Union Budget 2026 Highlights: Union Finance Minister Nirmala Sitharam announced several initiatives during her Budget 2026 presentation today, February 1. Fiscal deficit has been retained at 4.3 per cent of GDP for FY27; additionally, the government estimates a 50 per cent debt-to-GDP ratio by 2031. This Budget 2026 address marked Union Finance Minister Nirmala Sitharaman’s ninth consecutive Budget speech under the leadership of Prime Minister Narendra Modi, which is a first for any Finance Minister. Budget 2026 Key AnnouncementsThree-fold approach for the Budget (Accelerate and sustained economic growth, fulfil aspirations of people and align with the mission ‘sabka sath sabka vikas’)Budget proposes Rs 10,000 crore for BiopharmaRejuvenate 200 legacy industrial clustersBudget proposes Rs 10,000 crore MSMEs growth fundCapex to be increased to Rs 12.2 lakh croreIndia will intensify its focus on the semiconductor missionRs 40,000 crore allocation for semiconductor push5 regional medical hubs, which will serve as integrated health councilsSpecial focus on the service sectorA girls’ hostel will be established in every district25 crore people have been lifted out of multidimensional povertyFiscal deficit has been retained at 4.3 per cent of GDP for FY27The government estimates a 50 per cent debt-to-GDP ratio by 2031No income tax on interest awarded for the motor accident claims tribunal to a natural personA 6-month foreign asset disclosure scheme for taxpayersA tax holiday until 2047 for any foreign company providing cloud services to global customers using data centres located in IndiaCentre to borrow Rs 11.7 lakh crore in FY27 from dated securities to fund its fiscal deficitDuty exemption for aircraft componentsCut in import tariffs on personal-use medicines7 High-Speed Rail corridors between citiesTDS on supply of manpower services to be at the rate of either 1 per cent or 2 per centTime available for revising income tax returns has been extended from 31st December to up to 31st March, with the payment of a nominal feeHonest taxpayers willing to settle disputes will now be able close cases by paying an additional amount instead of a penalty, Business News, Times Now
Union Budget 2026 Highlights: India’s Inflation Has Come Down and Remains Stable, Says Finance Minister After Budget
