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 11:48 AM IST
PROIs allowed to buy Indian stocks
FM: "Individual Persons Resident Outside India (PROI) will be allowed to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme. It is also proposed to increase investment for PROI from 5% to 10%."
- 1 Feb 2026 11:43 AM IST
Khelo India mission
FM: "I propose to launch a Khelo India mission to transform the sports sector over the next decade. The mission will facilitate A: an integrated talent development pathway supporting supported by training centers which are foundational, intermediate and elite levels. B: systematic development of and support staff. C: Integration of sports science and technology. D: Competitions and leagues to promote sports culture and provide platforms. And E: Development of sports infrastructure for training and competition."
- 1 Feb 2026 11:42 AM IST
Incentive of Rs 100 crore for single bond issuance by municipal corporation
FM proposes an incentive of Rs 100 crore for single bond issuance by municipal corporation of more than Rs 1,000 crore.
- 1 Feb 2026 11:41 AM IST
High-level committee on 'Banking for Viksit Bharat'
Propose setting up high-level committee on 'Banking for Viksit Bharat': FM Sitharaman
- 1 Feb 2026 11:40 AM IST
4 measures for MSMEs
FM: "Liquidity support with treads, more than 7 lakh crore has been made available to MSMEs. To leverage its full potential, I propose four measures. One, mandate trades as the transaction settlement. Two, introduce a credit guarantee support mechanism through CGTMSE for invoice discounting on trades platform. Three, link Gem with trades for sharing information with financiers about government purchases from MSMEs, encouraging deeper and quicker financing. Four, introduce TReDS receivables as asset-backed securities, helping develop a secondary market, enhancing liquidity and settlement of transactions. Professional support. Government will facilitate professional institutions such as the ICAI, ICSI, ICMAI to design short-term modular courses and practical tools to develop a cadre of Corporate Mitras, especially in tier two and three towns. These accredited para professionals will help MSMEs meet compliance requirements at affordable costs."
- 1 Feb 2026 11:40 AM IST
3 new all-India institutes for Ayurveda
FM proposes three new all-India institutes for Ayurveda.
- 1 Feb 2026 11:38 AM IST
FM: Renewed emphasis on service sector
FM: "Emerging technologies, including AI, the 21st century is technology-driven. Adoption of technology is for the benefit of all people. Farmers in the field, women in STEM, youth keen to upskill, and Divyangjan access newer opportunities. The government has taken several steps to support new technologies through AI Mission, National Quantum Mission, Anusandhan National Research Fund, and research and development and innovation fund. Our second 'Kartvaya' is to fulfill aspirations and build capacities. Close to 25 crore individuals have come out of multi-dimensional poverty through a decade of our government's sustained and reform-oriented efforts. Our government has therefore decided to place a renewed emphasis on the service sector to provide a pathway to fulfilling aspirations of a youthful India with the following measures."
- 1 Feb 2026 11:37 AM IST
Outlay of Rs 20,000 cr proposed for launch of carbon capture and utilisation scheme
Outlay of Rs 20,000 cr proposed for launch of carbon capture and utilisation scheme across sectors like steel and cement: FM
- 1 Feb 2026 11:36 AM IST
7 high-speed rail corridors between cities as growth collectors
Seven high-speed rail corridors between cities as growth collectors.
Mumbai to Pune
Pune to Hyderabad
Hyderabad to Bengaluru
Hyderabad to Chennai
Chennai to Bengaluru
Delhi to Varanasi
Varanasi to Siliguri
- 1 Feb 2026 11:35 AM IST
Rs 10,000 crore to create champion SMEs
Budget proposes to set up Rs 10,000 crore to create champion SMEs
