Union Budget 2026 LIVE: Union Cabinet okays Budget 2026-2027; countdown begins for FM's speech
President Droupadi Murmu fed Finance Minister Nirmala Sitharaman dahi cheeni as a customary ritual
#WATCH | Delhi: On #UnionBudget2026, Congress MP Shashi Tharoor says, "We are all looking forward to hearing what the Finance Minister has to tell us. The Economic Survey projects good economic growth...Whether that growth is going to be accompanied by jobs? Jobless growth… pic.twitter.com/u44ZtgUj6K
— ANI (@ANI) February 1, 2026
Nirmala Sitharaman holds the distinction of delivering the longest Union Budget speech in India’s parliamentary history. Her 2020 Budget address stretched for 2 hours and 42 minutes, setting a record that remains unmatched.
The Union Budget 2026 is being presented amid global uncertainty, with trade and growth facing pressure due to higher US tariffs under President Donald Trump.
Here are the key areas to track in Finance Minister Nirmala Sitharaman’s address:
Fiscal consolidation:
The government is expected to focus on lowering public debt to 49–51% of GDP. The fiscal deficit for 2026–27 may be set at around 4.2% of GDP, with gross borrowing estimated between ₹16 trillion and ₹16.8 trillion.
Tax relief measures:
Investors and taxpayers will look for changes in long-term capital gains (LTCG) tax limits and a possible expansion of the Section 87A rebate. Currently, residents earning up to Rs 12 lakh get a rebate of up to Rs 60,000, though capital gains tax still applies under the new regime.
Foreign investment in defence:
The Budget may ease FDI norms in defence manufacturing, as the government considers a push for higher military spending, with defence outlay expected to rise by about 20%.
Standard deduction hike:
There is speculation that the standard deduction under the new tax regime could be increased from Rs 75,000 to Rs 1 lakh, offering relief to salaried employees.
Support for exporters:
Exporters are seeking lower import duties on raw materials, especially for sectors such as electronics and textiles, to strengthen manufacturing and offset the impact of steep US tariffs on Indian goods
The Union Budget 2026, to be presented today by Finance Minister Nirmala Sitharaman, is expected to place strong emphasis on regulatory reforms aimed at easing compliance and reducing bureaucratic hurdles, according to sources aware of the developments.
The proposed focus is in line with Prime Minister Narendra Modi’s “Reform Express” approach outlined in recent policy directions. Officials see the measures as a key step toward improving the ease of doing business and steering the country closer to the long-term goal of Viksit Bharat 2047.
Nirmala Sitharaman, MoS Pankaj Chaudhary depart for Kartavya Bhavan ahead of Union Budget 2026 presentation
Earlier, these topics were covered in Part A, but shifting them to Part B shows a stronger focus on reforms.
The government wants to present a clear and direct reform roadmap.
The budget will showcase India’s current strengths and future potential in manufacturing, trade and technology.
‘Reform Express’ theme
Key areas include:
Union Budget 2026 LIVE: Finance Minister Nirmala Sitharaman is set to present the Union Budget 2026-27 today, marking her ninth consecutive budget, a rare milestone in India’s economic history. As the budget speech begins, expectations are running high across sectors, with the middle class and salaried taxpayers keenly watching for further relief on the income tax front.
Income tax has traditionally remained one of the most closely tracked announcements in every Union Budget, and Budget 2026 is no exception. After delivering substantial tax relief last year, taxpayers are hopeful that the government may extend additional concessions amid rising living costs and inflationary pressures.
In the Union Budget 2025, Nirmala Sitharaman had announced a major overhaul of personal taxation, exempting income up to Rs 12 lakh annually, a threshold that effectively rose to Rs 12.75 lakh for salaried individuals after accounting for a standard deduction of Rs 75,000. The move was widely seen as a significant boost for the middle class and had a positive impact on disposable incomes.
Interesting facts you should know about Union Budget
As India prepares for the Union Budget 2026-27, here are some lesser-known but fascinating facts about the budget’s journey over the years:
India’s first-ever budget was presented on April 7, 1860, by Scottish economist James Wilson, during British rule.
After Independence, the first Union Budget of free India was delivered on February 28, 1948, by Finance Minister R. K. Shanmukham Chetty.
Until 1999, budgets were presented at 5 pm on the last working day of February. This tradition changed when Yashwant Sinha, under the Atal Bihari Vajpayee government, shifted the timing to 11 am.
The longest budget speech by word count was delivered by Dr. Manmohan Singh in 1991, spanning 18,604 words.
Nirmala Sitharaman holds the record for the longest budget speech by duration, speaking for 2 hours and 42 minutes during the 2020-21 budget.
In 2024, Sitharaman became the first finance minister to present seven consecutive budgets, breaking a record set by Morarji Desai. With Budget 2026, she extends this record even further.
Morarji Desai, however, still holds the record for presenting the most budgets overall — 11 budgets between 1962 and 1969.
The shortest budget speech was delivered by Hirubhai Mulljibhai Patel in 1977, consisting of just 800 words.
Until 1955, the Union Budget was presented only in English. From that year onwards, budget documents began being published in both Hindi and English.
During the COVID-19 pandemic, the 2021-22 budget became the first fully digital budget, with Sitharaman replacing the traditional briefcase with a tablet — a practice that continues today.
- PTC NEWS
