Sanatan Prabhat > Post Type > News > National News > Union Finance Minister Nirmala Sitharaman presents the Budget for 2026-27

Union Finance Minister Nirmala Sitharaman presents the Budget for 2026-27

  • A budget that strives to achieve people-centric development

  • No change in the tax structure

  • 7 new high-speed rail lines

  • 3 Ayurvedic ‘AIIMS’

  • Custom duty on 17 cancer drugs waived

New Delhi – Union Finance Minister Nirmala Sitharaman presented the Union Budget for 2026-27 in the Lok Sabha. She made major announcements about health, agriculture, tourism, infrastructure and other sectors. Through this budget, the Government has expressed its intention to strive for people-centric development. The new Income Tax Act will come into effect from April 1st. The deadline for filing income tax returns is August 31st. Filing income tax will be made easier. Also, the amount received on accident insurance will no longer be taxed. Sitharaman announced that 7 new high-speed railway lines and 3 Ayurvedic ‘AIIMS’ will be built. This will greatly benefit the Ayurvedic education, research and healthcare sector. Notably, customs duty has been waived on 17 cancer drugs.

No punishment for undeclared wealth, only fines

If a taxpayer misrepresents or conceals his income, he will be fined up to 100% of the tax amount. There will no longer be a penalty for undeclared assets, but a direct fine of 30% will be imposed. Lower taxes paid shall incur a fine.

The reduction in customs duty and other concessions in this budget are likely to bring down the prices of certain goods and services. This will bring great relief to the common citizens and the related industries.

3 main duties of the budget

  • Speed: To increase the pace of economic growth by increasing productivity.
  • Capacity: To enhance the capacity of the people so that they become partners in the progress of the country.
  • Support for all: Every family and area should have adequate sources of income and opportunities.

Major announcements in the budget

1. Provision of Rs 2,000 crore for ‘Self-reliant India’ (Aatmanirbhar Bharat)

2. Import duty exemption for 17 cancer drugs and 7 rare diseases drugs

3. Announcement of 20 new waterways in the country. The waterway network will be expanded to 12% by 2047. Ship building centres will be set up in Varanasi and Patna.

4. 7 new high speed rail lines are Mumbai to Pune, Pune to Hyderabad, Hyderabad to Chennai, Hyderabad to Bengaluru, Chennai to Bengaluru, Delhi to Varanasi and Varanasi to Siliguri.

5. Provision of Rs 5,000 crore for the development of Tier-2, Tier-3 cities. Rs 12,20,000 crore will be used for city development.

6. 3 new ‘Ayurvedic AIIMS’ to be established for Ayurveda studies

7. Will make India a ‘medical tourism’ centre. Will establish ‘medical hubs’ at 5 places across the country. Will modernize the World Health Organization (WHO) centre in Jamnagar, Gujarat. Will provide financial assistance for veterinary colleges and hospitals. Will provide Rs 10,000 crore for biopharma power, will establish 3 large ‘chemical parks’

8. Will promote textile, handloom and handicraft industries, will set up ‘Mega Textile’.

9. A hostel for girls will be built in every District, and ‘Content Creator Hub’ will be created in 15,000 schools.

10. 500 integrated fisheries centres will be established, increasing women’s participation in fisheries.

11. ‘Khelo India Mission’ announced, sports training centres will be set up, competitions will be organized

12. Exemption from basic customs duty on spare parts required for training and other aircraft manufacturing

13. India to launch Semiconductor Mission ‘ISM 2.0’

14. Rs 40,000 crore to manufacture spare parts for mobile phones and other electronics

Rs 7.84 lakh crore for the defence forces

A massive amount of funds has been provided for the modernization of the Indian Army. The Ministry of Defence has pending proposals for important projects such as the purchase of Rafale fighter jets, submarines and unmanned aerial vehicles. The defence budget has been increased by 8%. The Ministry of Defence has been allotted Rs 7 lakh 84 thousand crore. Rs 21 lakh crore will be provided for the modernization of the defence forces.

Incentive scheme to increase coconut production

A Coconut Promotion Scheme will be introduced to increase competition in coconut production, increase production through various methods and improve productivity. This includes planting new varieties to replace damaged trees in major coconut producing States. A special programme for Indian Cashew and Cocoa is proposed to make India self-reliant in the production and processing of raw cashews and coconuts by 2030, enhance export competitiveness and transform Indian cashews and Indian cocoa into premium global brands.

No change in tax structure

There has been no change in the tax structure. Therefore, the tax system will remain ‘as is’. Find out what the tax system is like,

Annual Income (in lakhs) Tax (%)
0-4 0
4-8 5
8-12 10
12-16 15
16-20 20
20-24 30

(A person with an annual income of up to Rs 12 lakh will not have to pay income tax. This is because the Government will give a rebate of the same amount as the tax levied on these taxpayers. However, those with an annual income of more than Rs 12 lakh will have to pay taxes)

Cheaper

* Bidi
* Shoes
* Export of clothing
* CNG
* Foreign travel
* Leather export
* Biogas
* Oven (‘oven’ or related item)
* Battery
* Medicines for 7 serious diseases
* Diabetes medications
* Exports for fishermen
* Studying abroad

Costlier

* Alcohol
* Cigarette
* Minerals
* Scrap

A budget that takes a strong step towards a developed India : Devendra Fadnavis, Chief Minister, Maharashtra

Mumbai – This budget is a strong step towards a developed India. By planning urbanization, encouraging industry and entrepreneurship, strong measures have been taken in this budget for investment and employment generation. An investment of Rs 12 lakh crore has been made in the infrastructure sector, substantial provisions have been made for agriculture, animal husbandry, fisheries and irrigation. A plan for hostels for girls pursuing higher education has been approved in every District. The decision to set up Trauma Centres in the District hospital will be valuable in the health sector. This budget shows the goal of employment generation in the industrial sector. It will give a boost to investment.

The Government will invest Rs 12 lakh crore in infrastructure. This budget is important for substantial plans, investment and growth in agriculture, animal husbandry, fisheries and irrigation. The ‘Lakhpati Didi’ scheme, the plan to create ‘Marketplace’, the creation of ‘Women Lead’ system (a system where women can lead) will increase the participation of women. Maharashtra will benefit from the declaration of some ‘corridors’ (well-equipped roads). Various allocations like Rs 378 crore for rural road projects, Rs 270 crore for lift irrigation, etc. are mentioned in these. This will definitely benefit the State.

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