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Union Budget for FY 2026–27 - Key highlights

Monday, 02 Feb 2026
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The Union Budget announced on 01 February 2026 for FY 2026–27 continues the tradition, focusing on sustaining economic momentum, strengthening infrastructure and manufacturing, supporting MSMEs, and enhancing social and human capital, while maintaining fiscal prudence.  

Overall Economic Focus 
Built around a “three Kartavya” framework—sustainable economic growth, capacity building, and Sabka Sath, Sabka Vikas:

  • Emphasis on strengthening India’s growth momentum amid global uncertainties with fiscal prudence
  • Fiscal deficit projected around 4.3% of GDP for FY 2026-27
  • Public capital expenditure raised to Rs 12.2 lakh crore to boost infrastructure

Infrastructure & Connectivity  

Major push for transport and logistics:

  • Seven high-speed rail corridors linking major cities (e.g., Mumbai–Pune, Delhi–Varanasi)
  • 20 new National Waterways operationalised
  • New Infrastructure Risk Guarantee Fund to underwrite lending risk  

Manufacturing & Strategic Sectors

Continued investment in manufacturing, especially in semiconductors and technology:

  • India Semiconductor Mission 2.0 with increased outlay (Rs 40,000 cr)
  • Expansion of Electronics Components & Manufacturing schemes
  • Dedicated rare earth corridors for mineral-rich states (Odisha, Kerala, Andhra Pradesh, Tamil Nadu)

MSMEs, SMEs & Jobs 

  • Rs 10,000 crore SME Growth Fund to create future champions and incentivise enterprise
  • Three-pronged MSME support: equity, professional support, and liquidity via TReDS linkage.  

Agriculture & Rural Livelihoods

  • Integrated programmes to boost productivity, higher farmer incomes, and fisheries value chains
  • Bharat-VISTAAR’—an AI advisory tool for customised farm decision support

Tax & Regulatory Changes   

  • New Income-Tax Act, 2025 to come into effect from 1 April 2026 with simplified compliance
  • Rationalisation of direct tax penalties and decriminalisation of certain proceedings
  • Reduced TCS (Tax Collected at Source) to 2% on overseas education, medical and travel remittances.
  • Some STT (Securities Transaction Tax) increases announced on derivatives

Health & Welfare   ·     

  • Biopharma SHAKTI strategy to make India a global biopharma hub   
  • Large allocation for health and family welfare (Rs 1.05 lakh crore) year-on-year   
  • Regional medical hubs proposed to boost medical tourism and healthcare capacities

Skills, Services & Digital  

  • High-powered Education-to-Employment & Enterprise Committee for services sector growth
  • Expansion of digital tools and frameworks for tourism and cultural sectors 

Other Key Points

  • No major change to income-tax slabs for individuals; structural continuity maintained
  • Policy incentives for cooperatives and foreign companies providing cloud services using Indian data centres extended.   
  • States’ share of central taxes retained at 41% until 2031

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