Parliament Session Live Updates: Chaos engulfs Lower House as Treasury benches oppose Rahul Gandhi mention of Ladakh standoff; Both Houses adjourned

Sarthak Sharma, founder, ModxComputers and Tech Content Creator, says: "The proposal to create ABGC (Animation Visual Effects Gaming and Comics) content creator labs at 1500 secondary schools and 500 colleges will bring about transformative change. The solution will address the creative economy deficit that India currently faces while establishing our country as a leading global content producer."

Shibashish Roy, Chief Executive Officer & Managing Director, Infiniti Retail Ltd, that operates Croma said: "The Union Budget 2026 reinforces a clear and consistent direction between strengthening domestic manufacturing and stimulating consumer demand. Equally important is the Budget’s focus on improving ease of doing business, modernising logistics and customs systems. The boost to disposable incomes through tax simplification and employment-focused growth is likely to translate into improved consumer confidence and discretionary spending."

"The Union Budget 2026 reinforces India's focus on strengthening manufacturing and infrastructure, creating a robust ecosystem for technology-driven logistics and material handling solutions. Continued investments in infrastructure and capital expenditure provide the long-term visibility needed to scale automation and digitalisation across warehouses and supply chains,” says Khursheed Alam, founder of Atmos Systems.

Anup Garg, founder & director of World of Circular Economy (WOCE) says: "Budget 2026 lays an important foundation for India’s sustainability and climate transition, notably with the proposed Rs 20,000 crore allocation over five years to scale Carbon Capture, Utilisation and Storage (CCUS) technologies across hard-to-abate sectors such as power, steel, cement, refineries, and chemicals- a strong signal of intent to decarbonise industry while driving economic growth. This commitment aligns with India’s net-zero by 2070 pledge and aligns with the global imperative to industrialise emissions mitigation at scale."

Pawan Garg, Founder & JMD, Fujiyama Power Systems Limited said: "The Union Budget 2026 strategic customs duty changes represent a masterstroke that will advance India toward its clean energy goals. The government provides capital goods exemptions to Battery Energy Storage Systems and sodium antimonate raw materials used in solar glass production which will lead to decreased manufacturing expenses for domestic producers. The duty exemption which lasts indefinitely for nuclear power projects demonstrates a strong dedication to producing coal-free foundational power sources."

The healthcare industry has said that the Centre's push to boost the biopharma sector and develop healthcare hubs will go a long way in building India's healthcare capacity.

Saurabh Arora, Managing Director, Auriga Research: "The Biopharma Shakti initiative is a boost for a sector driven by high value, high skill and high technology products. The creation of 1,000 clinical trial sites and the move to strengthen CDSCO to global standards demonstrate a deep understanding of what it takes to build a globally competitive biopharmaceutical industry."

Sabine Kapasi, Founder of ROPAN Healthcare Private Limited and UN advisor, said, “The Budget’s Biopharma Shakti programme recognises India’s growing non-communicable disease burden and the importance of biologic medicines in improving longevity and quality of life at affordable costs. Expanding NIPER capacity, building a nationwide clinical trials network, and strengthening the drug regulatory system can significantly accelerate research, approvals, and domestic manufacturing of biologics and biosimilars.”

Pankaj Chandna, Co-Founder, Vaidam Health (Medical Tourism) said: "The five regional medical value tourism hubs can standardise patient journeys across diagnostics, treatment, post-care and rehabilitation, while easing pressure on metros by building credible capacity in Tier 2 and Tier 3 cities. What stands out this year is the emphasis on technology as a growth lever, especially AI-enabled diagnostics, clinical decision support, patient coordination, and faster turnaround on care pathways, all of which directly improve international patient confidence and outcomes."

Purshotam Lal, chairman of Metro Group of Hospitals said: “The Union Budget 2026 clearly recognises that India’s healthcare priorities must now shift from reactive treatment to long-term preparedness, research and disease prevention. The Rs 10,000 crore commitment over five years towards establishing a national biopharma hub and strengthening non-communicable disease control is timely and visionary, as India faces a sharp rise in cancer, diabetes and cardiovascular illnesses."

Chairman of SPARSH Group of Hospitals Sharan Shivaraj Patil said: "The decision to establish five new Medical Hubs across India and integrate AYUSH centres into these hubs through private-sector participation will provide a major boost to medical tourism and give fresh momentum to the ‘Heal in India’ initiative. India’s healthcare success story now depends on building world-class systems that combine clinical excellence with strong emergency and support services. The proposal to establish trauma centres across district hospitals will strengthen the backbone of emergency care and enhance confidence in India’s healthcare readiness.

Baldev Raj, founder-CEO, Prius Healthcare (Unit of Prius Communications), said: "With India projected to grow at over 7 per cent, healthcare will play an increasingly important role in driving employment, investment and international engagement. At the same time, the creation of healthcare hubs beyond metropolitan centres will help decentralise quality care and reduce the burden on urban hospitals."

Anmay Shahlot, Co-Founder, Atovio, said: “The Budget’s recognition of mental health and continued support for biopharma and preventive healthcare is encouraging. However, respiratory health remains an under-addressed area, despite rising air pollution levels and the growing burden of chronic lung conditions across urban and semi-urban India... Greater policy attention towards air quality management, indoor pollution, and preventive respiratory care would help create a more holistic public health framework that reflects real-world health challenges."

The real estate sector responded positively to the Union Budget announcement but also mentioned that more could have been done for the affordable housing sector. Anshuman Magazine, chairman & CEO (India, South-East Asia, Middle East & Africa), CBRE said: "The Budget strongly reflects the Government’s ambition to accelerate and sustain economic growth through manufacturing and improving effectiveness. The decision to include assets of Central Public Sector Enterprises (CPSEs) into the Real Estate Investment Trust (REIT) structure is likely to have a multi-layered impact on the market, including mutual funds... However, there was more expected on the affordable housing given its importance for inclusive growth."

Manoj Shetty, managing partner of Capital Markets at Aikyam Capital Group said: "A key positive is the push to deepen the corporate bond market through a market-making framework, introduction of derivatives on bond indices, and total return swaps on corporate bonds, critical for improving liquidity and non-bank credit flow. Incentives of Rs 100 crore for large municipal bond issuances further strengthen sub-sovereign financing. On the banking side, the proposed High-Level Committee on Banking for Viksit Bharat and restructuring of Power Finance Corporation and REC mark an important review of credit intermediation.”

"Focus on strengthening Tier 2 and Tier 3 cities is a timely and practical step for the real estate sector. Rs 5,000-crore allocation for urban infrastructure sends a clear signal that these cities are being positioned as credible growth hubs, not secondary markets. With improving civic amenities and transport networks, demand from homebuyers and professionals is naturally accelerating. For developers, these locations offer far greater flexibility than mature Tier 1 cities," says Parvinder Singh, CEO of Trident Realty.

"The Union Budget 2026 clearly recognises construction and infrastructure as a critical enabler of India’s growth and execution capacity. The increase in capital expenditure to Rs 12.2 lakh crore reinforces long-term momentum for infrastructure development, while the announcement of a dedicated scheme for enhancement of construction and infrastructure equipment signals a strong policy focus on productivity, safety, and technological capability at project sites" Sorab Agrawal, executive director of Action Construction Equipment (ACE) said.

The education sector backed Budget 2026, with leading academics and institutions hailing the framework laid down by FM Sitharaman for the future.

Kunal Vasudeva, Managing Director and Co-Founder, Indian School of Hospitality, said: "The Union Budget 2026 places education at the centre of India’s economic ambition. The Education to Employment and Enterprise framework, university townships, and investments in future technologies signal that education is being treated as national infrastructure."

Vice-chancellor of Birla Institute of Technology, Mesra, Indranil Manna said: "The launch of India Semiconductor Mission 2.0, backed by a Rs 40,000-crore allocation, signals a decisive move towards building a full-stack semiconductor ecosystem under the Yuva Shakti vision for Viksit Bharat. This reinforces the need to align academic programmes more closely with industry by integrating chip design, testing, and advanced fabrication skills to the curriculum. Such transitions shall enable graduates to be workforce ready from the outset. Budget 2026’s announcement of a new National Institute of Design in eastern India, along with the establishment and upgradation of four telescope infrastructure facilities for astronomy and astrophysics, underlines the growing importance of multidisciplinary education."

Chairman of Jaipuria Group of Educational Institutions Shishir Jaipuria said: "The focus is on two important domains – STEM education and employability. The proposed ‘Education to Employment and Enterprise Committee’ and the 5 University Townships are positive steps towards creating industry-readiness, developing skilled career pathways and leveraging technologies like AI for driving the growth of India’s services and manufacturing sectors."

India's role as a trusted democratic partner and a trusted quality supplier is continuously increasing. Recently big trade deals... the 'mother of all deals'... were signed. This Budget has taken steps to ensure that maximum benefit is reaped by the youth and MSME sectors: PM Modi. " This budget presents an ambitious roadmap to give new momentum to the Make in India and Atmanirbhar Bharat initiatives…Measures such as the Bio-Pharma Shakti Mission, Semiconductor Mission 2.0, the Electronics Component Manufacturing Scheme, the creation of a Rare Earth Corridor, emphasis on critical minerals, new schemes for the textile sector, promotion of high-tech toy manufacturing, and the development of champion MSMEs are future-oriented steps that address the needs of both the present and the future of the country,” he adds.

In her 83-minute speech, Finance Minister Nirmala Sitharaman touched upon several areas, such as manufacturing infrastructure, railways, MSME, agriculture, taxation, Custom duties, among others.

She said the Budget was framed around what she called the three kartavyas of the government: accelerating growth, building capabilities, and ensuring development reaches every section of society.

Here are the highlights of her speech

Manufacturing Push: Chips, drugs, and chemicals

The government is betting big on high-tech sectors to drive the next leg of growth. A standout announcement was Biopharma SHAKTI, a new strategy with an outlay of Rs 10,000 crore to turn India into a global hub for biological medicines. This is a strategic shift to address lifestyle diseases like diabetes and cancer.

Similarly, the semiconductor push got a sequel with ISM 2.0, which moves beyond just fabrication to cover equipment, materials, and design. The Electronics Components Manufacturing Scheme has also seen its outlay nearly doubled to Rs 40,000 crore, signaling intent to deepen the domestic supply chain. ISM 2.0 is slated for a March launch.

Odisha, Kerala, Andhra and Tamil Nadu will get dedicated rare earth mineral corridors to promote mining, processing, research and manufacturing.

Infrastructure and connectivity push

For those watching the fiscal math, the government has kept its foot on the gas. Public capital expenditure (capex) is set to rise to Rs 12.2 lakh crore in FY27. However, the strategy is evolving. The focus is shifting towards Tier-II and Tier-III cities, viewed as the new growth engines. A new "City Economic Regions" initiative will allocate Rs 5,000 crore per region to help these urban centres plan their economic future.

Connectivity remains a priority, with plans for seven new High-Speed Rail corridors connecting major hubs like Mumbai-Pune and Hyderabad-Bengaluru. Additionally, the budget proposes operationalising 20 new National Waterways to cut logistics costs.

MSMEs: Champions and ‘Corporate Mitras’

Acknowledging Micro, Small, and Medium Enterprises (MSMEs) as vital growth engines, the Finance Minister announced a "Champion MSME" approach. A notable addition is the Rs 10,000 crore SME Growth Fund designed to provide equity support to promising firms.

To ease the compliance burden, the government plans to create a cadre of "Corporate Mitras". These are para-professionals trained to help smaller businesses in smaller towns navigate regulatory requirements at an affordable cost. Furthermore, to improve liquidity, the TReDS platform will be expanded, with mandatory participation for Central Public Sector Enterprises (CPSEs).

Agriculture: AI and New Crops

The rural economy gets a tech upgrade with Bharat-VISTAAR, a multilingual AI tool designed to give farmers customised advice on pests and weather.

Beyond technology, there is a push to diversify crops. The budget introduces specific schemes to boost the production of "high value" crops like cashew, cocoa, and walnuts, aiming to turn Indian produce into premium global brands. Coastal states will see a dedicated Coconut Promotion Scheme to replace aging plantations.

Taxation: No major change in tax slabs

As expected, no change was announced in the tax slabs. The focus was on decriminalisation and simplification. The Finance Minister proposed significant changes to the prosecution framework, replacing rigorous imprisonment with simple imprisonment for many offenses and reducing the maximum jail terms for certain offences. In a major relief for taxpayers, the production of books of accounts and TDS defaults where the payment was in "kind" will be completely decriminalised.

To boost global competitiveness, the budget proposes customs duty cuts on critical minerals like Monazite and inputs for solar glass and nuclear energy. Additionally, a tax holiday until 2047 has been proposed for foreign companies procuring data center services in India, aiming to strengthen digital infrastructure.

Boost to Northeast

In her speech, Sitharaman mentioned a specific mandate to focus on the North-East Region and Purvodaya States. The goal is to accelerate development and create employment opportunities in these areas. Special attention is being given to eastern India and the Northeast through industrial corridors, tourism projects, electric buses and development of Buddhist circuits in Arunachal Pradesh, Sikkim, Assam, Manipur, Mizoram and Tripura.

To diversify farm outputs and increase farmers' income, the Budget proposed specific support for Agar trees in the Northeast, such as almonds, walnuts and pine nuts.

The Budget also proposed establishing a new National Institute of Design in the "eastern region" of India to boost design education

Union Finance Minister Nirmala Sitharaman says, "The fiscal deficit pegged at 4.3% of GDP in FY'27, lower than 4.4% in FY'26."

"Non-production of books of accounts and documents and requirement of TDS payment where payment is made in kind is being decriminalised. Further minor offences will attract fine only. The remaining prosecutions will be graded commensurate with the quantum of offences. They will entail only simple imprisonment of maximum two years..." FM Sitharmana says.

Union FM Nirmala Sitharaman proposes to launch Bharat Vistar - Virtually Integrated System, a multilingual AI tool that shall integrate the agri-stack portals and the ICAR package on agricultural practices with AI systems."

Nirmala Sitharaman says SHE (Self-help Entrepreneur) marks will be set up as community-owned retail outlets to help women entrepreneurs.

Union Finance Minister Nirmala Sitharaman says infrastructure development will continue in cities with over 5 lakh population. These are tier 2 and tier 3 cities.

FM announces content creator labs to boost India's Animation Visual effects, Gaming and Comic (ABGC) sector in 15,000 secondary schools across India and 500 colleges.

Sitharaman has announced 7 high-speed rail corridors between cities as "growth connectors". This corridors will be Mumbai-Pune, Pune-Hyderabad, Hyderabad-Bengaluru, Hyderabad-Chennai, Chennai-Bengaluru, Delhi-Varanasi, and Varanasi-Siliguri.

Sitharaman laid down three 'Kartavyas' or duties of the government that were considered while preparing the Budget.

First is to accelerate and sustain economic growth by enhancing competitiveness and building resilience to volatile global dynamics.

Second is to fulfil the aspirations of people and build their capacity and make them strong partners in India's path to prosperity

Third kartavya is to ensure 'sab ka saath, sab ka vikas'. It is to ensure that every family, community, region has access to resources, ammenities opportunities for meaningful participation.

Mahatma Gandhi Gram Swaraj Yojana to be initiated to boost Khadi handloom sector with training, skilling, production and quality checks, says Sitharaman. "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," she said.

She also said: "To accelerate and sustain economic growth, I propose interventions in six areas -Scaling up manufacturing in 7 strategic sectors; Rejuvenating legacy industrial sectors; Creating champion MSMEs; Delivering a push for infra; Ensuring long-term security and stability; Developing city economic regions."

FM Nirmala Sitharaman says, "Keeping Aatmanirbharta as a lodestar, we have built domestic manufacturing capacity, energy security and reduced critical import dependencies. Simultaneously, we have ensured that citizens benefit from every action of the Government, undertaking reforms to support employment generation, agricultural productivity, household purchasing power and universal services to people. These measures have delivered a high growth rate of around 7% and helped us make susbstantial strides in poverty reduction and improvement in the lives of our people."

"Since we assumed office 12 years ago, the country'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 even in times of uncertainty and disruptions," Nirmala Sitharaman says.

Sitharaman says since assuming power, the govt has chosen reforms over rhetoric

The Union Cabinet, chaired by Prime Minister Narendra Modi, has cleared the Union Budget for 2026–27, which Finance Minister Nirmala Sitharaman will table in Parliament at 11 am. Before heading to the Lok Sabha, Sitharaman called on President Droupadi Murmu at Rashtrapati Bhavan and presented her with a copy of the digital Budget.

In keeping with tradition, the President greeted the Finance Minister with ‘dahi-cheeni’ (curd and sugar). Sitharaman was seen carrying her signature ‘bahi-khata’ — a tablet encased in a red cloth embossed with the golden national emblem. Minister of State for Finance Pankaj Chaudhary, Chief Economic Advisor Dr V Anantha Nageswaran, Central Board of Direct Taxes Chairman Ravi Agrawal, and other senior Finance Ministry officials accompanied her.

Sitharaman is scheduled to present her ninth consecutive Union Budget at 11 am in the Lok Sabha today, equalling former Finance Minister P Chidambaram’s record and moving ahead of Pranab Mukherjee’s tally.

Union Finance Minister Nirmala Sitharaman has arrived at Parliament to present her record 9th Budget. Sitharaman is carrying the Budget particulars and her speech in the the digital 'Budget tablet'. It contains the Budget document. Other Union Cabinet ministers, such as Home Minister Amit Shah, Railway Minister Ashwini Vaishnaw, Bhupender Yadav, among others have also arrived.

Ahead of FM Sitharaman's Budget 2026 presentation, Rajasthan Deputy CM Prem Chandra Bairwa says, "Since the time PM Narendra Modi took charge of the country, the Budgets that have been presented have focused on the development of Rajasthan, catering to every section and every sector. Even today, we expect a very good budget in the interest of women, farmers, youth, and workers, and we hope that Rajasthan too will receive more beneficial initiatives and gifts."

As the spotlight remains fixed on the Finance Minister’s Budget speech, much of the real work unfolds quietly within the corridors of the Finance Ministry. A compact yet powerful group of senior bureaucrats has been steering the complex process that ultimately shapes the Union Budget.

Spread across key departments under the ministry, these officials handle everything from tax policy and expenditure planning to disinvestment and financial sector reforms. Their coordination has taken place amid a projected economic growth of 7.4 per cent, heightened global uncertainty, and evolving geopolitical dynamics, all of which have influenced the framing of the Budget.

Together, this group plays a decisive role in finalising the document, underscoring the collective effort behind one of the government’s most important annual exercises.

Here are the key officials who assisted Sitharaman in preparing the Budget 2026

Anuradha Thakur, Economic Affairs Secretary

At the centre of the Budget-making process is Economic Affairs Secretary Anuradha Thakur, who heads the Department of Economic Affairs and is widely regarded as the key figure shaping the overall structure of the Budget, reported news agency PTI.

Often described as the “principal architect of the Budget”, she oversees the Budget Division, responsible for drafting the main documents and setting out the macroeconomic strategy for 2026–27.

Arvind Shrivastava, Revenue Secretary

Revenue Secretary Arvind Shrivastava is in charge of the tax proposals that form Part B of the Finance Minister’s speech. His responsibilities span both direct taxes, such as income and corporate tax, and indirect taxes, including GST and customs duties.

The 2026–27 Budget marks his first presentation as Revenue Secretary.

Vumlunmang Vualnam, Expenditure Secretary

Expenditure Secretary Vumlunmang Vualnam is often referred to within government as the “guardian of the purse”. He oversees government spending, subsidy reforms, and the implementation of major centrally sponsored schemes.

His department is critical to enforcing fiscal discipline and managing the fiscal deficit. It also lays down the broad expenditure framework for the coming financial year.

M Nagaraju, Financial Services Secretary

As head of the Department of Financial Services, M Nagaraju supervises public sector banks, insurance firms, and pension institutions. His department plays a central role in advancing financial inclusion, expanding credit availability, and strengthening social security mechanisms.

The department is also involved in shaping policies related to digital finance and safeguarding financial system stability.

Arunish Chawla, Secretary, Department of Investment and Public Asset Management

Disinvestment and privatisation initiatives fall under the Department of Investment and Public Asset Management, led by Arunish Chawla. DIPAM is tasked with managing non-tax revenues generated through the sale of government stakes in central public sector enterprises.

K Moses Chalai, Secretary, Department of Public Enterprises

K Moses Chalai heads the Department of Public Enterprises, which tracks the financial health of CPSEs and oversees their capital expenditure plans. The department also ensures that budgetary support extended to state-owned firms is utilised effectively and remains aligned with broader national objectives.

V Anantha Nageswaran, Chief Economic Adviser

Providing analytical support to the entire process is the Office of the Chief Economic Adviser, led by V Anantha Nageswaran. The CEA’s office evaluates global economic risks, projects growth trends, and analyses sector-wise performance across agriculture, industry, and services.

It also advises the Finance Minister on major reforms, fiscal policy options, and long-term economic strategy, forming the intellectual backbone of the Budget exercise.

(Inputs from PTI.)

Major changes to income tax slabs under the new regime appear unlikely, following substantial relief already provided in the last two budgets. Recent revisions have effectively made salary income up to Rs 12.75 lakh tax-free, reducing the scope for further slab relaxation.

However, an increase in the standard deduction under the new regime — from Rs 75,000 to Rs 1 lakh — is widely anticipated to boost disposable income and offset inflation. The old tax regime is also expected to continue for now, even as filings under the new regime rise steadily.

As per various industry sources, senior citizens could receive enhanced benefits, including a higher deduction limit under Section 80TTB and selective concessions under the new regime. Rationalisation of TDS is another key expectation, with a move towards fewer, broadly classified rates to simplify compliance.

Read the latest updates on the expected changes to the Income Tax slabs here.

Agriculture continues to stabilise rural demand and income security. The sector is estimated to grow by 3.1% in FY26, supported by a favourable monsoon in H1 FY26. Agricultural GVA expanded by 3.6% in H1 FY26, higher than the 2.7% growth in H1 FY25. Allied activities, particularly livestock and fisheries, showed stable growth of around 5%-6%.

The Economic Survey 2025-26 was presented by FM Sitharaman on January 29. It showed India entering FY26 with strong economic momentum, supported by stable macroeconomic fundamentals, coordinated fiscal and monetary policies, and broad-based sectoral performance. Despite global challenges, growth remains resilient with robust GDP expansion, historically low inflation, improving labour indicators, and strong external buffers. Real GDP and GVA are projected to grow by 7.4% and 7.3% respectively in FY26, with potential growth estimated at around 7%. For FY27, real GDP growth is projected in the range of 6.8–7.2%, reflecting sustained medium-term growth capacity.