Express” towards Viksit Bharat 2047. He said it boosts growth through high capital spending, fiscal discipline and inflation control, while empowering youth&nbsp;

Union Budget 2026 | 'Ambitious and aspirational': PM Modi hails FM Sitharaman's 'futuristic' budget

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

In the Union Budget 2026, Finance Minister Nirmala Sitharaman presented a six-point plan to drive India’s next phase of growth. The strategy focuses on scaling manufacturing, boosting infrastructure and ensuring economic stability to create a robust environment for long-term development.

Union Budget 2026: What is the six-point plan to propel India’s next growth phase?

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

In the Union Budget 2026, Finance Minister Nirmala Sitharaman proposed developing 15 archaeological sites into experiential cultural destinations. Key sites include Lothal, Dholavira and Leh Palace. 

Union Budget 2026: 15 archaeological sites to be developed

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

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Budget 2026: FM unveils ‘Bio Pharma Shakti,’ to dominate next-gen drugs