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
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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 11:14 AM IST
FM presents '3 kartavyas'
FM Sitharaman says growth, people's aspirations, and Sabka Saath Sabka Vikas are the three kartavyas.
- 1 Feb 2026 11:12 AM IST
FM: We have reduced critical import dependencies
"We have pursued far-reaching structural reforms. Fiscal prudence and monetary stability, while maintaining a strong thrust on public investment, keeping self-reliance as a pillar. We have built domestic manufacturing capacity, energy security and reduced critical import dependencies," says FM.
- 1 Feb 2026 11:11 AM IST
FM: We have ensured that citizens benefit from every action of govt
"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," says FM.
- 1 Feb 2026 11:10 AM IST
'Yuva Shakti' driven Budget: Sitharaman
Budget 2026 is 'Yuva Shakti' driven, says FM.
- 1 Feb 2026 11:07 AM IST
We have made conscious choices: FM
FM Sitharaman says, "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."
- 1 Feb 2026 11:05 AM IST
Govt accepts Finance Commission's recommendations
The Union government has accepted Finance Commission's 16 recommendations.
- 1 Feb 2026 11:04 AM IST
PM has chosen 'reform over rhetoric': FM
FM, in her Budget speech, says Prime Minister Narendra Modi has chosen 'reform over rehtoric'.
- 1 Feb 2026 11:03 AM IST
FM Sitharaman begins Budget 2026 speech
FM Sitharaman speaking in the Lok Sabha now.
- 1 Feb 2026 11:01 AM IST
Budget 2026: Lok Sabha proccedings begin
The Lok Sabha proceedings began at 11 am with Finance Minister Nirmala Sitharaman set to present the Union Budget 2026-27. This is her ninth consecutive Budget, a record.
- 1 Feb 2026 11:00 AM IST
Sitharaman creates history with 9th consecutive Budget, longest serving FM
Finance Minister Nirmala Sitharaman made history today as she is presenting a record ninth consecutive Budget that is expected to unveil measures to sustain growth momentum, maintain fiscal discipline, and contain reforms that could buffer the economy from global trade frictions, including US tariffs.
This will take Sitharaman closer to the record of 10 budgets that were presented by former Prime Minister Morarji Desai over different time periods. Desai presented six budgets during his tenure as finance minister from 1959 to 1964, and four budgets between 1967 and 1969.
Former finance ministers P Chidambaram and Pranab Mukherjee had presented nine and eight budgets, respectively, under different prime ministers.
Sitharaman, however, will continue to hold the record of presenting the maximum number of budgets on the trot -- nine straight budgets under Prime Minister Narendra Modi.
She was in 2019 appointed as India's first full-time woman finance minister when Prime Minister Narendra Modi won a decisive second term. After Modi came back to power in 2024 for the third time, Sitharaman continued to retain her finance portfolio.
Sitharaman took charge of the Finance Ministry on May 31, 2019, and has steered the economy through the Covid-19 pandemic and geopolitical turmoil, making India the fastest-growing major economy in the world.
Sitharaman completed six years and eight months in office on January 31, 2026. On February 1, she will present a record ninth budget in a row.
Ahead of the Budget session, Prime Minister Narendra Modi had said Sitharaman presenting the Union Budget for the ninth consecutive time "will be recorded as a matter of pride in India's parliamentary history".
Former prime minister Morarji Desai had presented the Union Budget on 10 occasions, while P Chidambaram presented the Budget nine times, but not for consecutive years.
The other longest-serving Finance Minister at a stretch was C D Deshmukh, who took charge of the Ministry on June 1, 1950, and remained in office for about six years and two months.
Manmohan Singh, known for pushing economic liberalisation, was Finance Minister for about five years between June 21, 1990, and June 16, 1996.
Later, as Prime Minister, Singh held the additional charge of Finance portfolio for a brief period once in 2008 and again in 2012.
The first Finance Minister of Independent India was R K Shanmukham Chetty.
