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
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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 3:59 PM IST
Nirmala Sitharaman skips poetry, keeps focus on investments, growth
Nirmala Sitharaman's 85-minute speech, described as "historic and futuristic" by Prime Minister Narendra Modi, began with the invocation of Guru Ravidas and the "sacred occasion of Magh Purnima", but maintained a business-like approach throughout.
The Budget speech was devoid of any poetic flourishes or references to cultural icons such as Thiruvalluvar or Basavanna and focused entirely on investments, growth and the odd but not so explicit mention of election-bound states.
- 1 Feb 2026 3:54 PM IST
DMK: Sitharaman has given nothing to TN even in election year
Finance Minister Nirmala Sitharaman has once again given 'zero' to Tamil Nadu in the Union Budget, ruling DMK alleged on Sunday (February 1) and dubbed the annual financial statement as "directionless".
Reacting to the Union Budget, DMK Spokesperson Constantine Ravindran said that the expectations of Tamil Nadu which will go to polls is one thing, but when we see the Budget as a whole, there is nothing for any sector including the MSMEs. "It does not have an aim or goal and in short, it is directionless." While the Budget has caused overall concern among the people of the country, it has clearly showed that even if election is scheduled in Tamil Nadu, the Union government will not pay even a little bit of attention to the southern state, he alleged.
"Even the high speed rail link is not for operations within Tamil Nadu; one proposed connection is towards Bengaluru and another link terminates in Chennai; hence, Nirmala Sitharaman has again given zero as a gift to Tamil Nadu," he told PTI.
Even experts are not in a position to declare the objectives of the Budget and stock markets have crashed, he said.
- 1 Feb 2026 3:36 PM IST
Big push for BJP-ruled Odisha
The Union Budget 2026-27 has placed the state of Odisha firmly at the heart of India’s growth story, it appears.
The ruling BJP underscored this when Odisha BJP spokesperson Anil Biswal said, “ The Budget reflects a clear and confident vision to transform Odisha into a strategic engine of eastern India’s development.”
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.
- 1 Feb 2026 3:31 PM IST
'Seems to have missed the ball': Shashi Tharoor's cricketing analogy to slam Budget
Senior Congress leader Shashi Tharoor on Sunday (February 1) used a cricketing analogy to express his disappointment with the Union Budget, saying Finance Minister Nirmala Sitharaman "seems to have missed the ball".
In an interview with PTI, Tharoor said Sitharaman's Budget speech seemed to have "lots of subheadings but very few specifics", and was "completely short" of an overall vision.
As a Kerala MP, Tharoor said, he had nothing to be happy about in this Budget.
Tharoor asserted that the biggest unanswered question remains jobs, noting that there was little in the Budget speech to indicate how employment would be generated.
Asked whether the finance minister has "hit it out of the park" or "missed the ball completely and been stumped", Tharoor said, "I don't know if she's been stumped yet, but she certainly seems to have missed the ball. In one or two places, she may have got edges, but I'm not quite sure that we've got anything off the meat of the bat so far." Noting that it was a fairly short Budget speech, Tharoor said it seemed to have lots of subheadings but very few specifics. - 1 Feb 2026 3:18 PM IST
Why markets bled on Budget Sunday
The day began with President Droupadi Murmu offering dahi cheeni (curd and sugar) to Finance Minister Nirmala Sitharaman — a traditional good-luck ritual ahead of the Union Budget. But while the sweet start may have worked wonders for some sectors, the markets found the taste rather sour.
Making history, this year’s Budget was presented on a Sunday — the first such instance in recent memory. Since the Budget session was on, trading too was allowed for the full day.
- 1 Feb 2026 3:15 PM IST
No benefit for Karnataka from Budget 2026: DK Shivakumar
Karnataka Deputy Chief Minister D K Shivakumar on Sunday (February 1) said that there was no benefit for the state from the Union Budget presented by Finance Minister Nirmala Sitharaman in the Parliament.
He, however, said that he is yet to go through the budget in detail.
"There is no benefit for our state from the central budget. I was observing it. They have named a programme after Mahatma Gandhi now (after repealing the MGNREGA act that was named after Gandhi) ," Shivakumar said.
Stating that there were expectations for Bengaluru from the central budget, Shivakumar, who is also the Minister in-charge of the city's development, said that Prime Minister Narendra Modi had called it a "global city", "but what has the central government done for it." He further pointed out at the troubles that sugar factories, especially those from the cooperative sector, face, due to alleged lack of decisions or measures by the central government to help them. - 1 Feb 2026 3:10 PM IST
Repackaged Budget sops for Bengal irk state players: 'Old wine in new bottle'
For poll-bound West Bengal, the Union Budget 2026 came as a big disappointment, with two of the three schemes announced for the state on Sunday (February 1) being merely repackaged. Both the state's ruling Trinamool Congress (TMC) and the Congress, one of the Opposition parties, criticised the financial document.
In her presentation, Union Finance Minister Nirmala Sitharaman proposed a dedicated 1,850-kilometre (km)-long freight corridor connecting Dankuni in southern Bengal with Surat in Gujarat to support logistics and freight movement.
Incidentally, former railway minister Suresh Prabhu had proposed in the 2016–17 Railway Budget a roughly 2,000-km rail corridor from Dankuni to Palghar in Maharashtra in a bid to link major industrial centres across Bengal, Jharkhand, Odisha, Chhattisgarh, Maharashtra, Gujarat and Madhya Pradesh.
In effect, Sitharaman’s new announcement merely extends the already proposed corridor by about 150 km north of Palghar, with no change whatsoever in the Bengal segment.
- 1 Feb 2026 3:05 PM IST
Budget 2026 | The same old grouse: Kerala feels Left out
The Union Budget 2026–27 has projected high-speed rail as a cornerstone of India’s next phase of infrastructure-led growth, announcing seven corridors that the Centre says will function as “growth connectors” between major economic regions.
Yet Kerala finds no mention in this national blueprint, a silence that has renewed questions about the state’s place in India’s transport future and sharpened an already fraught relationship between the Left Democratic Front (LDF) government and the Union government.
The Budget silence on Kerala’s rail connectivity comes against the backdrop of the state government’s proposal for a Regional Rapid Transit System (RRTS), a semi-high-speed rail network designed for Kerala’s specific conditions—short distances between cities, high population density and limited land availability.
- 1 Feb 2026 2:12 PM IST
Rahul on Budget: 'I will speak tomorrow in Parliament'
Leader of Oppositon in Lok Sabha and Congress leader Rahul Gandhi, when asked about Union Budget, said, "I will speak tomorrow, using the platform provided by Parliament."
- 1 Feb 2026 2:06 PM IST
Kerala sees limited gains in Union Budget,; leaders express dissatisfaction
Expectations had been running high across Kerala's political spectrum -- from the ruling LDF to the Opposition Congress-led UDF and even leaders within the state BJP, on at least two major Union Budget announcements for the state-- a high-speed rail corridor and the sanctioning of an AIIMS.
Neither materialised on Sunday, when Union Finance Minister Nirmala Sitharaman presented the budget for 2026-27.
Kerala found little else to cheer in the Budget presented by Sitharaman, with several long-anticipated projects missing from Centre's plans. The state was not included in the proposed high-speed rail corridors, while neighbouring Tamil Nadu, Karnataka and Telangana featured in the network expansion.
Expectations were driven by the upcoming Assembly elections, with the BJP seeking to make inroads in a state largely dominated by the CPI(M)-led LDF and the Congress-led UDF.
However, the Budget did include Kerala in a broader industrial initiative.
A scheme for Rare Earth Permanent Magnets, launched in November 2025, proposes support for mineral-rich states including Odisha, Kerala, Andhra Pradesh and Tamil Nadu. The plan envisions dedicated Rare Earth Corridors to boost mining, processing, research and manufacturing in the sector.
In the environmental sector, the Centre announced the establishment of "Turtle Trails" along key nesting sites in coastal regions of Odisha, Karnataka and Kerala, aimed at conservation and eco-tourism.
There was also attention on Thiruvananthapuram Corporation, where the BJP recently came to power, ending over four decades of Left rule. While the Budget was expected to carry a notable urban-focused announcement linked to the civic body, no major project specifically targeting the corporation was outlined.
While the state BJP leaders said they would react after studying the budget, the ruling Left and the Opposition UDF expressed dissatisfaction for not announcing major projects for the state.
Industries Minister P Rajeev said that following recent discussions on the high-speed railway line, there was an impression that Kerala would get the fast mobility project in the Budget.
"In spite of Kerala being the first to submit a proposal to the Centre, it was not considered," he said.
Rajeev said that when the state had earlier decided to implement a similar project, permission was denied by the Centre.
"Now the Centre has announced the project, and not including Kerala amounts to discrimination," he said.
On AIIMS, he said the Centre had directed the state to suggest three locations, following which it was asked to shortlist one.
"Even though land under the Industries Department, which was in high demand, was handed over to the Health Department at Kinalur for AIIMS, it was not sanctioned. The NDA government has announced several AIIMS before, but Kerala has not been allotted one," he said.
Rajeev also referred to the Rare Earth corridor announced by the state, and expressed concern over proposed amendments that would allow the Centre to acquire Rare Earth resources bypassing the state.
"It is not clear whether the announcement is aimed at taking Rare Earth resources to other places. This needs to be examined, as Rare Earth resources currently lie with the states," he said.
From the first impression, the state appeared to have been "neglected" in the Budget, he added.
CPI(M) MP John Brittas told reporters in New Delhi that, considering the upcoming Assembly elections, there was an expectation that Kerala would at least receive some allocation.
He said the Kerala Finance Minister K Balagopal had raised 29 key demands after meeting Sitharaman ahead of the Budget.
"However, it is unfortunate that nothing was granted to Kerala, either at the micro or macro level," Brittas said.
He alleged that the BJP government had tried to mislead the people of Kerala by propagating the high-speed rail project using 'Metroman' E Sreedharan.
"The state government had doubts about it, as the announcement was made by Sreedharan, whereas such a project should be announced by the Union Railway Minister," he said.
RSP and UDF MP N K Premachandran said the Budget failed to address key issues related to unemployment and investment in the country.
"Seven high-speed rail corridors were announced, but Kerala was left out. Sreedharan had announced that Kerala would get the project, but it was not included in the Budget," he said.
He said the failure to allot an AIIMS to Kerala showed neglect towards the state.
Premachandran said the announcement of a National Corridor for Rare Earth Minerals was a welcome move and was expected to help Kerala’s economy.
He also said the coconut and cashew agriculture assistance schemes announced in the Budget would help farmers, adding that he would comment further after examining the details. PTI
