Union Finance Minister Nirmala Sitharaman addresses a press conference after the presentation of the 'Union Budget 2026-27', in New Delhi on February 1. Photo PTI
Budget 2026-27 LIVE: Operation Sindoor: Major hike in defence spending
Allocation rises to 11 per cent of GDP as the government focuses on military modernisation
Union Finance Minister Nirmala Sitharaman on Sunday (February 1) presented her ninth straight Budget and said the Income Tax Act, 2025 will be implemented from April 1 and rules and tax returns forms will be notified shortly.
Earlier on Sunday morning, Sitharaman called on President Droupadi Murmu before presenting Budget 2026-27 in the Lok Sabha.
As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament.
Before going to the Rashtrapati Bhavan, Sitharaman posed with her Budget team in front of her office at Kartavya Bhavan. Wearing a magenta silk saree, she was holding a tablet in a red pouch with the national emblem, along with the Minister of State and all six Secretaries in her ministry.
Union Minister for Finance and Corporate Affairs Sitharaman, along with Minister of State for Finance Pankaj Chaudhary and senior officials of the Ministry of Finance, called on the President at Rashtrapati Bhavan before presenting the Union Budget.
Following the meeting, she headed for a Cabinet meeting that formally approved the Budget for 2026-27.
Sitharaman continued with the tradition she set in 2019, carrying the Budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition.
Here is the top, trending news of Sunday, February 1, 2026, including Budget 2026-27, Indian politics, states' politics, geopolitics, federal issues, economics, development issues, sports, entertainment, and so on.
Read updates below.
Live Updates
- 1 Feb 2026 11:54 AM IST
'She Marts' to come up
FM proposes setting up of 'She Marts' as community-owned retail outlets.
- 1 Feb 2026 11:54 AM IST
Bharat Vistar, a multilingual AI tool
FM proposes to launch Bharat Vistar, a multilingual AI tool to integrate agri stack.
- 1 Feb 2026 11:54 AM IST
Credit link subsidy programme
Govt proposes credit link subsidy programme, encourage livestock farmer producer organisations to promote employment opportunities: FM.
- 1 Feb 2026 11:53 AM IST
Govt has accepted Finance Commission's recommendations: FM
FM: "The government has accepted the 16th Finance Commission recommendations to retain the vertical share of devolution at 41%. I have allocated Rs 1.4 lakh crores for states for FY2026-27."
- 1 Feb 2026 11:52 AM IST
Govt announces setting up of one girls' hostel in every district
Sitharaman announced setting up of one girls' hostel in every district of the country.
There are over 700 districts in the country.
She also proposed a loan-linked capital subsidy support scheme for veterinary colleges, hospitals, and diagnostics laboratories.
The minister also announced upgrading Ayush pharmacies and drug testing labs, WHO (World Health Organisation) Traditional Medicine Centre at Jamanagar, Gujarat.
The Centre, she said, will support five university townships in the vicinity of major industrial logistics centres.
- 1 Feb 2026 11:51 AM IST
FM on mountaineering
India has the potential to offer world class experience in mountaineering, says FM.
- 1 Feb 2026 11:50 AM IST
Ecologically sustainable trails
We will develop ecologically sustainable trails in Himachal Pradesh, Utttarakhand and Jammu and Kashmir: Sitharaman
- 1 Feb 2026 11:50 AM IST
Developing 15 archeological sites
FM proposes to develop 15 archeological sites, including Lothal and Hastinapur.
- 1 Feb 2026 11:49 AM IST
'Education to Employment and Enterprise' Standing Committee
FM proposes 'Education to Employment and Enterprise' Standing Committee to recommend measures focusing on services sector.
- 1 Feb 2026 11:49 AM IST
Cadre of 'Corporate Mitras'
Government will develop cadre of 'Corporate Mitras' in Tier-II, Tier III towns to help MSMEs: FM
