A Quick Glimpse of Union Budget 2026-27

 

By

Dr. Somita Chakraborty


Today, Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman tabled the Union Budget 2026-27 in the Parliament. This is the first Budget prepared in Karavya Bhawan. The budget is inspired by 3 main kartavyas,

1)      To accelerate and sustan economic growth by enhancing productivity and competitiveness, and building resilience to volatile global dynamics.

2)      To fulfil aspirations of people and build their capacity, making them strong partners in India’s path to prosperity

3)      aligned with vision of Sabka Sath, Sabka Vikas, is to ensure that every family, community, region and sector has access to resources, amenities and opportunities for meaningful participation.

A quick glimpse of the budget

1)      Scaling up manufacturing in 7 strategic and frontier sectors, they are, Biopharma, Semiconductor, electronic components, Rare Earth (by establishing Rare Earth Corridors, to support the mineral-rich States of Odisha, Kerala, Andhra Pradesh and Tamil Nadu to promote mining, processing, research and manufacturing), Chemical Parks, Strengthening Capital Goods Capability, Hi-Tech Tool Rooms, Construction and Infrastructure Equipment (CIE) etc.

2)      The Budget also provided space to enhance textile sector.

3)       Supporting micro enterprises,

4)      The Budget stressed in infrastructure development mainly regarding waterways, for example, 20 new National Waterways (NW) to be operationalized  over next 5 years, Dedicated Freight Corridors to connect Dankuni in the East, to Surat in the West, launched Coastal Cargo Promotion Scheme to incentivising a modal shift from rail and road, to increase the share of inland waterways and coastal shipping, it also decided to provide incentives to indigenize manufacturing of seaplanes,

5)      Government decided to develop Seven High-Speed Rail corridors between cities as ‘growth connectors’ to promote environmentally sustainable passenger systems. These include: Mumbai-Pune, Pune-Hyderabad, Hyderabad-Bengaluru, Hyderabad-Chennai, Chennai-Bengaluru, Delhi-Varanasi, Varanasi-Siliguri.

6)      Government to setup a “High Level Committee on Banking for Viksit Bharat”.

7)      Government to set up a High-Powered ‘Education to Employment and Enterprise’ Standing Committee to recommend measures that focus on the Services Sector as a core driver of Viksit Bharat.

8)      Five Regional Medical Hubs to be established, to promote India as a hub for medical tourism services.

9)      Indian Institute of Creative Technologies, Mumbai to be provided support in setting up, Visual Effects, Gaming and Comics (AVGC) Content Creator Labs in 15,000 secondary schools and 500 colleges.

10)   5 University Townships to be created in the vicinity of major industrial and logistic corridors through challenge route.

11)   Government to develop an integrated East Coast Industrial Corridor with a well-connected node at Durgapur, creation of 5 tourism destinations in the 5 Purvodaya States, and the provision of 4,000 e-buses.

12)  Government provided ₹1.4 lakh crore to the States for the FY 2026-27 as Finance Commission Grants as recommended by the 16th Finance Commission

13)  The Budget declared that fish catch by an Indian fishing vessel in Exclusive Economic Zone (EEZ) or on the High Seas to be made free of duty, Landing of such fish on foreign port will be treated as export of goods.

14)  The Budget also included a number benefits regarding Tax.

For detail

HIGHLIGHTS OF UNION BUDGET 2026-27, https://www.pib.gov.in/PressReleseDetail.aspx?PRID=2221455&reg=3&lang=1

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