Union Finance Minister Nirmala Sitharaman addresses a press conference after the presentation of the 'Union Budget 2026-27', in New Delhi on February 1. Photo PTI
Budget 2026-27 LIVE: Operation Sindoor: Major hike in defence spending
Allocation rises to 11 per cent of GDP as the government focuses on military modernisation
Union Finance Minister Nirmala Sitharaman on Sunday (February 1) presented her ninth straight Budget and said the Income Tax Act, 2025 will be implemented from April 1 and rules and tax returns forms will be notified shortly.
Earlier on Sunday morning, Sitharaman called on President Droupadi Murmu before presenting Budget 2026-27 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 formally approved the Budget for 2026-27.
Sitharaman continued with the tradition she set in 2019, carrying the Budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition.
Here is the top, trending news of Sunday, February 1, 2026, including Budget 2026-27, Indian politics, states' politics, geopolitics, federal issues, economics, development issues, sports, entertainment, and so on.
Read updates below.
Live Updates
- 1 Feb 2026 12:03 PM IST
Govt to create network of over 1,000 accredited clinical trial sites, says FM
Sitharaman said the government will create a network of over 1,000 accredited Indian clinical trial sites.
Major clinical trial sites in the country are currently located in big cities like Mumbai, Delhi, Bengaluru, Chennai, and Hyderabad.
She also proposed credit-linked subsidy programme to encourage livestock farmer producer organisations to promote employment opportunities.
In her Budget speech, the finance minister announced the launch of Bharat Vistar, a multilingual AI tool to integrate agri stack; and setting up of 'She Marts' as community-owned retail outlets.
- 1 Feb 2026 12:02 PM IST
Funding fiscal deficit
Govt to borrow Rs 11.7 lakh crore in FY27 from dated securities to fund its fiscal deficit.
- 1 Feb 2026 12:02 PM IST
Income Tax Act, 2025, to be implemented from April 1
Income Tax Act, 2025, to be implemented from April 1; rules and tax returns forms to be notified shortly: Sitharaman.
- 1 Feb 2026 12:01 PM IST
Net tax receipts
Net tax receipts estimated at Rs 28.7 lakh crore, Budget size at Rs 53.5 lakh crore: Sitharaman.
- 1 Feb 2026 12:01 PM IST
'Close to 25 crore people have come out of multi-dimensional poverty'
Close to 25 crore people have come out of multi-dimensional poverty: FM Sitharaman.
- 1 Feb 2026 12:00 PM IST
Fiscal deficit
Fiscal deficit pegged at 4.3 pc of GDP in FY'27, lower than 4.4 pc in FY'26: Sitharaman.
- 1 Feb 2026 11:59 AM IST
Debt-to-GDP ratio lowered
Govt proposes to lower debt-to-GDP ratio to 55.6 pc per cent in FY27, from 56.1 pc in current fiscal: Sitharaman.
- 1 Feb 2026 11:59 AM IST
Development of Buddhist circuit in North East region
Govt to launch scheme for development of Buddhist circuit in North East region to preserve temples, monastries: FM.
- 1 Feb 2026 11:58 AM IST
FM proposes 5 medical tourism hubs
FM has proposed to set up five hubs for medical tourism and a Rs 10,000-crore outlay for Biopharma Shakti programme over the next five years.
Presenting the Union Budget, she said, "I propose to launch a scheme to support states in establishing five regional medical hubs." She said these hubs will serve as integrated healthcare complexes that combine medical, educational and research facilities.
She said, "I propose the Biopharma Shakti with an outlay of Rs 10,000 crore over the next five years, this will build the ecosystem for domestic production of biologics and biosimilars." The strategy will include a biopharma-focused network with three new National Institutes of Pharmaceutical Education and Research, popularly known as NIPERS, and upgrading seven existing ones, she added.
"It will also create a network of 1,000 accredited India clinical trials sites. We propose to strengthen the central drug standard control organisation to meet global standards and approve timeframes, through an approval time frames through a dedicated scientific review cadre, and specialists," said said.
She also proposed setting up three new All India Institute of Ayurveda.
- 1 Feb 2026 11:57 AM IST
Health skilling and services
The Union Budget placed health skilling and services at the centre of India’s employment and growth strategy, with a strong push towards allied health, caregiving, medical tourism, and traditional medicine.
To expand the healthcare workforce, the government announced the upgradation of existing institutions for Allied Health Professionals and the setting up of new AHP institutions across public and private sectors. Training will cover 10 key disciplines including optometry, radiology, anesthesia, OT technology, applied psychology, and behavioural health, with a target of adding one lakh allied health professionals over the next five years.
A comprehensive care system for geriatric and allied services will be built. NSQF-aligned programmes will train multi-skilled caregivers combining core care with allied skills such as wellness, yoga, and handling medical assistive devices. In the coming year, 1.5 lakh caregivers will be trained.
To promote India as a global destination for medical value tourism, five regional medical hubs will be developed in partnership with states and the private sector. These hubs will integrate healthcare delivery, education, and research, and include Ayush centres, diagnostics, post-care, and rehabilitation facilities.
The Budget also strengthens traditional medicine with three new All India Institutes of Ayurveda, upgraded Ayush pharmacies and testing labs, and the expansion of the WHO Global Traditional Medicine Centre at Jamnagar to support evidence-based research and training.
