Sign In
By signing in or creating an account, you agree with Associated Broadcasting Company's Terms & Conditions and Privacy Policy.
By signing in or creating an account, you agree with Associated Broadcasting Company's Terms & Conditions and Privacy Policy.
New Delhi: Finance Minister Nirmala Sitharaman began the Union Budget 2026 at 11 am on Sunday. Over the past eight years, the annual Budget presentations have highlighted India’s evolving fiscal journey and emerging policy trends. February 1 is particularly significant this year as it marks the first time the Union Budget will be presented on a Sunday.
Beginning her speech in the Parliament, Nirmala Sitharaman says that Budget 2026 is "Yuva Shakti" driven and will focus on key sectors for fiscal development.
Budget 2026 Highlights: Sitharaman proposes customs, excise reforms to support Make in India
Nirmala Sitharaman Budget speech LIVE: Finance Minister Nirmala Sitharaman outlined measures to simplify customs and excise duties and boost domestic manufacturing in the Union Budget 2026-27.
She said: “My proposals for Customs and fiscal excise aim to further simplify the tariff structure, support domestic manufacturing, promote export competitiveness and correct inversion in duty."
“To continue weeding out long continuing customs duty exemptions, I propose to remove certain exemptions on items which are being manufactured in India or where the imports are negligible,” she added.
The union minister said, "To further simplify the process of ascertaining the rate of duty applicable on a particular item, I propose to incorporate certain effective rates in various customs notifications to the tariff schedule itself.”
Budget 2026 Highlights: FM proposes lower TCS rates for overseas travel, education
Nirmala Sitharaman Budget speech LIVE: On direct taxes, finanace minister Nirmala Sitharaman proposed easing compliance for taxpayers under the Union Budget 2026-27.
She announced: Reducing TCS on sale of overseas tour packages from 5% and 20% to 2%, with no minimum amount stipulation.
She added that TCS for remittances for education and medical purposes under the Liberalised Remittance Scheme will be reduced from 5 per cent to 2 per cent.
Budget 2026 Highlights: FM proposes six-month foreign asset disclosure scheme for small taxpayers
Finance minister Nirmala Sitharaman proposed a six-month foreign asset disclosure scheme under the Union Budget 2026-27.
The scheme will benefit small taxpayers such as students, tech professionals, and relocated NRIs, providing them an opportunity to regularize foreign assets with ease.
Budget 2026 Highlights: FM Sitharaman proposes extension, staggered deadlines for filing Income Tax returns
Union FM Nirmala Sitharaman says, "I propose to extend time available for revising returns from 31st December to up to 31st March with the payment of a nominal fee. I also propose to stagger the timeline for filing of tax returns - individuals with ITR 1 and ITR 2 will continue to file till 31st July and non-audit business cases or trust are proposed to be allowed time till 31st August."
Budget 2026 Highlights: 'Self-help entrepreneur marts To support women entrepreneurship', says FM Sitharaman
Self-Help Entrepreneur (SHE) Marts to support women entrepreneurship
Budget 2026 Highlights: Centre retains 41 per cent tax devolution; Rs 1.4 lakh crore allocated to states for FY27
Union Finance Minister Nirmala Sitharaman says,"...The Government has accepted 16th Finance Commission recommendations to retain the vertical share of devolution at 41 per cent. I have allocated Rs 1.4 lakh crores for states for FY2026-27."
Budget 2026 Highlights: 'Will develop ecologically sustainable mountain trails in Himachal Pradesh, Uttarakhand..': FM Sitharaman
Union Finance Minister Nirmala Sitharaman says,"...We will develop ecologically sustainable mountain trails in Himachal Pradesh, Uttarakhand and Jammu & Kashmir, also in Araku Valley in Eastern Ghats and also Western Ghats. Turtle trails along key nesting sites in Odisha, Karnataka and Kerala will be developed..."
Budget 2026 Highlights: 'Indian design industry expanding rapidly', says FM Sitharaman
The government to establish through challenge route new national institute of design in East India. The government to support states through challenge routes to create five university townships. Planned academic zones to host multiple colleges, skill centres, residential areas.
Budget 2026 Highlights: Upgrade WHO traditional medical centre In Jamnagar
The government plans to upgrade WHO traditional medical centre in Jamnagar.
Budget 2026 Highlights: FM proposes to set 3 new All India Institutes of Ayurveda
Union Finance Minister Nirmala Sitharaman says,"... I propose to set up three new All India Institutes of Ayurveda; Upgrade Ayush pharmacies and drug testing labs and make available more skilled persons; Upgrade the WHO global Traditional Medicine Centre in Jamnagar"
Budget 2026 Highlights: 25 crore people have moved out Of multi-dimentional poverty over 10 years, says FM Sitharaman
Close to 25 crore individuals have come out of multi-dimentional poverty over 10 years, said Finance Minister Nirmala Sitharaman
Budget 2026 Highlights: FM proposes to establish National Institute of Hospitality
Nirmala Sitharaman Budget speech LIVE: Finance Minister Nirmala Sitharaman proposed the establishment of a National Institute of Hospitality to strengthen India’s tourism and hospitality sector. The institute will act as a bridge between academia, industry, and the government, she said.
Budget 2026 Highlights: FM Sitharaman proposes high-level banking committee for ‘Viksit Bharat’
Union FM Nirmala Sitharaman says, "I propose setting up a high-level committee on banking for Viksit Bharat to comprehensively review the sector and align it with India's next phase of growth, while safeguarding financial stability, inclusion and consumer protection."
Budget 2026 Highlights: FM Sitharaman outlines manufacturing push, MSME boost, infrastructure drive
Finance Minister Nirmala Sitharaman said the government proposes to scale up manufacturing across seven strategic sectors while rejuvenating legacy industrial sectors to boost productivity and global competitiveness. She said the Centre aims to create champion MSMEs to further strengthen the Indian economy, alongside a continued push for infrastructure development across the country.
The Finance Minister added that the government will focus on ensuring long-term security and stability in economic and financial systems, while also developing economic regions within cities to drive regional growth and accelerate urban development.
Budget 2026 Highlights: Centre to boost infrastructure in Tier-2 and Tier-3 cities: FM Sitharaman
On infrastructure, Union Finance Minister Nirmala Sitharaman says,"...We will continue to develop infrastructure in cities with over 5 lakh population, that is, tier 2 and tier 3 cities."
Budget 2026 Highlights: FM Sitharaman proposes Rs 20,000-crore outlay for CCUS technologies over five years
Union Finance Minister Nirmala Sitharaman proposes an outlay of Rs 20,000 crores over the next 5 years in Carbon Capture Utilization and Storage (CCUS) technologies to scale up and achieve higher readiness levels in end-use applications across.
Budget 2026 Highlights: FM Sitharaman proposes new freight corridors, 20 waterways to boost Green Cargo Movement
Union Finance Minister Nirmala Sitharaman says, "To promote environmentally sustainable movement of cargo, I propose to establish new dedicated freight corridors connecting Dankuni in the east to Surat in the west, operational 20 new waterways over the next 5 years, starting with national waterways 5 in Odisha to connect mineral-rich areas of Talcher and Angul and industrial centres like Kalinganagar to the ports of Paradip and Damra. A ship repair ecosystem, catering to inland waterways, will also be set up at Varanasi and Patna..."
Budget 2026 Highlights: FM proposes launch of Mahatma Gandhi Gram Swaraj initiative
Union Finance Minister Nirmala Sitharaman says,"...I propose to set up mega textile parks in challenge mode. I propose to launch the Mahatma Gandhi Gram Swaraj initiative to strengthen Khadi and handloom."
Budget 2026 Highlights: India Semiconductor Mission 2.0 launched with Rs 40,000 crore outlay
Nirmala Sitharaman Budget speech LIVE: Finance Minister Nirmala Sitharaman announced the launch of India Semiconductor Mission 2.0 as part of the Union Budget 2026-27, aimed at strengthening the country’s semiconductor ecosystem. Key highlights include: Focus on industry-led research and training centres for semiconductors. Increased outlay of ₹40,000 crore to capitalise on the momentum of the semiconductor mission. Support for mineral-rich states including Odisha, Kerala, Andhra Pradesh, and Tamil Nadu. Launch of a scheme to help states establish three dedicated chemical parks through a challenge route, boosting domestic manufacturing capabilities.
Budget 2026 Highlights: FM Sitharaman announces scheme to boost domestic manufacturing of construction equipment
Union Finance Minister Nirmala Sitharaman says,"...A scheme for enhancement of construction and infrastructure equipment will be introduced to strengthen domestic manufacturing of high-value, technology-advanced CIE. This can range from firefighting equipment to a lifts to tunnel boring machines."
Budget 2026 Highlights: 'To support mineral-rich states in establishing rare-earth corridors': FM
Union Finance Minister Nirmala Sitharaman says,"...A scheme for rare earth permanent magnets was launched in 2025. We now propose to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh, and Tamil Nadu in establishing dedicated rare-earth corridors."
Budget 2026 Highlights: 'National Fibre Scheme for self-sufficiency in space': FM
Finance Minister Nirmala Sitharaman proposed a National Fibre Scheme for self-sufficiency in the space.
Budget 2026 Highlights: FM Sitharaman praises BJP's 12 years in govt
Nirmala Sitharaman Budget speech LIVE: Nirmala Sitharaman says," Since we assumed office 12 years ago, the country's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation." She credited this change to be the "result of conscious choices we have made even in times of uncertainty and disruptions."
Budget 2026 Highlights: 'Government Has Preferred Reform Over Rhetoric': N Sitharaman
While presenting her ninth consecutive budget, Finance Minister Nirmala Sitharaman said the government has preferred reform over rhetoric.
Budget 2026 Highlights: India's economic trajectory marked by stability over 12 years
"Since we assumed office 12 years ago, India'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."
