Setting up veterinary in PPP and private sector will only push up the cost of veterinary services. The dairy farmers don't even get a fair price with existing cost levels, notes Professor Anil K Sood.
Budget has a new traveller's bucket-list—hiking and trekking trails, turtle trails, astronomy and upgrading telescopes, curated walkways, storytelling skill guides and so on. The message in the bottle for those ready to take it: Set aside those foreign holidays and explore Incredible India instead.
Finance Minister Nirmala Sitharaman on Sunday proposed Rs 20,000 crore for a carbon capture and utilisation scheme across sectors, including steel and cement.
Presenting the Union Budget for 2026-27, the minister said the government will provide incentives for manufacturing seaplanes in the country as part of efforts to boost tourism.
Curiously, this Budget speech has AI thrown in every few minutes. Perhaps this is government's humble attempt to arrest capital outflows chasing AI-tech-led stocks elsewhere?: Sunitha Natti with her non-AI tongue-firmly-in-cheek
Finance Minister Nirmala Sitharaman on Sunday announced setting up of one girls' hostel in every district of the country.There are over 700 districts in the country.
She also proposed a loan-linked capital subsidy support scheme for veterinary colleges, hospitals, and diagnostics laboratories.
FM proposes upgradation of Ayush pharmacies and drug testing labs, WHO Traditional Medicine Centre at Jamanaga, Gujarat.
Budget proposes to upgrade WHO Global Traditional Medicine Centre at Jamnagar.
Existing institutions for allied health professionals (AHPs) will be upgraded, and new AHP institutions set up in government and private sectors across 10 disciplines, including optometry, radiology, anaesthesia, and applied psychology, aiming to train one lakh AHPs over five years.
It is good to see the focus on training. Our challenge has been the execution, as earlier National Skill Development Programmes have not delivered to our requirements. Let's see if we can do it better this time. It will be interesting to learn more about the role that the Standing Committee is expected to play in these programme, says Professor Anil K Sood.
I would have liked to see an effort and investment going into existing education infrastructure and organisations. Setting up new organisations, even in private sector, takes time. We don’t have luxury of time, if we want to realise the demographic dividend, he adds.
In the budget, the Finance Minister has proposed interventions in six areas:
1. Manufacturing push: By scaling up manufacturing in several key sectors.
2. Giving legacy industrial sectors a fresh wind.
3. Building champion MSMEs.
4. Powerful infrastructure push to continue: This despite the math remaining questionable.
5. Focus on ensuring long-term security and stability in the face of global headwinds.
6. Focus on building city economic regions.
Finance Minister proposes raising investment limit for individual Person of Indian Origin (PIO) 5 pc to 10 pc
Person of Indian Origin (PIO) permitted to invest in equity instruments, listed indian companies through Portfolio Investment Scheme.
Halfway through the budget speech, markets are finding a gentle positive breeze in the wind with the Sensex up over 300 points and Nifty 43 points
Budget has also underlined a renewed emphasis on the Services sector, which powers out economy; the high-powered E-E-E standing committee will be the core driver of Viksit Bharat -- to emerge as global leader in services with a 10% share by 2047; the panorama is spectacular, though it doesn't necessarily contain the big picture
Challenge Mode is expected to be the main approach for programme implementation. Let’s see if this will help speed up the execution, improve programme design and execution, says Professor Anil K Sood.
Indigenisation is on full throttle with the focus on home-grown production of lifts, tunnel boring equipment, fire-fighting equipment and seaplane production. For now, the announcements appear good in theory, but it remains to be seen if words turn into actions, notes Sunitha Natti.
Finance Minister proposes to raise capex target to Rs 12. 2 lakh crore for FY27 from Rs 11. 2 lakh crore earmarked for current fiscal.
MSMEs need much more than liquidity support. Rs. 10,000 crore in funds is inadequate, says Professor Anil K Sood.
He adds that while it is good to see the focus on textiles, it will be a long haul before we can become globally competitive in the sector.
It is good to see a long-term view being presented. As a first step, we will need to see the amount of allocation that actually gets spent to get these missions implemented, says our expert Anil K Sood.
A textile expansion and employment scheme to modernise textile clusters
Aim for Samarth 2.0 to promote skilling in the textile sector
Propose to set up mega textile parks in challenge mode
To launch Mahatma Gandhi Gram Samaj initiative to support Khadi, handicrafts
A scheme for enhancement for construction and infrastructure equipments will be introduced to strengthen domestic manufacturing, says Nirmala Sitaraman.
High-tech tool rooms to be established at two locations to give push to capital goods manufacturing, she added.
Finance Minister announces a rare earth permanent scheme and announces that Tamil Nadu, Kerala, Andhra Pradesh and Odisha will be supported in establishing critical mineral corridors.
To increase the outlay to Rs 40,000 crore to capitalise on the momentum of the semiconductor mission.
The government proposes to allocate Rs 10,000 crore for biopharma sector, Finance Minister Nirmala Sitharaman says in her budget speech.
“The government has undertaken comprehensive reforms for accelerating growth, boosting productivity,” she says. “More than 350 reforms have been rolled out recently. The reform express is well on its way.”
Government' planned capital expenditure for this fiscal year is budgeted at Rs 11.2 lakh crore.
The budgetary fiscal deficit for the current fiscal (April 2025 to March 2026 or FY26) is estimated at 4.4 per cent of GDP.
inance Minister Nirmala Sitharaman on Sunday said the government has chosen the path of reforms over rhetoric.
Presenting the Budget for 2026-27 in Lok Sabha, she said India will continue to take steps towards becoming a Viksit Bharat.
The finance minister also laid the 16th Finance Commission report for tax revenue devolution between the Centre and states for 2026-2031.
This Union Budget is Finance Minister Nirmala Sitharaman's 9th consecutive Budget.
This takes Sitharaman closer to the record of 10 budgets that were presented by former Prime Minister Morarji Desai over different time periods.
Fiscal discipline, Atamanirbharta, reforms -- three key words within minutes of Sitharaman's budget speech indicates that this budget is all about standing ready in the face of global uncertainties to handle whatever is thrown at you, says our expert Sunitha Natti.
1. Fiscal framework and debt targets – Expectations are strong around fiscal consolidation, with the government likely to set the fiscal deficit target around ~4.2–4.4% of GDP and outline plans to reduce the debt-to-GDP ratio over the medium term. This will signal the government’s approach to balancing growth with macro stability.
2. Taxation changes, including middle-class relief – Markets and taxpayers will watch for tweaks in personal tax policy: possible adjustments to income tax slabs, increases in standard deduction, and reforms to capital gains taxation. Any relief for middle-class and salaried taxpayers could be a major political and economic signal.
3. Capital expenditure & infrastructure push – Continued emphasis on capital expenditure (capex) for transport, renewable energy, power transmission and urban infrastructure is expected, though perhaps at a more calibrated pace than in recent years. This drives long-term growth and jobs.
4. Structural reforms agenda ("Part-B reforms") – Analysts highlight a focus on reforms beyond routine allocations, including customs and trade reform, manufacturing incentives, and simplification of regulatory frameworks that can boost competitiveness and exports.
5. Sector-specific support (jobs, defence and exports) – Budgets are also likely to address job creation, MSME support, defence spending, and export competitiveness — including calls for lower import duties on inputs and regulatory support — reflecting both global headwinds and domestic growth priorities.
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget at 11 am, opposition leaders arriving at Parliament voiced sharp criticism and low expectations.
Priyanka Gandhi (Congress)
Priyanka Gandhi said she has “not many expectations” from the Budget and added, “but let’s see.”
Akhilesh Yadav (Samajwadi Party)
SP chief Akhilesh Yadav terms it a “deform budget, not a reforms budget.” He alleged that it caters only to “5% of the country’s population” and accused the BJP of benefiting its own people.
Sachin Pilot (Congress)
Sachin Pilot criticised the government’s priorities, saying the BJP has failed to focus on issues that matter on the ground. He pointed to MGNREGA, alleging that new laws have effectively weakened the scheme, with an average of only 35 days of work being provided.
Kalyan Banerjee (Trinamool Congress)
TMC MP Kalyan Banerjee launched a strong attack, claiming the government has “exhausted the nation’s finances” and accused Prime Minister Modi of “pretending to be a saint after selling the country.”
Sanjay Singh (Aam Aadmi Party)
AAP MP Sanjay Singh questioned the government’s record on employment, recalling the promise of two crore jobs per year. He asked what happened to the promised 24 crore jobs over 12 years and demanded clarity on future plans for youth employment.
The Union Cabinet headed by Prime Minister Narendra Modi on Sunday approved the Union Budget 2026-27.
Following the approval, Finance Minister Nirmala Sitharaman will present her ninth record Budget in the Lok Sabha that comes in the backdrop of global uncertainties and slowdown in exports. This is the third Budget of the BJP-led NDA government in its third term in office.
Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which was in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
This year's Budget would also be in paperless form.
Gross GST collections rose 6.2 per cent to over Rs 1.93 lakh crore in January, mainly on higher revenues from imports, sources said on Sunday.
Total refunds declined 3.1 per cent to Rs 22,665 crore.
Net Goods and Services Tax (GST) revenues, however, grew 7.6 per cent to about Rs 1.71 lakh crore in January.
Cess collection (from tobacco products) in January stood at Rs 5,768 crore.
This compares to Rs 13,009 crore in collections in January last year when a cess was levied on luxury, sin and demerit goods such as cars, and tobacco products.
Effective September 22, 2025, GST rates on about 375 items were slashed, making goods cheaper.
Ahead of presenting her ninth consecutive Budget, Finance Minister Nirmala Sitharaman on Sunday called on President Droupadi Murmu.
The President extended her best wishes to the Union Finance Minister and her team for the presentation of Budget. Murmu offers the customary ‘dahi-cheeni’ to FM Sitharaman.
Unlike previous years, this time the Finance Minister will focus more on the Part B of the Budget speech. Part B typically place the emphasis on both short-term and long-term goals of the government .
Five key expectations from the Union Budget 2026:
1. A continued push for fiscal discipline while sustaining growth, with a credible roadmap to lower the fiscal deficit and manage public debt without compromising development spending.
2. Higher capital expenditure on infrastructure such as roads, railways, urban transport, power and logistics to drive investment, job creation and long-term productivity.
3. Select tax relief measures for individuals, especially the middle class and salaried taxpayers, along with simplification and rationalisation of capital gains and compliance rules.
4. Stronger support for manufacturing, MSMEs and exports through incentives, easier credit, and reforms that improve ease of doing business and global competitiveness.
5. Increased focus on employment generation, skilling, digital and emerging technologies such as AI, and targeted support for agriculture and the rural economy to boost consumption.
Stock market benchmark indices Sensex and Nifty fluctuated in a narrow range in early trade on Sunday ahead of the Budget 2026-27 presentation.
After opening the day on a positive note, the 30-share BSE Sensex later fluctuated and quoted 13 points up at 82,282.82.
The 50-share NSE Nifty skidded 7.90 points to 25,312.75 after opening marginally higher.
Gold and silver prices plunged up to 9 per cent in futures trade on Sunday, hitting their lower circuit levels ahead of the Union Budget for 2026-27, as investors extended profit booking after the recent record-breaking rally.
The rout extended for the second straight day, with the April contract for gold futures declining Rs 13,711, or 9 per cent, to Rs 1,38,634 per 10 grams, touching its lower circuit level in the futures trade on the MCX. In the previous session, the yellow metal plunged Rs 31,617, or 17.2 per cent, to close at Rs 1,52,345 per 10 grams, after hitting a record high of Rs 1,93,096 per 10 grams on Thursday.
On the Multi Commodity Exchange (MCX), silver futures also suffered a heavy setback as traders continued to book profits at elevated levels, with the March contract nosediving Rs 26,273, or 9 per cent, to Rs 2,65,652 per kilogram -- its lower circuit level.
On Friday, the white metal slumped Rs 1,07,968, or 27 per cent, to close at Rs 2,91,925 per kg, also touching its lower circuit level.
The sharp sell-off followed Thursday's record peak of Rs 4,20,048 per kg.
It is an undisputed fact that India has made only limited progress in creating sustainable livelihood opportunities. Youth unemployment and underemployment remain stubbornly high, women’s workforce participation is low, and when women do work, they are often confined to low-paying jobs. At the same time, the quality of employment, and consequently the quality of earnings has not improved for a vast majority of workers, Anil K. Sood writes in our Pre-Budget column.
Against this backdrop, we expect the Union Budget to do the following:
Stop investing in vanity projects: Stop investing in new vanity projects (bullet trains, metros in smaller towns, nuclear power, etc.) and be willing to abandon the current ones, if they are not expected to lower the cost of living or that of doing business.
Abandon unviable projects: Abandon projects that have become unviable on account of cost and time overruns.
Prioritise quality of life: Allocate resources to projects that help improve the quality of life for our households, e.g., sanitation, healthcare, nutrition, education, technical skills for everyday needs, etc. If we cannot provide our youth the opportunity to earn, the least we can do is to provide for a healthy life. An increase in capacity for delivering public services helps generate employment across skills levels too.
Invest in urban infrastructure: Invest in urban infrastructure projects that help lower the transportation cost burden, save time, and reduce pollution that is killing people at an ever-faster rate. Urban infrastructure projects will have far more significant impact than any bullet train project.
Enable the eighth pay commission: Allow and encourage eighth pay commission to assess the impact of upward structural shift in cost of living and enhance wages of government employees. Any increase in government sector wage encourages the private sector to pay a higher wage, which enhances our ability to invest in our future.
Focus on capital productivity: Focus on capital productivity, as we cannot afford to waste capital at our stage of development. Our growth in labour productivity has been higher than that in capital productivity and, therefore, the chances of wage-led inflation are low.
For the first time in India’s fiscal history, the Union Budget will be presented on a Sunday. Finance Minister Nirmala Sitharaman is scheduled to table the Budget for 2026–27 in the Lok Sabha at 11 am today.
Why February 1 matters
Since 2017, the Union Budget has been presented on February 1, following a reform introduced by the BJP-led NDA government. Earlier, the Budget was traditionally presented on the last working day of February, a practice inherited from the colonial period.
Advancing the Budget date was intended to give ministries and State governments more time to plan, allocate, and implement expenditure before the new financial year begins on April 1.
Past instances and precedents
While this is the first time a Union Budget will be presented on a Sunday, there have been earlier adjustments when Budget Day coincided with a holiday. In 1999, when February 28 fell on a Sunday, then Finance Minister Yashwant Sinha presented the Budget a day earlier, on February 27, a Saturday, in the Atal Bihari Vajpayee-led NDA government.
That Budget was significant for another reason as well. Until then, Union Budgets were presented in the evening, around 5 pm. Sinha broke from that tradition by presenting the Budget at 11 am, a change that has since become the norm.
Union Minister of State for Finance Pankaj Chaudhary said that over the past 11 years, Union Budgets under the Prime Minister’s leadership have reflected the aspirations of the people and focused on national progress.
He added that today’s Budget continues this journey, aligning strongly with the vision of building a Viksit Bharat by 2047.