12:59 pm:
Opposition Slams Budget
TMC MP Saugata Roy dismissed Union Budget 2026 as “nothing,” saying it merely repeated earlier schemes and failed to offer anything new or provide special support to states, particularly West Bengal.
12:52 PM:
Relief for Patients
Finance Minister Nirmala Sitharaman proposed exempting basic customs duty on 17 medicines, including cancer drugs, and extending import duty relief to treatments for seven additional rare diseases.
12:51 PM:
Customs Duty Change
The customs duty exemption on parts used for manufacturing video games will be withdrawn from April 1.
12:46 PM:
Budget 2026-27 was completely lackluster: Jairam Ramesh
Congress leader Jairam Ramesh termed Budget 2026–27 “completely lacklustre,” saying that despite the hype, it was underwhelming and lacked transparency, with no clarity on funding allocations for key initiatives and schemes.
12:45 PM:
FM announces tariff rate rationalization for certain products.
FM Nirmala Sitharaman stated that tariff rates on certain commodities will be adjusted on February 2 and others on April 1 as part of rate rationalization procedures.
12:41 PM:
Electronics Manufacturing Boost
The Budget raises the Electronics Components Manufacturing Scheme outlay to ₹40,000 crore to boost domestic manufacturing and reduce import dependence.
12:39 PM:
High-Speed Rail Expansion
The Union Budget 2026 proposes seven high-speed rail corridors linking major growth cities, with the aim of enabling faster, more sustainable passenger transport across key regions.
12:35 PM:
Customs duty will be waived on airplane parts for defense units
FM Sitharaman recommended exempting basic customs duty on raw materials imported for the fabrication of aircraft parts utilized in maintenance, repair, or overall requirements by defense sector.
12:30 PM:
Duty-free imports to increase leather exports
FM Sitharaman proposed permitting duty-free imports of specified inputs to boost leather product exports, with the goal of strengthening India's leather industry.
12:25 PM:
Tourism and Green Mobility Push
The Finance Minister proposed developing five tourism destinations across the Purvodaya states and announced plans to deploy 4,000 electric buses to improve connectivity and promote sustainable transport.
12:18 PM:
Income computation and disclosure standards
The government suggested establishing a combined panel of the Corporate Affairs Ministry and CBDT to oversee the implementation of income calculation and disclosure standards (ICDS), with the goal of streamlining tax compliance.
12:14 PM:
Boost for Cloud Investment
Foreign companies setting up cloud service facilities in India will be eligible for a tax holiday extending until 2047.
12:12 PM:
Budget 2026 extends the tax deduction for cooperative members
The government has increased deductions for cooperative members who supply cotton seeds and cattle feed, in order to help farmers and other agricultural businesses.
12:09 PM:
No interest on penalty during appeal before the first authority
FM Nirmala Sitharaman has declared that taxpayers will not be liable for interest on penalty amounts throughout the term of appeal before the first appellate authority, regardless of the decision.
12:06 AM:
Simplified Tax Compliance
The Finance Minister proposed a rule-based, automated process for small taxpayers to reduce manual scrutiny and ease compliance. The move aims to make filing and assessments faster, simpler, and more transparent.
12:04 PM:
Fiscal Snapshot
For 2026–27, the government projects a fiscal deficit of 4.3% of GDP, debt at 55.6%, non-debt receipts of ₹36.5 lakh crore, and total expenditure of ₹53.5 lakh crore, underscoring its fiscal consolidation push.
12:00 PM:
Higher Tax Devolution for States
The central government will provide ₹1.4 trillion to states as tax devolution in FY27, strengthening their finances and supporting developmental spending.
11:59 AM:
Budget 2026 accepts suggestions from the 16th Finance Commission
The government adopted the 16th Finance Commission's proposals, keeping 41% devolution to states and allocating ₹1.4 trillion for Finance Commission funds.
11:55 AM:
FM Sitharaman on banking
FM Sitharaman announced a high-level banking committee for Viksit Bharat, a clear NBFC roadmap, and plans to restructure PFC and REC to boost efficiency.
11:49 AM:
Union Budget 2026 aims to enhance hospitality education and skill development
FM Nirmala Sitharaman recommended establishing a National Institute of Hospitality and a pilot program to train 10,000 guides in 12-week courses in partnership with the Indian Institutes of Management.
11:43 AM:
Sitharaman suggests establishing ABGC content creator labs
Finance Minister Sitharaman proposes establishing ABGC (Animation, Visual Effects, Gaming, and Comics) content creation laboratories in 1500 secondary schools and 500 colleges.
11:36 AM:
FM proposes hiking the investment limit
FM calls for raising the investment limit for individual PIO from 5% to 10%.
11:35 AM:
Union Budget 2026-27 will strengthen allied health education
Existing allied health professional (AHP) institutions would be improved, while new AHP institutions will be established in the public and private sectors spanning ten disciplines, including optometry, radiology, anesthesia, and applied psychology, with the goal of training one lakh AHPs over five years.
11:30 AM:
Budget 2026 offers market-making framework to improve the corporate bond market.
FM Sitharaman recommends a market-making framework for corporate bonds that includes access to money and derivatives to increase liquidity and participation.
11:27 AM:
FM provides incentives for indigenous manufacture of seaplanes
To improve last-mile and remote connections and increase tourism, FM Sitharaman proposes introducing a policy to stimulate domestic production of seaplanes.
11:21 AM:
According to FM, "Our government has decisively and consistently chosen action over ambivalence.”
“We have maintained a strong focus on public investment while pursuing extensive structural changes, fiscal restraint, and monetary stability. We have increased domestic industrial capacity, energy security, and decreased essential import dependencies by maintaining Atmanirbharta as a lodestar," she continued.
11:19 AM:
FM says four states will create special rare earth corridors
In November of 2025, the rare earth permanent magnet scheme was introduced. In order to encourage mining, processing, research, and manufacturing, we now suggest helping the mineral-rich states of Odisha, Kerala, Andhra Pradesh, and Tamil Nadu create specialized rare earth corridors. We will initiate a program to assist states in creating three specialized chemical arks via a challenge route on a cluster-based plug-and-play model in order to increase local chemical output and decrease reliance on imports.
11: 18 AM:
FM proposed a system for container manufacture
FM Sitharaman outlines a program for container manufacturing to develop a globally competitive environment.
11:16 AM:
FM seeks to promote mineral-rich nations
FM wants to help mineral-rich states like Odisha, Kerala, Andhra Pradesh, and Tamil Nadu construct vital mineral infrastructure.
11:14 AM:
Sitharaman Calls Union Budget 2026-27 Yuva Shakti-Driven
Finance Minister Nirmala Sitharaman described the Union Budget 2026-27 as a "unique yuva shakti-driven Budget," with a strong focus on the poor, underprivileged, and disadvantaged. She outlined the government’s commitment to three key objectives:
- Accelerating and sustaining economic growth, enhancing productivity, and building resilience against global volatility.
- Fulfilling the aspirations of the people, empowering them as active participants in India's prosperity.
- Ensuring access to resources, opportunities, and amenities for every family, sector, and region.
11:08 AM:
Sitharaman Highlights Atmanirbharta as Key Focus
Finance Minister Nirmala Sitharaman emphasized that the government’s focus on Atmanirbharta has driven India’s robust 7% growth rate.
She noted the current global challenges, including disrupted supply chains and trade dynamics, stressing the need for India to stay deeply integrated with global markets. Sitharaman also highlighted the importance of boosting exports and attracting stable long-term investments.
11:06 AM:
Decisive Governance
Finance Minister Nirmala Sitharaman said the government has consistently prioritised decisive action over ambivalence.
10:51 AM
The stage is set for FM Sitharaman's budget speech at 11 a.m
Budget speech at 11 am today. She is poised to create history by presenting a record ninth consecutive Budget, which is expected to strike a balance between boosting growth, maintaining fiscal discipline, and advancing reforms to cushion the economy against global trade headwinds, including US tariffs.
10:40 AM
Union Budget 2026–2027 is approved by the Cabinet
The Union Cabinet, led by Prime Minister Narendra Modi, has cleared the Union Budget for 2026–27. Finance Minister Nirmala Sitharaman is now set to table her ninth consecutive Budget in the Lok Sabha, the third during the BJP-led NDA government’s third term, against the backdrop of global uncertainties and weakening export momentum.
10:38 AM
"Will be a historic Budget," claims Kiren Rijiju ahead of Union Budget 2026
Calling it a landmark moment, Union Minister Kiren Rijiju said the upcoming Union Budget would be historic, noting that Prime Minister Narendra Modi’s “Reform Express” is set to accelerate its journey towards the vision of a Viksit Bharat.
10:20 AM IST: Live Updates
The Union Cabinet has officially approved the Budget ahead of its presentation
Finance Minister Nirmala Sitharaman is now preparing to present the Budget in the Lok Sabha. Following her address, the Budget will be tabled in the Rajya Sabha. Stay tuned for more updates as the Budget 2026 unfolds.
Union Finance Minister Nirmala Sitharaman is set to present the Union Budget for the financial year 2026–27 in the Lok Sabha today at 11 am, marking the first instance of the annual Budget being tabled on a Sunday. This will be her ninth consecutive Budget, with the speech expected to emphasize long-term priorities and policy continuity, rather than major surprises or headline-grabbing announcements.Union Finance Minister Nirmala Sitharaman is set to present the Union Budget for the financial year 2026–27 in the Lok Sabha today at 11 am, marking the first instance of the annual Budget being tabled on a Sunday. This will be her ninth consecutive Budget, with the speech expected to emphasize long-term priorities and policy continuity, rather than major surprises or headline-grabbing announcements.
