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 11:34 AM IST
Self Reliance India Fund with Rs 4,000 cr
FM Sitharaman proposes to top up Self Reliance India Fund with Rs 4,000 cr in FY27 to support MSMEs
- 1 Feb 2026 11:33 AM IST
New dedicated freight corridors
FM: "I propose to establish new dedicated freight corridors connecting Dankuni in the East to Surat in the West. Operationalise 20 new national waterways over the next five years. Starting with National Waterways 5 in Odisha to connect mineral rich areas of Talcher and Angul and industrial centers like Kalinganagar to the ports of Paradip and Dhamra. Training institutes will be set up as regional centers of excellence for development of required manpower for these waterways. This will benefit youth in the entire stretch of the waterways to train and acquire skills. Further, a ship repair ecosystem catering to inland waterways will also be set up at Varanasi and Patna."
- 1 Feb 2026 11:33 AM IST
Transaction platform for all purchases from MSMEs
FM proposes to make TReDS as transaction platform for all purchases from MSMEs by central public sector enterprises.
- 1 Feb 2026 11:32 AM IST
Natural Fibre Scheme, Textile Expansion and Employment Scheme
FM proposes Natural Fibre Scheme, Textile Expansion and Employment scheme, National Handloom and Handicraft programe.
- 1 Feb 2026 11:31 AM IST
Reviving 200 legacy industrial clusters
FM: "I propose to introduce a scheme to revive 200 legacy industrial clusters to improve their cost competitiveness and efficiency through infrastructure and technology upgradation. Creating champion SMEs and supporting micro enterprises. Recognising MSMEs as a vital engine of growth, I propose a three-pronged approach to help them grow as champions. I propose to introduce a dedicated Rs 10,000 crores SME growth fund to create future champions, incentivising enterprises, enterprises based on select criteria. I also propose to top up the Self-Reliant India Fund set up in 2021 with Rs 2000 crores to continue support to micro enterprises and maintain their access to risk capital."
- 1 Feb 2026 11:30 AM IST
Strengthening domestic manufacturing
FM: "A scheme for enhancement of construction and infrastructure equipment will be introduced to strengthen domestic manufacturing of high-value, technology-advanced CIE. This can range from firefighting equipment to lifts to tunnel boring machines."
- 1 Feb 2026 11:30 AM IST
FM on sports goods
India has potential to emerge as a global hub for high-quality affordable sports goods: FM
- 1 Feb 2026 11:29 AM IST
Incentives for indigenous manufacturing of seaplanes
FM proposes incentives for indigenous manufacturing of seaplanes.
- 1 Feb 2026 11:28 AM IST
'Reform Express' is on its way, says FM
Finance Minister Nirmala Sitharaman said the "Reform Express" is on its way and the government will keep the momentum.
"Our Kartavya is to ensure every family, community, and sector has access to resources, amenities and opportunities," she said.
Presenting the Budget for 2026-27, Sitharaman said the government will ensure the dividends of growth reach every farmer, scheduled caste, scheduled tribe, and youth.
Various reforms, including GST, labour codes, and quality control order, have been rolled out since August 15.
The "Reform Express is on its way" and the momentum will continue, Sitharaman said.
The government's Kartavya is to accelerate and sustain economic growth, fulfil aspirations of people, she said and emphasised that the Sankalp is to focus on poor, underprivileged and disadvantaged.
- 1 Feb 2026 11:27 AM IST
Mega textile parks
FM proposes setting up mega textile parks with focus on value addition to technical textiles.
