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 11:26 AM IST
20 new national waterways
FM: Operationalise 20 new national waterways over the next 5 years starting with 5 national waterways in Odisha.
- 1 Feb 2026 11:26 AM IST
Capital expenditure increased
Capital expenditure has been increased to Rs 12.2 lakh crore for FY27.
- 1 Feb 2026 11:25 AM IST
'Over 350 reforms rolled out'
FM: "Our government has undertaken comprehensive reforms towards creating employment, boosting productivity and accelerating growth. After PM's announcement on Independence Day 2025, over 350 reforms have been rolled out..."
- 1 Feb 2026 11:24 AM IST
Supporting mineral-rich states of Odisha, Kerala, Andhra Pradesh and Tamil Nadu
FM: "I propose to increase outlay on electronic manufacturing to Rs 40,000 crore."
"I propose to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish critical mineeral facilities."
- 1 Feb 2026 11:21 AM IST
Bio Pharma Shakti with outlay of Rs 10,000 crore
FM: "To develop India as a global bio-pharma manufacturing hub, I propose Bio Pharma Shakti with an outlay of Rs 10,000 crore over the next 5 years. This will build an ecosystem for domestic productions of biologics and biosimilars."
- 1 Feb 2026 11:21 AM IST
India Semiconductor Mission 2.0 to be launched
FM: "We will launch India Semiconductor Mission 2.0 and also focus on industry-led research and training centres to develop tech and skilled workforce."
- 1 Feb 2026 11:20 AM IST
Propose Mahatma Gandhi Gram Swaraj initiative to strengthen Khadi handloom: Sitharaman
Government to strengthen Khadi handloom, says FM.
- 1 Feb 2026 11:19 AM IST
FM: India must remain deeply integrated with global markets
FM: "Today, we face an external environment in which trade and multilateralism are in imperent and access to resources and supply chains are disrupted. New technologies are transforming production systems while sharply increasing demands on water, energy and critical minerals. India will continue to take confident steps towards Viksit Bharat, balancing ambition with inclusion. As a growing economy with expanding trade and capital needs, India must also remain deeply integrated with global markets, exporting more and attracting stable long-term investment."
- 1 Feb 2026 11:18 AM IST
FM propose interventions in six areas
FM: "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."
1. Scaling up manufacturing in up seven strategic and frontier sectors
2. Rejuvenating legacy industrial sectors
3. Creating Champion MSMEs
4 . Developing powerful push for infrastructure
5. Ensuring long term security and stability
6. Developing City economic regions.
- 1 Feb 2026 11:17 AM IST
Government's 'sankalp' is to focus on poor, underprivileged and disadvantaged: FM Sitharaman
FM says the government is focused on poor, underprivileged and disadvantaged.
