Budget 2026 highlights: Defence Minister Rajnath Singh chairs all-party meeting, opposition targets government

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Ahead of the release of the Economic Survey and the presentation of the Union Budget, the Congress on Tuesday questioned the numbers the government has been presenting and claimed that "inequality is on the rise" with welfare in "retreat".

The opposition party's Research Department released a report on the state of the economy a day before the budget session of Parliament and said it was important to lay bare "facts" before the people as the government would roll out its "propaganda" through the President's address to both Houses, the Economic Survey and the Union Budget.

All India Congress Committee (AICC) Research Department chairman Rajeev Gowda, along with party colleague Amitabh Dubey, released the party's flagship annual report, "Inequality on the rise, Welfare in Retreat -' Real State of the Economy 2026".

SP MP Ram Gopal Yadav has no hopes from the budget.

"No one is going to get anything from this budget," he told ANI

While the economic survey is usually out one day before the budget, it will be out earlier this year because the presentation falls on Sunday. The economic survey will be made public on Thursday, January 29.

AAP MP Sanjay Singh said on Tuesday that the government has “failed” on foreign policy, adding that he raised the issue at the all-party meet ahead of the budget session.

"I raised the point that the government has completely failed on foreign policy, whether it is the atrocities committed against the Hindus in Bangladesh or the case of the US continuously humiliating the Prime Minister. The silence on all of these issues is causing concern in the country... I also raised the issue of Shankracharya, how he was insulted in Prayagraj... I raised the issue of SIR also, and how many votes were deleted in the name of SIR," he told ANI.

Opposition wants more discussion on SIR in the upcoming Budget session.

In the winter session, a debate on SIR in the guise of electoral reforms had taken place. But Opposition leaders maintained that they need further debate on the process and transparency

IUML MP ET Mohammed Basheer targeted the government after the all-party meeting ahead of the Budget session.

"Parliament has become a mockery, I have raised several issues, including SIR, that must be discussed during the Budget session," he was quoted by PTI as saying.

Budget 2026 Live: Congress Parliamentary Party will hold a meeting at the residence of the party chairperson Sonia Gandhi today.

The party members are expected to discuss the strategy for the upcoming budget session, as per an ANI report.

Budget 2026 Live: A day before the Union Budget session, Congress MP Pramod Tiwari on Tuesday accused the central government of having ‘completely eliminated constitutionally guaranteed’ rights and ‘weakened constitutional institutions’.

After attending the all-party meeting chaired by Defence Minister Rajnath Singh today, Tiwari affirmed that the opposition will raise these concerns ‘with full force’ over the Budget session.

“The budget is an extremely important document, as it determines the direction and condition of the country. The biggest problem today is that things that were previously hidden are now completely out in the open. This government is completely eliminating constitutionally guaranteed rights. It is weakening constitutional institutions, and people of a particular ideology are being appointed to these positions. This is a serious threat to democracy,” news agency ANI reported quoting Tiwari as saying.

The Union finance ministry has traditionally hosted a halwa ceremony about 10 days before the Union Budget is presented in Parliament.

The ceremony marks the commencement of printing the document.

The ceremony initiates the “lock in” of the proposed budget, preventing it from leaking into the market until it is tabled. To maintain secrecy over the documents, the North Block offices are transformed into a fortress.

Here's a look at the key budget expectations:

1. With the new and simplified Income Tax Act, 2025, coming into effect from 1 April 2026, the industry expects the budget to outline transition provisions, rules and FAQ for better understanding.
2. A hike in standard deduction to encourage individuals to shift to new income tax regime from the old regime.
3. Rationalisation of TDS categories into fewer rates, slabs.
4. Overhaul of customs duty into fewer tax slabs and amnesty scheme to unlock ₹1.53 lakh crore stuck in disputes, and procedural simplification to boost ease of doing business.
5. Focus on reducing India's Debt-to-GDP ratio from FY27.
6. Higher defence budget in view of rising geopolitical tensions.
7. Outlay for Viksit Bharat—Guarantee for Rozgar & Ajeevika Mission (Gramin) (VB-G RAM G) scheme under which cost will be shared between the Centre and States in 60:40 ratio.
8. Provision for 8th Pay Commission, which came into effect on 1 January 2026.
9. Tax devolution to states, in line with the recommendations of the 16th Finance Commission.
10. Incentives for MSMEs and tariff-sensitive sectors, like gems & jewellery, apparel and leather.
11. Funding for exploration and processing of critical minerals such as lithium, cobalt and rare earth magnets.

Budget 2026 Live: Union Minister of Defence Rajnath Singh will chair an all-party meeting on Tuesday ahead of the 2026 budget session, which is set to kickstart tomorrow.

The Defence Minister and Union Parliamentary Affairs Minister Kiren Rijiju have arrived at the Parliament complex, reported news agency ANI.

The meeting, which is scheduled to be held in the main Committee Room of Parliament, will set the agenda for the Budget session.

Budget 2026 Live: Calling the ruling Bharatiya Janata Party government ‘weaker than the Rupee’, Congress leader Vijay Wadettiwar on Tuesday took a fresh jibe at the central government as he criticized the falling value of the national currency.

“The rupee has become very weak. The government seems weaker than that…The public understands the condition of the country and the government,” news agency PTI reported quoting Wadettiwar as he noted that the falling Rupee indicates low foreign investment ahead of the Union Budget 2026.

Budget 2026 Live: Congress leader K Suresh on Tuesday said that the opposition will raise several public-related issues during the upcoming Budget Session of Parliament, which is set to begin on January 28.

The government convened an all-party meeting at 11 am today, news agency ANI reported quoting Suresh as saying.

“As Opposition parties, we are raising our voices as there are several pro-people issues in the country. We are demanding a discussion on important and burning issues,” he underlined.

Budget 2026 Live: SBI on Tuesday said that the capital expenditure by the central government is expected to cross ₹12 lakh crore in financial year 2026-27 (FY27).

The rise in expenditure would register a year-on-year growth of around 10 per cent, news agency PTI reported citing the SBI report.

SBI also pointed out a possibility of a steady rise in government-led capital spending over the years, highlighting the continued focus on infrastructure creation and economic growth.

“Government capex may cross ₹12 lakh crore in FY27...a YoY growth of approx. 10 per cent,” the report said.