Budget 2026 Live Updates: 10 key things individual taxpayers should know

Union Finance Minister Nirmala Sitharaman presented the Union Budget 2026–27 in the Lok Sabha on Sunday, marking her record ninth consecutive Budget presentation. The Budget aims to boost capital expenditure, strengthen domestic manufacturing, promote technology and infrastructure development, and maintain fiscal discipline. The government has raised the capital expenditure target to Rs 12.2 lakh crore for FY27, up from Rs 11.2 lakh crore, while the fiscal deficit is projected to narrow slightly to 4.3 per cent of GDP. Net tax receipts are estimated at Rs 28.7 lakh crore, and the total size of the Budget is pegged at Rs 53.5 lakh crore.Key initiatives include the launch of ISM 2.0 to strengthen semiconductor manufacturing and supply chains, an increase in the Electronics Components Manufacturing Scheme outlay to Rs 40,000 crore, and support for rare earth corridors in Odisha, Kerala, Andhra Pradesh, and Tamil Nadu. The government also announced the establishment of chemical parks in states through a cluster-based plug-and-play model and plans for seven environmentally sustainable passenger rail corridors, along with a dedicated east–west freight corridor.The new Income Tax Act, 2025, will come into effect from April 1, with rules and return forms to be notified soon. On Budget day, gold and silver prices saw sharp corrections amid volatile commodity markets. Overall, the Budget seeks to enhance economic resilience, reduce import dependence, and promote long-term growth.