Budget 2026 Expectations Highlights: Parliament's Budget session begins; all eyes on FM Nirmala Sitharaman's speech on February 1

Budget 2026 Expectations Live: Give boost to India’s tourism ecosystem

“The Union Budget has a timely opportunity to view India’s tourism ecosystem- domestic, inbound and outbound as a single, integrated value chain rather than as separate segments. Connectivity will be the critical enabler of this shift, not only through infrastructure investment but through policy choices that make travel simpler, faster and more predictable.

Strengthening air, rail and road access to emerging domestic destinations can help distribute demand, support regional economies and reduce pressure on traditional tourism centres. For inbound travel, expanding international air capacity, improving airport experiences and easing entry processes will be central to positioning India as a competitive, high-value global destination. Equally important is a renewed focus on destination marketing for inbound tourism, an area that has seen limited emphasis in recent years despite its critical role in shaping global perception and demand.

At the same time, with outbound travel from India continuing to scale, deeper international aviation partnerships and supportive frameworks can ensure Indian travellers remain well-connected to the world.

A budget that aligns connectivity, destination development and ease of movement can move tourism beyond volume-led growth and position it as a strategic lever for jobs, regional development and India’s global soft power,” said Hemant Mediratta, Founder, One Rep Global.

Budget 2026 Expectations Live: Bridge the gap between AI capability and AI adoption

“Budget 2026 presents a pivotal opportunity to bridge the gap between AI capability and AI adoption, especially in sectors like healthcare and financial services, where trust and compliance are non-negotiable. We’ve made solid progress on infrastructure with data centers and computers, but real outcomes will depend on how AI is deployed at the last mile.

What’s needed now is a clear framework, both fiscal and regulatory, that supports responsible adoption. That includes incentives for privacy-first communication tools, standardised consent frameworks, and audit-ready systems that regulated businesses can adopt without friction.

AI can transform patient care, financial inclusion, and service delivery, but only if it’s grounded in transparency and designed for real-world operational environments. This is the year to move beyond prototypes and pilots to fund solutions that are safe, scalable, and deeply aligned with the industries that matter most,” says Nitin Seth, Co-founder & CEO, Conversive.

Budget 2026 Expectations Live: What Budget 2026 must deliver for financial services

India’s FS sector is positioned to power the nation’s next phase of growth. Budget 2026 can accelerate this transition by pairing targeted policy support with competitive tax rules. Strengthening FS institutions, deepening markets, and improving digital and regulatory architecture will expand the economy’s credit capacity, strengthen inclusion, and reinforce India’s emergence as a global financial hub—creating the investment foundation needed for sustainable and long‑term growth. These financial sector reforms will go a long way in not only sustaining GDP growth but also in boosting the per capita income of India’s population. Read full article:

Budget 2026 Expectations Live: What start-ups want

“India’s entrepreneurial energy is not constrained by ideas — it is constrained by complexity. A Budget that simplifies labour compliance and statutory reporting for start-ups will do more to support entrepreneurship than any number of grants. When founders can focus on growth instead of filings, the economy benefits,” says Subramanyam S, CEO, AscentHR Technologies.

Budget 2026 Expectations Live: Defence expectations

"The defence manufacturing ecosystem in India is considering Budget 2026 as the point of critical indigenisation. There is an anticipation of more visibility into the long-term procurement pipelines, accelerated contracting processes and ongoing encouragement of the participation in the private sphere. In our view, predictability in defence expenditure is important as compared to the headline allocations. This is what allows domestic players to invest in scale and technology due to the stable order visibility.”

Potential Effects: Involvement of the private sector, capex planning, investment in technology.

The above recommendations are from: Samir Sheth, Managing Partner, Deal Advisory, BDO India

Budget 2026 Expectations Live: Tax should feel predictable, fair & explainable

"Today, an average Indian taxpayer is taxed at almost every step of life. First on income. Then on spending. Then on travel, fuel, groceries, electronics, furniture, holidays, tolls. And when you try to save or invest what’s left, there’s tax there too.

On paper, we discuss slabs and exemptions. ₹1.5 lakh here. A deduction there. But real life doesn’t work in slabs. Real life works in what actually stays in your hand. If I earn ₹100, I don’t feel like I have ₹100. By the time I’ve lived a normal, responsible life, far less than half of that feels usable -- for savings, security, or future planning.

What makes this conversation important is that India isn’t a high-tax country by global standards. Our tax-to-GDP ratio is still modest. Yet the experience of taxation feels heavy because it’s fragmented and invisible. Income tax here. GST there. Cess, surcharge, tolls, duties, all quietly adding up.

This isn’t an argument for paying less tax. It’s an argument for paying more clearly. Imagine a system where taxation is viewed from one lens: What does a citizen actually have left to spend, save, and invest? One framework. One honest calculation. Fewer invisible deductions across daily life. Tax should feel predictable, fair, and explainable. Not like death by a thousand small cuts. When citizens understand what they pay and why, compliance improves. Trust improves. And the economy benefits,” says Aman Dhall, Comms Tech Entrepreneur & Angel Investor (BASIC Home Loan, Sugmya Finance & KhiladiPro).

Budget 2026 Expectations Live: What food and beverage industry wants

“As the Union Budget approaches, organised food service brands are looking for measures that strengthen consumption and support the broader food services ecosystem. Continued investment in supply-chain infrastructure, cold storage and efficient logistics is critical to reducing wastage and ensuring quality consistency at scale. We also look forward to policies that can enhance the urban purchasing power, as consumption growth remains the key driver for the sector. Equally important is focused support for skill development across the food and hospitality workforce, given the industry’s significant role in employment generation. Initiatives that encourage sustainable sourcing and domestic food processing will further improve resilience and long-term efficiency. While recent policy measures have helped improve demand sentiment, the sector hopes the upcoming Budget will introduce fresh initiatives to support growth, infrastructure and employment in the food and beverage industry,” says Raymond Andrews,Co-founder, Biryani Blues.

Budget 2026 Expectations Live: Real estate sector’s expectations

“India’s macroeconomic outlook remains resilient despite global uncertainty. Inflation has largely stayed within the RBI’s tolerance band of 4% ±2%, while public capital expenditure—budgeted at over ₹11 lakh crore in FY25—continues to anchor growth. As global geopolitics disrupt trade flows, capital movement, and energy prices, India’s ability to sustain consumption-led domestic growth will be critical to near- and medium-term economic stability.

Housing, which contributes nearly 7% to GDP and employs millions, is emerging as a key pillar of this growth story. Today, demand is no longer concentrated in metros alone. While the top eight cities continue to account for 50 percent of sales by value, over 40% first-time homebuyers now come from Tier 2 and Tier 3 cities like Jaipur, Surat, Coimbatore and Bhubaneshwar. These markets are driven by demand from end-users making affordability and access to long-term finance the most decisive demand.

Homebuyer demographics have shifted dynamically. Nearly 55 percent of buyers are under 40, with first-time homebuyers dominating transactions below Rs 50 lakh, especially in non-metro markets. For such households, a 20–25 year home loan represents a long-term commitment and confidence in income stability. Predictable EMIs, clarity on tax benefits, and ease of credit access matter far more than short-term interest rate movements.
From a lender’s standpoint, financial institutions, including fintechs, continue to operate in a tighter regulatory environment. Policy continuity and targeted budgetary support for housing finance can significantly improve credit penetration, especially for informal and self-employed borrowers who remain largely underserved despite strong repayment intent.

In an uncertain geopolitical environment, housing-led domestic growth acts as a natural economic hedge. A budget that balances economic discipline with focused support for affordable housing, home loan tax incentives, and improved credit access will reinforce financial inclusion, and underpin our broader economic resilience and sustainable growth trajectory,” says Atul Monga - CEO& Co-Founder, BASIC Home Loan.

Budget 2026 Expectations Live: IFSC GIFT City needs sharper safe harbour norms

“In transport and urban services, revisiting concession agreements in roads, railways and water to rebalance traffic, termination and force‑majeure risk is essential for reviving BOT and broader PPP models. Standardised sector specific concession agreements, credible revenue protections and robust dispute resolution will attract institutional capital.

On digital infrastructure, harmonised incentives and long‑tenor financing for data centres, fibre and towers alongside PLI expansion for telecommunications equipment can anchor India's data‑economy ambitions. Since Budget 2022 granted infrastructure status to data centres, the focus must shift to comprehensive policy measures including PLI expansion for the entire digital infrastructure value chain covering networking equipment, data centre hardware and telecommunications manufacturing.

IFSC GIFT City needs sharper safe harbour norms, extended tax concession sunset dates, and a stronger green‑finance mandate to compete globally against Singapore and Dubai.

A coherent tax and GST regime for renewable energy and BESS reducing GST for integrated systems, with group‑style tax consolidation enabling loss‑pooling would materially improve clean energy bankability.

Following Budget 2025's inclusion of large ships and hotels in the harmonised master list, extending infrastructure classification to tourism destinations, logistics parks and cold chain facilities would democratise access to long‑tenor financing and institutional investment through structured vehicles.

Complementary priorities include REITs equity reclassification and index inclusion, NaBFID capitalisation, offshore wind VGF schemes, and cross-border insolvency frameworks,” says Abir Lal Dey, Partner at Saraf and Partners.

Budget 2026 Expectations Live: Critical role in shaping how cities evolve

“Budgets play a critical role in shaping how cities evolve. For developers who works closely with redevelopment communities, clarity around approval processes, sustainability-linked incentives, and disciplined financial frameworks can go a long way in easing the transition from ageing housing to safer, more livable urban homes. A Budget that reinforces transparency and long-term planning does not just support the real estate sector—it directly improves outcomes for residents who place long-term trust in the redevelopment process.” says Ankita Luharuka - CEO of Alliance City Developers.

Budget 2026 Expectations Live: Indian startups can build globally relevant businesses

“Startups in India’s sustainable FMCG and D2C sector are driving the next wave of innovation, creating products and solutions that are ready to compete on a global stage. In Budget 2026, we hope to see stronger support for startups exploring exports through smoother market access, export-friendly infrastructure, and easier availability of growth capital for international expansion. At the same time, continued focus on innovation, skills, and ecosystem development will help these brands scale responsibly, create meaningful employment, and remain competitive. With the right support, Indian startups can build globally relevant businesses while strengthening the country’s position as a source of high-quality, sustainable consumer products,” says Shashank Noronha, Founder of TABBSZ.

Budget 2026 Expectations Live:: Raghuram Rajan shares recommendations

Former Reserve Bank of India Governor Raghuram Rajan on Wednesday argued that the Union Budget should be anchored in a clear, long-term strategy aimed at strengthening the economy’s resilience and self-reliance while also sustaining high growth, warning that the global environment is currently in an “extremely dangerous” phase.

Speaking in an interview with PTI, Rajan recalled that although India once followed five-year planning frameworks, annual budgets were never effectively aligned with those broader objectives.

“I think it (Union Budget for 2026-27) should be integrated with a longer-term vision. How do we become more resilient, more independent as an economy, but also fast growing, so that everybody else wants to be friends with India, that requires a fair amount of work, and I am hopeful that Finance Minister Nirmala Sitharaman's next budget will take us there,” he said.

Finance Minister Nirmala Sitharaman is scheduled to present the Budget on February 1, with expectations that it will outline reforms to support growth at a time of heightened geopolitical uncertainty.

Rajan described the present period as exceptionally risky for both the global and domestic economy, even as he pointed to emerging opportunities created by heavy investments in artificial intelligence.

“But there is also a lot of danger from becoming too reliant on entities that can squeeze us and make us vulnerable because we do not have a natural market which is nearby, which is rich, that we can supply to other than our own,” he cautioned.

Budget Session Live: President Droupadi Murmu on women empowerment

As a result of the progressive mindset and policies of my Government, women have gone ahead rapidly in every ambitious area of the country. In this direction, a few months back, the country achieved another major milestone when the first batch of women cadets passed out from the National Defence Academy (NDA). This has further strengthened the belief that in the development and empowerment of the country, 'naari shakti' stands first,” President Droupadi Murmu said.

Budget Session Live: The importance of social justice

President Droupadi Murmu on Wednesday reiterated the Union government’s resolve to uphold social justice while addressing a joint session of both Houses of Parliament.

Her speech began amid protests from opposition members, who raised objections from their benches as she started her address.

Highlighting welfare outreach, Murmu said that close to 95 crore people across the country are now covered by social security schemes.

"My government is committed to true social justice," she said, noting that 25 crore Indians have risen out of poverty over the past decade.

Referring to the government’s third term, the President said continued efforts are underway to further strengthen and uplift the poor.

She also asserted that the administration has made headway in curbing corruption and scams, while ensuring that public resources are utilised efficiently.

Budget Session 2026 Live: Subhanshu Shukla’s space success hailed

President Droupadi Murmu on Wednesday described astronaut Shubhanshu Shukla’s visit to the International Space Station as the start of a landmark phase in India’s space journey.

Addressing a joint sitting of the Lok Sabha and Rajya Sabha, the President said that opportunities such as space tourism are no longer distant ambitions for Indians.

"Subhanshu Shukla reaching the International Space Stationn (ISS) is the beginning of a historic journey. In the coming years, India is moving towards building its own space station," Murmu said.

She also underlined the country’s focus on human spaceflight, noting, "The nation is working enthusiastically on the Gaganyaan mission," a remark that drew desk-thumping applause from Prime Minister Narendra Modi and other members in the House.

Shukla spent 18 days aboard the ISS during a mission in June-July last year, becoming the first Indian to visit the orbital laboratory. Before him, Rakesh Sharma had travelled to space in 1984 as part of a mission to the Soviet space station Salyut-7.

President Droupadi Murmu Address Live: Misuse of AI a threat

In view of dangers arising due to misuse of AI, it is imperative to be serious on this issue. Defect, misinformation, fake content are becoming significant threats to democracy, social harmony and public trust,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: 95 crore Indians have access to social security schemes

My Government is working for Dalits, the backwards, tribal community and everyone with complete sensitiveness. The vision of Sabka Saath Sabka Vikas is becoming a positive impact on the lives of every citizen. At the beginning of 2014, social security schemes reached just 25 crore citizens. With the efforts of the Govt about 95 crore Indians have access to social security schemes now,” President Droupadi Murmu said.

Budget Session 2026 Live: Self reliance in chips

My government is promoting new sectors in India. Self reliance in making microchips - a total of 10 such factories are going to commence their operations in the near future. India is taking concrete steps for Nano chips manufacturing also,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Defence exports and production

In the year 2025 India's defence production has surpassed Rs 1.5 lakh crore. Defence exports have also crossed the record of Rs 23,000 crore. After Operation Sindoor, confidence in made in India defence platforms has grown stronger.,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Success of PLI

Under the PLI scheme, investments of about 2 lakh crore rupees have been attracted. Also, for the past 11 years, electronics production has increased six fold. Today it has reached the mark of 11 lakh crore rupees.,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Self-reliance focus

Great steps are being taken towards making India self reliant. Today, products made with the vision of Make in India are reaching various global markets. There is also great enthusiasm among the citizens for Swadeshi,” President Droupadi Murmu said.

Budget Session 2026 Live: Eradication of Maoist terror

My government is ensuring a normal and dignified life for those who have joined the mainstream of the society after laying down arms. The day is not far, when the country will witness, complete eradication of Maoist terror,” President Droupadi Murmu said.

Budget Session 2026 Live: Fight against terorrism

The suspension of the Indus water treaty is also a part of India's fight against terrorism. Mission Sudarshan Chakra is in progress to further strengthen the nation's defence systems the systems. And remember, in line with the policy of my government security forces have also acted decisively against Maoist terror,” President Droupadi Murmu said.

Budget Session 2026 Live: Women-led growth

My government firmly believes that development of the country is possible only by providing equal opportunities of progress to all citizens. Therefore the nation is moving ahead today with the mantra of women led development. My government has launched special schemes dedicated to women,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Purpose of Viksit Bharat G Ram G

For employment and development in rural areas, a law named Viksit Bharat G Ram G has been enacted. This new law will ensure 125 days of guaranteed employment in villages. At the same time, it will ensure stopping corruption and leakages for which my government has been making efforts since long. This scheme will provide new momentum to rural development and create new facilities for the farmers, livestock farmers and fishermen,” President Droupadi Murmu said.

Budget Session 2026 Live: Focus on underdeveloped regions

The true success of any justice system is measured by its ability to instill a sense of security. Today, my government is transforming the potential of underdeveloped regions,” President Droupadi Murmu said.

Budget Session 2026 Live: Aim to reduce imports of agricultural products

The government's intent is also to reduce imports of agricultural products through the National missions on edible oils, oil seeds and pulses. The nation is moving towards self reliance in these sectors.

Budget Session 2026 Live: Focus on agriculture

My government’s sound policies and initiatives have led to rapid increase in agricultural production in the country. There has been a record production of food craze and horticulture crops. The government is also working for increasing the production of those crops in which our agriculture sector was lagging behind,” President Droupadi Murmu said.

Budget Session 2026 Live: First 25 years of century saw many successes

"With the year 2026, our nation has entered the second stage of this century. For India, the end of the first 25 years of this century has been filled with several successes, proud achievements and extraordinary experiences. In the last 10-11 years, India has strengthened its foundation in every sector. This year is a major base for our journey towards Viksit Bharat,” President Droupadi Murmu said.

Budget Session 2026 Live: Renewable energy push

India will definitely achieve the target of 500 gigawatts of renewable energy capacity by the end of this decade,” President Droupadi Murmu said.

Budget Session 2026 Live: Extensive road network

During the last 11 years, more than 70,200 kilometers of national highways have been built in the north eastern region. This has made it easier to reach remote, hilly, tribal and border areas,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Journey towards Viksit Bharat

The country celebrated the 350th Shaheedi Diwas of Sri Guru Tegh Bhadur Ji. During the 150th birth anniversary of Birsa Munda, the entire country paid him tribute and remembered his tribute to the tribal community. The events related to the 150th birth anniversary of Sardar Patel further strengthened the sense of Ek Bharat Shresht Bharat. The entire country became witness to how Bharat Ratna Bhupen Hazarika's birth anniversary celebrations of filled the country with music and a sense of unity. When the country remembers the contribution of its ancestors, the new generation gets inspiration which further speeds up our journey towards Viksit Bharat,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Historic decision to exempt income up to Rs 12 lakh from tax

The income tax law has also seen a historic change. Decision has been taken to exempt income up to 12 lakh rupees 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,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Success of railways, launch of Vande Bharat sleeper

India has achieved a historic milestone in the field of infrastructure by building the world's highest railway arch bridge, Chennai bridge in Jammu and Kashmir. From Jammu and Kashmir to Kerala, a network of more than 150 Vande Bharat trains has been established. Just a few days ago, a new generation of Vande Bharat trains has been launched with the Vande Bharat sleeper,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Blue economy success

Our country has also become the second largest fish producer globally. It reflects the nation's success in the blue economy. In the field of milk production as well, India is known as the most successful country in the world. This is the result of this strength of cooperative movement,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Manufacturing growth

The country's manufacturing sector has also shown record growth during this period. In a field like that of mobile manufacturing, India has now become the second largest country in the world,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Largest rice producer

The last year, India has achieved a record production of over 350 million tons of food grains. With the production of 150 million tons, India has become the largest rice producing country in the world,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Disease control

Campaigns carried out in mission mode have led to effective control over diseases such as japanese encephalitis in many areas,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Sabka Saath Sabka Vikas

My government is futuristic and honest. Sabka Saath Sabka Vikas is bringing about a meaningful change in the lives of people,” President Droupadi Murmu said.

President Droupadi Murmu Address Live: Addressing poverty

Babasaheb Ambedkar has inspired us and my government is dedicated to social justice,” President Droupadi Murmu said.

President Address Live: Droupadi Murmu begins her address to the Parliament

Budget 2026 Expectations Live: PM Narendra Modi arrives at the Parliament

Budget 2026 Expectations Live: What Congress Kiran Kumar Reddy has said

On the Budget session of Parliament, Congress MP Chamala Kiran Kumar Reddy said, "India is in a federal structure, and this time especially from the state of Telangana, we hope and expect the central government will do justice and allot the dues that were there in the past because equal disbursement was not happening for all the states across the country... We have a lot of expectations from this budget, and we hope the Finance Minister will take care of it."

Budget 2026 Expectations Live: Recommendations of the 16th Finance Commission

The upcoming Union Budget is expected to factor in the recommendations of the 16th Finance Commission, whose report has already been submitted to President Droupadi Murmu. Constituted under the Constitution, the Finance Commission lays down the framework for sharing tax revenues between the Centre and the states, while excluding cesses and surcharges imposed by the Union from the divisible pool. As a constitutional body, it periodically offers guidance on fiscal relations between the Union and the states. The 16th Finance Commission, chaired by former Niti Aayog Vice Chairman Arvind Panagariya, was constituted on December 31, 2023.

Budget 2026 Expectations Live: Changes in practises in recent years

Although several long-standing Budget practices have been discontinued since the Narendra Modi government assumed office in 2014, the halwa ceremony has been retained. Over the years, changes have included the integration of the Rail Budget with the Union Budget from 2017, advancing the presentation date to February 1, and shifting to a fully digital format in 2021. Despite these reforms, the halwa ceremony continues as an enduring pre-Budget custom.

Budget 2026 Expectations Live: Where is Budget printed?

All documents related to the Budget are printed within North Block using a dedicated government press. Prior to this, printing was carried out at Rashtrapati Bhavan, before being moved to a facility on Minto Road in 1950 following a document leak, and later relocated to North Block in 1980. Producing hundreds of copies of the extensive Budget volumes was once a complex task, requiring printing staff to remain confined within the basement press for as long as two weeks.