Page 2 - Budget Session

No allocation for Chabahar project in Budget amid US' sanctions on Iran

In a departure from the past, India has not allocated any funds for the Chabahar port project in its Union Budget, a move that came against the backdrop of Washington's fresh sanctions on Iran. In the last few years, India has been making an annual outlay of Rs 100 crore to the mega connectivity project in the Sistan-Balochistan province in Iran's southern coast. India is a major partner in development of the Chabahar port. In September last year, the US imposed crippling economic sanctions on Iran but had granted India a six-month exemption from the punitive measures on the Chabahar port project. The waiver will come to an end on April 26. Last month, External Affairs Ministry spokesperson Randhir Jaiswal said New India is engaged with the US on the issue related to the Chabahar port project. It is learnt that India was mulling various options relating to the project after Trump administration threatened a 25 per cent additional tariff on countries doing business with Tehran. T

Budget 2026-27 places Odisha firmly at heart of India's growth story: BJP

The ruling BJP in Odisha on Sunday asserted that the Union Budget 2026-27 has placed the state firmly at the heart of India's growth story. "It reflects a clear and confident vision to transform Odisha into a strategic engine of eastern India's development," Odisha BJP spokesperson Anil Biswal said. Finance Minister Nirmala Sitharaman presented the Budget in the Lok Sabha earlier in the day. Biswal said the announcement of 20 new inland waterways, beginning with Odisha, will unlock immense potential for inland transport, trade, and the coastal economy, giving a decisive push to logistics efficiency and regional commerce. "The East Coast Freight Corridor in Odisha is a true game-changer. It will strengthen ports, boost MSMEs, create large-scale employment, and position Odisha as a critical logistics hub in the national supply chain," he asserted. The BJP leader said equally significant is the dedicated rare earth corridor, which will establish Odisha as a strategic centre for clean

Heritage Foods hails Budget as watershed moment for dairy, livestock sector

Heritage Foods Ltd Executive Director Brahmani Nara on Sunday welcomed the Union Budget 2026, describing it as a watershed moment for India's dairy and livestock sectors. Heritage Foods Ltd is promoted by Andhra Pradesh Chief Minister N Chandrababu Naidu's family members. Nara said the budget reflects several strategic priorities highlighted in the company's pre-budget expectations and goes beyond numbers to focus on empowering dairy farmers, strengthening rural resilience, and promoting sustainable, inclusive growth. "The Union Budget 2026 marks a significant milestone for India's dairy and livestock sectors," she said in a press release. The scaling up of veterinary capacity through new colleges, hospitals, laboratories and para-vet networks directly addresses the severe shortage of veterinarians in the country, she said, adding that the move would help bridge the gap between existing and required veterinary strength. The expansion of veterinary infrastructure, along with enhanc

Totally lacklustre, fell woefully short of the hype: Congress on Budget

The Congress on Sunday said the Union Budget was "totally lacklustre" and fell woefully short of the hype that was generated around it. Congress general secretary, Communications, Jairam Ramesh said the budget speech given by Union Finance Minister Nirmala Sitharaman was also "non-transparent" as it gave no idea of the budgetary allocations for key programmes and schemes. "While the documents need to be studied in detail, it is clear after 90 minutes that Budget 2026/27 falls woefully short of the hype that was generated about it. It was totally lacklustre," Ramesh said in a post on X. "The speech was also non-transparent since it gave no idea whatsoever of budgetary allocations for key programmes and schemes," he said. In her speech, Sitharaman announced that the target for capex will be raised to Rs 12.2 lakh crore for FY27 from Rs 11.2 lakh crore earmarked for the current fiscal year. She also announced a slew of measures to boost infrastructure in the country, including in tie

Budget 2026: Centre allocates ₹30 crore for Lokpal; ₹54.56 crore to CVC

Anti-corruption ombudsman Lokpal has been given Rs 30 crore for the next fiscal to meet its establishment and construction-related expenditures, according to the Union Budget 2026-27 presented on Sunday. The revised budgetary outlay for Lokpal for the ongoing fiscal is Rs 32 crore, according to the Budget document. A provision of Rs 44.32 crore was made for it for the financial year (FY) 2025-26 in the last Budget. The Lokpal is the apex body to inquire into and investigate allegations of corruption against public functionaries, including the prime minister. Probity watchdog Central Vigilance Commission (CVC) has been given Rs 54.56 crore for 2026-27. The provision is for secretariat expenditure of the Commission, the Budget document said. It had got Rs 52.07 crore for FY26, which has been revised to Rs 50.66 crore for the current financial year. The CVC is an apex governmental body responsible for promoting integrity, transparency and accountability in the country's public ...

Income Tax Act 2025 to be implemented from April 1: FM Sitharaman

Finance Minister Nirmala Sitharaman on Sunday said the Income Tax Act, 2025 will be implemented from April 1 and rules and tax returns forms will be notified shortly. Beginning April 1, the Income Tax Act, 2025, will come into force replacing the six-decade-old tax law and the changes made in tax laws in 2026-27 Budget will be incorporated in the new legislation. In her Budget speech in the Lok Sabha on Sunday, she said, "This (direct tax code) was completed in record time and the Income Tax Act 2025 will come into effect from first April 2026. The simplified income tax rules and forms will be notified shortly, giving adequate time to taxpayers to acquaint themselves with its requirements." The forms have been redesigned, such that ordinary citizens can comply without difficulty, she added. The 2025 I-T law is revenue neutral with no change in tax rates. It has only made direct tax laws simple to understand, removed ambiguities, thereby reducing scope for litigations. It reduces te

Govt proposes launch of Khelo India mission to transform sports sector

The government's flagship Khelo India programme to scout grassroots-level sporting talent is set to get a boost with Finance Minister Nirmala Sitharaman on Sunday proposing the launch of a Khelo India mission to also focus on systemic development of training centres and coaches over the next decade. Presenting the Union Budget for the year 2026-27, the minister said the mission will facilitate an integrated talent development programme through inter-linking pathways. The Khelo India programme was launched in 2017 and its primary objective was to hold national level competitions across age groups for talent identification. "Sports sector provides multiple means of employment, skilling and job opportunities. Taking forward the systematic nurturing of sports talent which is set in motion through the Khelo India programme, I propose to launch a Khelo India mission to transform the sports sector over the next decade," Sitharaman said during her Budget speech in the Lok Sabha. "The missio

FM proposes duty-free imports of specified inputs for leather exports

Finance Minister Nirmala Sitharaman on Sunday proposed duty-free imports of certain specified inputs for promoting the country's exports of leather. The move will help provide cushion to leather exporters who are reeling under the steep 50 per cent US tariffs. The country's leather and leather products shipments dipped marginally 0.23 per cent to USD 3.3 billion during April-December 2025-26. She also exempted parts used to manufacture microwave ovens from basic customs duty. Sitharaman announced that India will develop 15 archaeological sites, including Lothal, Dholavira, Rakhigarhi, Sarnath, and Hastinapur. She also proposed to extend the time period of exports of final products from six months to one year for exporters of leather, and textile garments. Further the minister said that the government will support Artificial Limbs Manufacturing Corporation of India to scale up production of assistive devices.

FM proposes incentives of ₹100 cr for single municipal bond issuances

Finance Minister Nirmala Sitharaman on Sunday proposed incentives of Rs 100 crore for single bond issuance by municipal corporations of more than Rs 1,000 crore. She also announced restructuring of REC Ltd (formerly Rural Electrification Corporation) and Power Finance Corporation (PFC) as part of the government's public sector financial institution strengthening. The minister proposed setting up high-level committee on 'Banking for Viksit Bharat'. She said the country's banking sector is characterised by a strong balance sheet, historic high profitability. In her Budget speech, she proposed to review foreign exchange management non-debt instruments rules. She added that close to 25 crore people have come out of multi-dimensional poverty.

Budget 2026: Sitharaman lays 16th Finance Commission report in Lok Sabha

Finance Minister Nirmala Sitharaman on Sunday laid the 16th Finance Commission report for tax revenue devolution between Centre and states for 2026-2031 in the Lok Sabha. The Finance Commission, which has been set up under the Constitution, provides a formula for devolution of taxes between Centre and states. Cesses and surcharge levied by the Centre are not part of the divisible pool. The Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations and is set up periodically. The 16th Finance Commission, headed by former Vice-Chairman of Niti Aayog Arvind Panagariya, was set up on December 31, 2023. Led by Panagariya, Finance Commission members -- Retired bureaucrat Annie George Mathew, economist Manoj Panda, SBI Group Chief Economic Advisor Soumya Kanti Ghosh, and RBI Deputy Governor T Rabi Sankar -- and Secretary to the Commission Ritvik Pandey submitted its report to President Droupadi Murmu on November 17, 2025.

Longest serving FM, Sitharaman set to present 9th consecutive Budget

Finance Minister Nirmala Sitharaman on Sunday makes history as she presents 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 Narendr

FM Sitharaman meets President for customary pre-Budget presentation meeting

Finance Minister Nirmala Sitharaman on Sunday called on President Droupadi Murmu before presenting her record ninth Budget 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 will formally approve the Budget for 2026-27. Sitharaman continues with the tradition she set in 2019, carrying the budget spee

Budget Session 2026: 'Reform, perform, transform' guides govt, says PM Modi

Prime Minister Narendra Modi on Thursday said that his government has been focusing on “reform, perform, transform” as India enters a crucial phase of its development journey.

Budget Session 2026: 'Reform, perform, transform' guides govt, says PM Modi

Prime Minister Narendra Modi said the government is focused on reform, performance and transformation as Parliament's Budget Session begins, stressing long-term solutions and growth for India

Govt on 'reforms express' path; GST 2.0 saved ₹1 trillion: President Murmu

President Droupadi Murmu on Wednesday said the government is moving on the path of 'Reforms Express', benefitting the poor and middle class, and the historic next-gen GST reform rolled out last year has ensured savings of Rs 1 lakh crore for citizens. In her address to both Houses of Parliament, Murmu also said the government has revamped the Income Tax law and taken a "historic decision" to exempt income of up to Rs 12 lakh from taxation. "These reforms are providing unprecedented benefits to poor and middle-class families. It has also given a new impetus to the country's economy," Murmu said. The new and simplified Income Tax Act 2025 has been enacted and will be implemented from April 1, 2026. In the 2025-26 Budget presented on February 1, last year, the government had increased the income tax exemption threshold to Rs 12 lakh from Rs 7 lakh earlier. "Today, my government is moving forward on the path of 'Reforms Express'. Old rules and provisions are being updated continuously

Prez Murmu invokes Gandhi, Nehru, Vajpayee to seek unity on national issues

President Droupadi Murmu on Wednesday urged parliamentarians to stand united on the resolve for Viksit Bharat, campaign for swadeshi as well as national security, asserting that these were matters beyond all differences. Addressing a joint sitting of both the Houses of Parliament, which marked the start of the Budget Session, she said the government will continue to accelerate the momentum of "reform express" and listed various economic and social initiatives taken to make India a developed nation by 2047. Murmu said the world saw the valour of Indian armed forces through Operation Sindoor when they destroyed terror camps on the strength of their own resources and asserted that any terror act will be responded with decisive action. India has proved that power can be used with responsibility and wisdom, she said. "Amid different opinions and diverse viewpoints, there has been unanimity about nothing being greater than the nation," Murmu said, addressing the Members of Parliament (MP

Oppn protests in Parliament after President Murmu mentions VB-G RAM G Act

President Droupadi Murmu's reference to the VB-G RAM G Act in her address to the joint sitting of both houses of Parliament on Wednesday sparked protests from opposition parties which raised slogans demanding a roll back of the law. In her address, the President said the Viksit Bharat - Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) would provide guarantee for 125 days of work, and would also stop corruption and leakages. She also asserted that it would provide a new impetus to rural development. While the President's mention of the VB-G RAM G Act was welcomed by treasury benches by thumping of desks, Opposition members raised slogans demanding roll back of the law. President Murmu paused during her address as the opposition raised slogans like "vapas lo" (roll back the Act). The Act is set to replace the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). Opposition parties are demanding the withdrawal of the VB-G RAM G Act and restoration of MGNRE

Parliament's Budget session begins on Wednesday; pending Bills listed

Opposition parties demand discussion on SIR, MGNREGA

Congress hits out at govt over delay in sharing Budget session agenda

Congress on Tuesday flayed the government for "failing" to circulate its legislative agenda ahead of the Budget session of Parliament. Congress leader K Suresh told reporters that at the all-party meeting convened here, party leaders questioned lack of legislative agenda outlining the bills the government seeks to bring. However, Union ministers attending the meeting said the agenda will be circulated later. They told the meeting that the first part of the session will focus on debate on the Motion of Thanks and discussion on the Union Budget. While the first part of the session will begin on Wednesday with the address of President Droupadi Murmu to the joint sitting of the Lok Sabha and the Rajya Sabha, the Union Budget will be presented on February 1, a Sunday. The first part of the session will continue till February 13 during which the Motion of Thanks will be discussed and passed. A discussion on the Union Budget will also be taken up. After a recess, the Houses will reconv

Centre convenes all-party meeting ahead of Budget session: Top agenda

The meeting is aimed at ensuring the smooth functioning of Parliament and managing issues that are expected to arise during the session