<p>The President of the US-India Business Council (USIBC), Ambassador (ret.) Atul Keshap welcomed India's Union Budget 2026–27, announced on February 1, 2025. He said the budget reflects the ambition of India to sustain momentum as one of the world’s fastest-growing major economies amid geopolitical uncertainties.</p><p>&nbsp;</p><p>“USIBC welcomes the Union Budget 2026–27, which underscores the Government of India’s continued focus on economic growth, resilience, and global competitiveness. At a time of continued geopolitical uncertainties, the budget reflects India’s ambition to sustain momentum as one of the world’s fastest-growing major economies and a critical partner for the United States in the Indo-Pacific," Atul Keshap said.</p><p>&nbsp;</p><p>“We welcome the government’s emphasis on sustained growth of around 7%, fiscal prudence, and a strong thrust on public investment. These macro priorities, alongside pillars such as strengthening the foundations of growth and trust-based governance, are central to strengthening India’s long-term growth fundamentals and deepening bilateral commercial ties between the world’s two largest democracies,” he added.</p><p>&nbsp;</p><p>USIBC has urged the government to fast-track reforms in areas such as taxation, ease of doing business, trade facilitation, and regulatory certainty to strengthen investor confidence and unlock higher levels of foreign investment. </p><p><br>The council also welcomed the Government of India’s emphasis on frontier technologies through initiatives like India Semiconductor Mission 2.0, highlighting its focus on equipment and materials, end-to-end design, domestic intellectual property, resilient supply chains, and industry-driven research and skill development. Additionally, USIBC praised initiatives including the AI Mission, National Research Mission, Innovation Fund, and the National Quantum Mission, noting that they reflect India’s growing ambitions in advanced and next-generation technologies.</p><p>&nbsp;</p><p>"USIBC also commends the government’s policies to provide a stronger boost to its strategic sectors by providing tax holidays until 2047 for foreign cloud service providers having data centres in India and various initiatives in the Tourism Sector, including the establishment of Five Hubs for Medical Value Tourism. USIBC encourages further clarity on implementation and private-sector participation to maximise impact and investor interest."</p><p>&nbsp;</p><p>"In Energy and Climate, USIBC notes the Rs 20,000 crore Carbon Capture Utilisation and Storage (CCUS) scheme, the Basic Customs Duty (BCD) exemptions for Lithium-Ion Cell manufacturing and critical mineral processing and the Scheme for Rare Earth Permanent Magnets. We also welcome the extension of BCD exemptions for Nuclear Power Projects until 2035. In Healthcare and Services, we note the efforts to have a more robust care economy with a stronger focus on addressing concerns relating to mental healthcare, Divyangjans and cancer."</p><p>&nbsp;</p><p>"The budget’s focus on Manufacturing in Strategic and Frontier Sectors, including Electronics Components and Container Manufacturing, is an important signal of India’s intent to integrate more deeply into global value chains. Initiatives related to dedicated Chemical Parks, Biopharma SHAKTI, and the scheme to revive 200 legacy industrial clusters have the potential to drive competitiveness, provided they are accompanied by policy certainty, streamlined approvals, and openness to global partnerships," he added.</p><p>&nbsp;</p><p>Ambassador (ret.) stated that USIBC is committed to working in close ties with the Government of India and stakeholders across the US–India corridor to figure out significant policy priorities and advance the level of reforms that bolster commercial ties, enhance competitiveness, and lead to the shared economic prosperity.</p><h3>What is the US-India Business Council?</h3><p>The US-India Business Council (USIBC) was established in 1975 at the behest of the US and Indian Governments. It has remained a trusted platform for strengthening the US-India strategic and commercial partnership for more than 50 years. USIBC represents over 200 leading Indian and American companies committed to advancing the U.S.-India commercial and strategic partnership.</p><p>As the premier voice of industry in the U.S.–India commercial partnership, USIBC works closely with governments and stakeholders to advance policy priorities, strengthen bilateral trade and investment, and support sustainable economic growth. &nbsp;</p><p>&nbsp;</p>

USIBC has urged the government to fast-track reforms in areas such as taxation, ease of doing business, trade facilitation, and regulatory certainty to strengthen investor confidence and unlock higher levels of foreign investment. 

The President of the US-India Business Council (USIBC), Ambassador (ret.) Atul Keshap welcomed India's Union Budget 2026–27, announced on February 1, 2025. He said the budget reflects the ambition of India to sustain momentum as one of the world’s fastest-growing major economies amid geopolitical uncertainties. “USIBC welcomes the Union Budget 2026–27, which underscores the Government of India’s continued focus on economic growth, resilience, and global competitiveness. At a time of continued geopolitical uncertainties, the budget reflects India’s ambition to sustain momentum as one of the world’s fastest-growing major economies and a critical partner for the United States in the Indo-Pacific," Atul Keshap said. “We welcome the government’s emphasis on sustained growth of around 7%, fiscal prudence, and a strong thrust on public investment. These macro priorities, alongside pillars such as strengthening the foundations of growth and trust-based governance, are central to strengthening India’s long-term growth fundamentals and deepening bilateral commercial ties between the world’s two largest democracies,” he added. USIBC has urged the government to fast-track reforms in areas such as taxation, ease of doing business, trade facilitation, and regulatory certainty to strengthen investor confidence and unlock higher levels of foreign investment.  The council also welcomed the Government of India’s emphasis on frontier technologies through initiatives like India Semiconductor Mission 2.0, highlighting its focus on equipment and materials, end-to-end design, domestic intellectual property, resilient supply chains, and industry-driven research and skill development. Additionally, USIBC praised initiatives including the AI Mission, National Research Mission, Innovation Fund, and the National Quantum Mission, noting that they reflect India’s growing ambitions in advanced and next-generation technologies. "USIBC also commends the government’s policies to provide a stronger boost to its strategic sectors by providing tax holidays until 2047 for foreign cloud service providers having data centres in India and various initiatives in the Tourism Sector, including the establishment of Five Hubs for Medical Value Tourism. USIBC encourages further clarity on implementation and private-sector participation to maximise impact and investor interest." "In Energy and Climate, USIBC notes the Rs 20,000 crore Carbon Capture Utilisation and Storage (CCUS) scheme, the Basic Customs Duty (BCD) exemptions for Lithium-Ion Cell manufacturing and critical mineral processing and the Scheme for Rare Earth Permanent Magnets. We also welcome the extension of BCD exemptions for Nuclear Power Projects until 2035. In Healthcare and Services, we note the efforts to have a more robust care economy with a stronger focus on addressing concerns relating to mental healthcare, Divyangjans and cancer." "The budget’s focus on Manufacturing in Strategic and Frontier Sectors, including Electronics Components and Container Manufacturing, is an important signal of India’s intent to integrate more deeply into global value chains. Initiatives related to dedicated Chemical Parks, Biopharma SHAKTI, and the scheme to revive 200 legacy industrial clusters have the potential to drive competitiveness, provided they are accompanied by policy certainty, streamlined approvals, and openness to global partnerships," he added. Ambassador (ret.) stated that USIBC is committed to working in close ties with the Government of India and stakeholders across the US–India corridor to figure out significant policy priorities and advance the level of reforms that bolster commercial ties, enhance competitiveness, and lead to the shared economic prosperity. What is the US-India Business Council? The US-India Business Council (USIBC) was established in 1975 at the behest of the US and Indian Governments. It has remained a trusted platform for strengthening the US-India strategic and commercial partnership for more than 50 years. USIBC represents over 200 leading Indian and American companies committed to advancing the U.S.-India commercial and strategic partnership. As the premier voice of industry in the U.S.–India commercial partnership, USIBC works closely with governments and stakeholders to advance policy priorities, strengthen bilateral trade and investment, and support sustainable economic growth.

<p>USIBC has urged the government to fast-track reforms in areas such as taxation, ease of doing business, trade facilitation, and regulatory certainty to strengthen investor confidence and unlock higher levels of foreign investment. </p>

USIBC applauds India's Union Budget 2026–27, calls for faster reforms to drive innovation & investment

Union Budget 2026: Key takeaways on income tax rates, new tax proposals, deadline, taxes on capital gains, customs duty, and what becomes costlier and what becomes cheaper, and more. 

Union Budget 2026: Key takeaways on income tax, LTCG, what becomes costlier and what becomes cheaper

PM Modi described Budget 2026 as the roadmap for India’s ‘Reform Express’, saying it lays a strong foundation for achieving the vision of ‘Viksit Bharat 2047’. He also hailed Finance Minister Nirmala Sitharaman for presenting the Union Budget for the ninth consecutive time.

Budget 2026: Major announcements across sectors, from defence push to Semiconductor Mission 2.0

<p>Union Finance Minister Nirmala Sitharaman announced several major direct tax reforms in the Union Budget 2026–27, which was announced on Sunday (February 1, 2026). The budget also included the rollout of the new Income Tax Act, 2025, from April 1, 2026.</p><p>&nbsp;</p><p>The presented budget proposed changes aimed to simplify tax laws, improve compliance, and reduce disputes for both individuals and businesses. The new law aims to replace the decades-old Income Tax Act, 1961, with clearer provisions, streamlined rules and easier filing processes. While several measures offer relief to taxpayers, others increase costs for specific segments.</p><p>&nbsp;</p><p><strong>Here’s a closer look at who stands to gain and who may lose under Budget 2026:</strong></p><h3><i>Who Gains</i></h3><h3>Students and families funding education or medical treatment abroad</h3><p>Tax Collected at Source on overseas remittances under the Liberalised Remittance Scheme for education and medical treatment will be reduced from 5 per cent to 2 per cent from April 1, 2026, easing cash flow pressures.</p><h3>Taxpayers filing revised returns</h3><p>The deadline to file revised returns will be extended from nine months to 12 months after the end of the relevant assessment year. This gives taxpayers who filed belated returns more time to correct errors.</p><h3>Small taxpayers and salaried individuals</h3><p>A new automated system will allow eligible small taxpayers to obtain lower or nil TDS certificates without approaching tax officers. Depositories will also be allowed to accept Form 15G and 15H and forward them to companies, simplifying compliance for investors.</p><h3>Residents buying property from NRIs</h3><p>Resident buyers will no longer need to obtain a Tax Deduction and Collection Account Number (TAN) when purchasing property from NRIs. Tax can now be deducted using PAN, reducing delays and compliance hurdles.</p><h3>HNIs and long-term investors in buybacks</h3><p>The Budget restores capital gains taxation on share buybacks, allowing investors to pay tax only on net gains rather than the full payout, making buybacks more attractive than dividends.</p><h3><i>Who Loses</i></h3><h3>Equity derivatives traders</h3><p>Security Transaction Tax on equity futures will rise from 0.02 per cent to 0.05 per cent, while STT on options trades will increase from 0.1 per cent to 0.15 per cent, raising transaction costs for traders.</p><h3>Promoters using buybacks for tax arbitrage</h3><p>While investors benefit, promoters will face a higher effective capital gains tax on buybacks to curb misuse, with stricter tax treatment than other shareholders.</p><h3>Secondary market buyers of Sovereign Gold Bonds</h3><p>Capital gains tax exemption on SGB redemption will be limited to investors who purchase bonds at the original RBI issue price and hold them till maturity. Those buying SGBs in the secondary market may lose this benefit.</p><h3>Crypto exchanges and non-compliant taxpayers</h3><p>Strict penalties have been proposed for crypto exchanges that fail to report transactions. Non-reporting could attract a penalty of Rs 200 per day, while incorrect reporting may lead to fines of up to Rs 50,000.</p><h3><i>Mixed Impact Measures</i></h3><h3>Foreign asset disclosure scheme</h3><p>A one-time six-month foreign asset disclosure window aims to encourage voluntary compliance. Small and partially compliant taxpayers benefit from reduced penalties, while fully non-compliant taxpayers will still face tax and penalty substitutes.</p><h3>ITR deadlines clarified</h3><p>The July 31 deadline for ITR-1 and ITR-2 remains unchanged, while non-audit taxpayers can file till August 31. Revised returns will be allowed until March 31 with a nominal fee.</p><p>&nbsp;</p><p><strong>ALSO READ</strong>: <a href="https://www.wionews.com/photos/union-budget-2026-what-gets-cheaper-and-what-becomes-costlier-1769919522225/1769919522226">Union Budget 2026: What gets cheaper and what becomes costlier</a></p>

The new law aims to replace the decades-old Income Tax Act, 1961, with clearer provisions, streamlined rules and easier filing processes. While several measures offer relief to taxpayers, others increase costs for specific segments.

Union Finance Minister Nirmala Sitharaman announced several major direct tax reforms in the Union Budget 2026–27, which was announced on Sunday (February 1, 2026). The budget also included the rollout of the new Income Tax Act, 2025, from April 1, 2026. The presented budget proposed changes aimed to simplify tax laws, improve compliance, and reduce disputes for both individuals and businesses. The new law aims to replace the decades-old Income Tax Act, 1961, with clearer provisions, streamlined rules and easier filing processes. While several measures offer relief to taxpayers, others increase costs for specific segments. Here’s a closer look at who stands to gain and who may lose under Budget 2026: Who Gains Students and families funding education or medical treatment abroad Tax Collected at Source on overseas remittances under the Liberalised Remittance Scheme for education and medical treatment will be reduced from 5 per cent to 2 per cent from April 1, 2026, easing cash flow pressures. Taxpayers filing revised returns The deadline to file revised returns will be extended from nine months to 12 months after the end of the relevant assessment year. This gives taxpayers who filed belated returns more time to correct errors. Small taxpayers and salaried individuals A new automated system will allow eligible small taxpayers to obtain lower or nil TDS certificates without approaching tax officers. Depositories will also be allowed to accept Form 15G and 15H and forward them to companies, simplifying compliance for investors. Residents buying property from NRIs Resident buyers will no longer need to obtain a Tax Deduction and Collection Account Number (TAN) when purchasing property from NRIs. Tax can now be deducted using PAN, reducing delays and compliance hurdles. HNIs and long-term investors in buybacks The Budget restores capital gains taxation on share buybacks, allowing investors to pay tax only on net gains rather than the full payout, making buybacks more attractive than dividends. Who Loses Equity derivatives traders Security Transaction Tax on equity futures will rise from 0.02 per cent to 0.05 per cent, while STT on options trades will increase from 0.1 per cent to 0.15 per cent, raising transaction costs for traders. Promoters using buybacks for tax arbitrage While investors benefit, promoters will face a higher effective capital gains tax on buybacks to curb misuse, with stricter tax treatment than other shareholders. Secondary market buyers of Sovereign Gold Bonds Capital gains tax exemption on SGB redemption will be limited to investors who purchase bonds at the original RBI issue price and hold them till maturity. Those buying SGBs in the secondary market may lose this benefit. Crypto exchanges and non-compliant taxpayers Strict penalties have been proposed for crypto exchanges that fail to report transactions. Non-reporting could attract a penalty of Rs 200 per day, while incorrect reporting may lead to fines of up to Rs 50,000. Mixed Impact Measures Foreign asset disclosure scheme A one-time six-month foreign asset disclosure window aims to encourage voluntary compliance. Small and partially compliant taxpayers benefit from reduced penalties, while fully non-compliant taxpayers will still face tax and penalty substitutes. ITR deadlines clarified The July 31 deadline for ITR-1 and ITR-2 remains unchanged, while non-audit taxpayers can file till August 31. Revised returns will be allowed until March 31 with a nominal fee. ALSO READ: Union Budget 2026: What gets cheaper and what becomes costlier

<p>The new law aims to replace the decades-old Income Tax Act, 1961, with clearer provisions, streamlined rules and easier filing processes. While several measures offer relief to taxpayers, others increase costs for specific segments.</p>

Union Budget 2026: Major income tax changes announced — Who gains, who loses

<p>With the aim of attracting global businesses to India and boost investment in artificial intelligence, cloud services and other IT-related sectors, Finance Minister Nirmala Sitharaman on Sunday (1 February) proposed a range of direct tax reforms and other measures. Here is a look at the key proposals</p><h2>Tax holiday for data centre services</h2><p>Several companies are setting up data centres in India capable of handling artificial intelligence computing, and cloud services. Sitharaman proposed a tax holiday until 2047 for any foreign company providing global services by procuring data centre services in India.&nbsp;</p><p>Similarly, direct tax exemptions will be granted to foreign companies supplying capital goods, equipment and tooling to manufacturers operating in bonded zones and engaged in the manufacture of electronic goods.</p><p>Some critical minerals will be included in the list of minerals to incentivise their prospecting and exploration in India. These critical minerals are at the core of modern-day computing.</p><p>Also read: <a href="https://www.wionews.com/india-news/no-funding-allocated-for-chabahar-port-in-indian-budget-2026-1769931704068">No funding allocated for Chabahar port in Indian Budget 2026</a></p><h2>IT services to get improved safe harbour margin</h2><p>India is a global leader in software development services, IT-enabled services, knowledge process outsourcing services and contract R&amp;D services related to software development. These business segments are closely interconnected.</p><p><a href="https://www.wionews.com/videos/budget-2026-trump-proofing-india-s-5t-growth-path-1769922341904/embed">https://www.wionews.com/videos/budget-2026-trump-proofing-india-s-5t-growth-path-1769922341904/embed</a></p><p>&nbsp;</p><p>All these services are now proposed to be clubbed under a single category, Information Technology Services (ITS), with a common safe harbour margin of 15.5 per cent applicable across the board.</p><p>Also read: <a href="https://www.wionews.com/india-news/budget-2026-what-changes-for-india-s-taxpayers-from-itr-deadlines-to-penalties-key-takeaways-1769927655268">Budget 2026: What changes for India's taxpayers, from ITR deadlines to penalties | Key takeaways</a></p><p>&nbsp;</p><p>In addition, the threshold for availing the safe harbour for IT services is proposed to be enhanced substantially from ₹300 crore to ₹2,000 crore.</p><p>The approvals for safe harbour for ITS will be granted through an automated, rule-based system, reducing compliance friction.</p><p>The government is expected to fast-track Advance Pricing Agreement (APA) processes for the ITS sector to further enhance tax certainty and predictability.</p><p>These reforms are likely to be appreciated and welcomed by the tech industry.</p>

India Budget 2026 proposed tax holidays for foreign-operated data centres and higher safe harbour limits for IT services. The aim is to attract global tech companies to India, and investment in sectors like AI  and cloud computing

With the aim of attracting global businesses to India and boost investment in artificial intelligence, cloud services and other IT-related sectors, Finance Minister Nirmala Sitharaman on Sunday (1 February) proposed a range of direct tax reforms and other measures. Here is a look at the key proposals Tax holiday for data centre services Several companies are setting up data centres in India capable of handling artificial intelligence computing, and cloud services. Sitharaman proposed a tax holiday until 2047 for any foreign company providing global services by procuring data centre services in India. Similarly, direct tax exemptions will be granted to foreign companies supplying capital goods, equipment and tooling to manufacturers operating in bonded zones and engaged in the manufacture of electronic goods. Some critical minerals will be included in the list of minerals to incentivise their prospecting and exploration in India. These critical minerals are at the core of modern-day computing. Also read: No funding allocated for Chabahar port in Indian Budget 2026 IT services to get improved safe harbour margin India is a global leader in software development services, IT-enabled services, knowledge process outsourcing services and contract R&D services related to software development. These business segments are closely interconnected. https://www.wionews.com/videos/budget-2026-trump-proofing-india-s-5t-growth-path-1769922341904/embed All these services are now proposed to be clubbed under a single category, Information Technology Services (ITS), with a common safe harbour margin of 15.5 per cent applicable across the board. Also read: Budget 2026: What changes for India's taxpayers, from ITR deadlines to penalties | Key takeaways In addition, the threshold for availing the safe harbour for IT services is proposed to be enhanced substantially from ₹300 crore to ₹2,000 crore. The approvals for safe harbour for ITS will be granted through an automated, rule-based system, reducing compliance friction. The government is expected to fast-track Advance Pricing Agreement (APA) processes for the ITS sector to further enhance tax certainty and predictability. These reforms are likely to be appreciated and welcomed by the tech industry.

<p>India Budget 2026 proposed tax holidays for foreign-operated data centres and higher safe harbour limits for IT services. The aim is to attract global tech companies to India, and investment in sectors like AI &nbsp;and cloud computing</p>

India Budget 2026: Tax holiday for foreign data centre operators; safe harbour margin for IT services to boost sector

Union Budget 2026 exempts 63 capital goods for lithium-ion battery manufacturing from customs duty. The Finance Minister also removed duties on cobalt powder and battery scrap. These measures aim to lower production costs for mobile phones and electric vehicles.

Union Budget 2026: Why your next mobile phone or EV battery might cost less

In the Union Budget 2026, Finance Minister Nirmala Sitharaman announced a major boost for the education sector with a specific focus on technology. A new Centre of Excellence in Artificial Intelligence for education will be established to modernise learning.

Education gets AI boost: Rs 500 crore Centre of Excellence announced

In the Union Budget 2026, Finance Minister Nirmala Sitharaman identified reforms as the 'fuel' to power India's growth engine. She outlined a strategy built on three core areas Taxation, the Financial Sector and Regulatory Reforms to improve ease of doing business and boost investment.

Union Budget 2026: What are the three pillars of the reform ecosystem?

<p>Finance Minister Nirmala Sitharaman on Sunday announced the elimination of the basic customs duty on 17 cancer-related drugs and medicines while presenting the Union Budget 2026–27, offering significant relief to patients. She also added that seven more rare diseases will be included under customs duty relief.</p><p>&nbsp;</p><p>The decision is intended to make life-saving treatments more affordable and expand access to essential therapies, especially for patients who depend on imported medicines for advanced and complex cancers.</p><p>&nbsp;</p><p>While presenting the Budget in Parliament, Sitharaman noted that the duty waiver would help lower the prices of crucial drugs used in various cancer treatments. Imported oncology medicines currently attract basic customs duty, which substantially raises their retail cost. Removing this levy is expected to result in price reductions, easing a major financial burden for cancer patients.</p><p>&nbsp;</p><p>Under the proposal, personal imports of drugs, medicines and foods for special medical purposes used to treat these rare diseases will be exempt from import duties. This measure is likely to particularly help patients who require personalised or specialised therapies that are not produced domestically and are often imported on a named patient basis.</p><p>&nbsp;</p><p><strong>WATCH</strong>: https://www.wionews.com/videos/budget-2026-fulfilling-people-s-dreams-via-stable-growth-1769928666346/embedd</p><h3>Sitharaman announces 3 new All India Institute of Ayurveda</h3><p>Additionally, Finance Minister Sitharaman announced in the Union Budget 2026-27 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.</p><p>&nbsp;</p><p>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.</p><p>&nbsp;</p><p>"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.</p><p>&nbsp;</p><p><strong>Also read: </strong><a href="https://www.wionews.com/business-economy/budget-2026-27-finance-minister-sitharaman-announces-3-new-all-india-institute-of-ayurveda-pharmaceutical-education-and-research-1769928611206">Budget 2026–27: Finance Minister Sitharaman announces 3 new All India Institute of Ayurveda, Pharmaceutical Education and Research</a><br>&nbsp;</p>

Under the proposal, personal imports of drugs, medicines and foods for special medical purposes used to treat these rare diseases will be exempt from import duties. The decision is intended to make life-saving treatments more affordable and expand access to essential therapies.

Finance Minister Nirmala Sitharaman on Sunday announced the elimination of the basic customs duty on 17 cancer-related drugs and medicines while presenting the Union Budget 2026–27, offering significant relief to patients. She also added that seven more rare diseases will be included under customs duty relief. The decision is intended to make life-saving treatments more affordable and expand access to essential therapies, especially for patients who depend on imported medicines for advanced and complex cancers. While presenting the Budget in Parliament, Sitharaman noted that the duty waiver would help lower the prices of crucial drugs used in various cancer treatments. Imported oncology medicines currently attract basic customs duty, which substantially raises their retail cost. Removing this levy is expected to result in price reductions, easing a major financial burden for cancer patients. Under the proposal, personal imports of drugs, medicines and foods for special medical purposes used to treat these rare diseases will be exempt from import duties. This measure is likely to particularly help patients who require personalised or specialised therapies that are not produced domestically and are often imported on a named patient basis. WATCH: https://www.wionews.com/videos/budget-2026-fulfilling-people-s-dreams-via-stable-growth-1769928666346/embedd Sitharaman announces 3 new All India Institute of Ayurveda Additionally, Finance Minister Sitharaman announced in the Union Budget 2026-27 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. Also read: Budget 2026–27: Finance Minister Sitharaman announces 3 new All India Institute of Ayurveda, Pharmaceutical Education and Research

<p>Under the proposal, personal imports of drugs, medicines and foods for special medical purposes used to treat these rare diseases will be exempt from import duties. The decision is intended to make life-saving treatments more affordable and expand access to essential therapies.</p>

Budget 2026–27: Customs duty removed on 17 cancer drugs, expands rare disease relief