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 1:31 PM IST
'Progressive Budget': Scindia
On Union Budget, Union Minister Jyotiraditya Scindia says, "It is a progressive Budget that focuses on every sector of the Indian economy. It is a Budget for every citizen. Particularly, the areas of telecom and DoNEAR have received strong impetus in this Budget. It will empower and power India. A lot of institutions and waterways have been allocated to the North East."
- 1 Feb 2026 1:30 PM IST
Akhilesh Yadav slams Budget 2026 as BJP's
On Union Budget, Samajwadi Party MP Akhilesh Yadav says, "This Budget is beyond the understanding of the poor and those who live in the villages. No jobs or employment have been given in this Budget. BJP's budget is only for 5 per cent of the people in the country..."
- 1 Feb 2026 1:23 PM IST
Yogendra Yadav: Budget allocation for agriculture slashed
Political activist Yogendra Yadav: "Budget allocation for Agriculture and Allied activities slashed from 3.38% last year (2025-26) to just 3.04% in this budget for 2026-27. One of the biggest cuts."
- 1 Feb 2026 1:19 PM IST
Third-shortest Budget speech by FM
FM Sitharaman's Budget speech lasted 84 minutes (1 hour and 24 minutes), the third-shortest among all her 9 Budgets.
- 1 Feb 2026 1:16 PM IST
'Forward-looking Budget'
Sanjay Mehta, Deputy Director General of IMC Chamber of Commerce, told ANI, "The Budget that was presented by Nirmala Sitharaman, the ninth consecutive Budget by her, I, the IMC and industry see that overall this Budget is a very positive and forward-looking budget. It has covered all traditional areas as well as new frontier technology areas..."
He added, "I do not see any correlation between the market and the budget. There is nothing in the budget that should prompt the market to react as it is now..."
- 1 Feb 2026 1:12 PM IST
'Establishing a mental health institute is beneficial'
On Union Budget 2026, Chairman & MD, Medanta, Dr. Naresh Trehan told ANI, "These are all strong steps in the right direction. India is moving towards eliminating communicable diseases. On the other hand, the burden of non-communicable diseases like cancer, obesity, and diabetes is increasing. The question comes: how do we take control of that part now? Developing biologics and biosimilars requires significant research, and this has been incentivised. Establishing a mental health institute is beneficial...."
- 1 Feb 2026 12:55 PM IST
Defence Ministry allocated Rs 7.8 lakh crore
Defence Ministry allocated a Budget of Rs 7.8 lakh crore for the year 2026-27. Defence forces to get Rs 2.19 lakh crore for modernisation. The Defence Ministry has major projects in the pipeline, like the contracts for Rafale fighter jets, submarines and unmanned aerial vehicles.
- 1 Feb 2026 12:54 PM IST
Fish catch by Indian fishing vessel made free of duty
FM: "To support Indian fishermen to fully harness the economic value of marine resources beyond our territorial waters, the following measures will be taken:
A. Fish catch by an Indian fishing vessel in the exclusive economic zone or on the high seas will be made free of duty.
B. Landing of such fish on a foreign port will be treated as export of goods, safeguards will be put in place to prevent misuse during fish catch, transit or transhipment."
- 1 Feb 2026 12:51 PM IST
'I have a very positive approach to today's Budget'
On Union Budget2026, IMC Chamber of Commerce and Industry Deputy Director General Sheetal Kalro told ANI, "I have a very positive approach to today's Budget. There are already many schemes that were launched last year, from Mudra Yojana to Beti Bachao, Beti Padhao. I see a growth in that area. I also see a strong focus on the youth and their skilling... All this put together, we will have the economy in a very progressive mode."
- 1 Feb 2026 12:50 PM IST
'Budget is positive'
On Union Budget 2026-27, Confederation of Indian Industry (CII) President Rajiv Memani told ANI, "Our reaction to the Budget is positive as it fulfills the demands of the industries, including those of the MSMEs. There is also a focus on the services. The government has also heard concerns about tax simplification. Capex has also increased by 10-12 per cent this time."
