Union Budget 2026-27: A Vision for 'Viksit Bharat'
On February 1, 2026, Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2026-27. This budget is special because it is the first one prepared in the new Kartavya Bhawan. It focuses heavily on "Yuva Shakti" (the power of youth) and the government’s commitment to supporting the poor and underprivileged.
The Three Core Duties (Kartavyas)
The government has outlined three main duties that will guide India's growth path:
- Economic Growth: Making our economy stronger and more competitive globally.
- Aspirations: Helping people fulfill their dreams and building their capacity to work and earn.
- Inclusive Development: Ensuring that every family and region has access to resources and opportunities.
Major Changes in Income Tax
If you pay taxes, there is big news! A brand-new Income Tax Act, 2025 will start from April 2026. The goal is to make the rules much simpler so that ordinary citizens can file their taxes without stress.
Key Tax Highlights:
- Travel and Education: The tax collected at source (TCS) for overseas tour packages and for those sending money abroad for education or medical treatment has been slashed from 5% (and sometimes 20%) down to just 2%.
- Small Taxpayers: New automated rules will make it easier for small taxpayers to get certificates for lower tax deductions without having to visit a tax office.
- Time Extension: You will now have more time to revise your tax returns—up until March 31st—if you pay a small fee.
Boosting Infrastructure and Travel
The government is spending more than ever to build India. The "Public Capex" (the money spent on building roads, bridges, and ports) has been increased to ₹12.2 lakh crore.
Additionally, 20 new National Waterways will be opened over the next five years to help move goods through rivers more efficiently.
Healthcare and Education Focus
The budget brings great news for students and patients:
- Hostels for Girls: To help more girls study in science and technology (STEM), the government will build one girls' hostel in every single district.
- Rare Diseases: Seven more rare diseases will now be exempt from import duties on medicines, making treatment more affordable.
- Medical Tourism: Five new Regional Medical Hubs will be set up to make India a world-class destination for healthcare services.
Empowering Farmers and Small Businesses
For our farmers, a new AI tool called Bharat-VISTAAR will be launched. This tool will provide customized advice in multiple languages to help farmers increase their crop yields.
Small businesses (MSMEs) haven't been forgotten either. A ₹10,000 crore SME Growth Fund is being created to help small enterprises grow into future industry leaders.
The Budget at a Glance (Key Numbers)
| Category | Estimated Amount (₹ Crore) |
|---|---|
| Total Receipts (Income) | 53,47,315 |
| Total Expenditure (Spending) | 53,47,315 |
| Fiscal Deficit (Borrowing) | 16,95,768 (4.3% of GDP) |
| Public Capex (Infrastructure) | 12,21,821 |
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