Union Budget 2026 Live highlights: CM Rekha Gupta hopes budget to give fresh momentum to Delhi's development

Union Budget 2026 expectations LIVE: Updates to this blog has ended.

Union Budget 2026 expectations LIVE: In her ninth straight budget, Finance Minister Nirmala Sitharaman is expected to unveil measures to sustain growth momentum, maintain fiscal discipline, and contain reforms that could buffer the economy from global trade frictions, including US tariffs.

Sitharaman's sweeping income tax and GST cuts, together with spending on infrastructure and the RBI's interest rate reductions, have so far helped the Indian economy withstand the punitive 50 per cent tariff US President Donald Trump has imposed on Indian goods. But now, she has to come up with measures to sustain the momentum, PTI reported.

Union Budget 2026 expectations LIVE: Congress MP Shashi Tharoor on Saturday said he hoped the Centre would fulfill its promises to Kerala, including the establishment of an AIIMS, in the union budget.

Tharoor said that while the loss of even an inch of land to a foreign country such as China triggers discussions on "war" and "threats to national security", the large-scale erosion of coastal areas-referred to as parts of "Bharat Mata"-caused by the sea does not receive similar attention. He said he had been raising the issue of coastal erosion in Parliament and with the prime minister for several years.

The ruling JMM and Congress on Saturday demanded a tourism package and expansion of the railway network in Jharkhand in the Union Budget, which will be presented in Parliament on Sunday.

Jharkhand Mukti Morcha (JMM) general secretary and central spokesperson Supriyo Bhattacharya said, "As the Centre has focused on and promoted tourism in Goa and the northeastern states, we expect a similar special package for us."

He said the state's railway connectivity with western states such as Gujarat, Maharashtra and Rajasthan is very weak, as is with the southern states.

Rajya Sabha MP and JMM leader Mahua Maji told news agency PTI, "There are a lot of expectations from the budget, especially for a state like Jharkhand, which has so much mineral wealth yet the people are poor. The central government should play an important role in improving the condition."

Maji added, “We also expect the Centre to make a separate provision in the budget to release the state's pending ₹1.36 lakh crore.”

In Jharkhand's Jharia, underground fire has been causing a huge loss to the exchequer and posing a threat to human lives, she said. "To stop this, there should be a provision of a separate fund in the Union Budget," Maji added.

Former Jharkhand Congress president Rajesh Thakur said, "Coal royalty is pending with the Centre. When the budget is presented tomorrow, it remains to be seen what mechanism they decide on for its payment."

Ahead of the Union Budget 2026, Karnataka law minister HK Patil emphasised the need for it to strengthen India's federal structure and promote cooperation between the Centre and states.

Congress leader Patil also sought to know how the budget would address what he termed “injustices” done to South India, particularly Karnataka, regarding the allocation of funds. He pointed out that Karnataka contributes significantly to the Government of India's kitty but receives less than 15% of the funds.

While speaking to ANI, Patil said, “We have heard a lot of things in the six months about the injustice being done to South India, particularly Karnataka. The money that was assured has not been given; the proper allocation has not been made… How is this going to be answered by Nirmala Sitharaman?”

Leader of the Opposition in the Rajasthan assembly, Tika Ram Jully of the Congress on Saturday expressed scepticism over the upcoming Union Budget 2026, stating that the government's promises fail often.

Speaking to ANI, Jully emphasised the need for the central government to grant Rajasthan special state status, citing the state's unique geographical conditions that pose significant challenges to implementing development schemes. He also highlighted concerns, including the disparity in diesel and petrol prices across states.

“We always have expectations from their budget, but nothing ever happens. Diesel and petrol prices are different in every state, whereas they should be the same everywhere. They are just making empty promises,” he said.

Meanwhile, Uttarakhand CM Pushkar Singh Dhami of the BJP on Saturday expressed high expectations from the Union Budget to be presented on February 1, saying the state usually receives more than expected.

Uttarakhand Chief Minister Pushkar Singh Dhami on Saturday said he has strong expectations from the Union Budget to be presented on February 1, adding that the state typically receives more than anticipated.

“Our Prime Minister launched the PRAGATI portal in 2014 under the Digital India campaign, through which all projects across the country are reviewed. 42 projects, worth ₹3.5 lakh crore from our state, are also being reviewed through this portal. We have already received so much... We have high expectations from this budget, and we usually receive more than we expect. This time too, we expect to receive more than expected,” he said.

(ANI)

Commenting on the Union Budget 2026, Uttar Pradesh Deputy Chief Minister Brajesh Pathak said Prime Minister Narendra Modi has steadily increased budgetary allocations to achieve the goal of a Viksit Bharat, adding that the forthcoming Budget will play a pivotal role in turning this vision into reality.

“Prime Minister Modi has consistently worked towards increasing the budget to fulfill the resolve of Viksit Bharat. The upcoming budget is a cornerstone in fulfilling this,” he said.

With Finance Minister Nirmala Sitharaman set to present the Union Budget on Sunday, locksmiths and traders from Aligarh have urged the Centre to introduce a faceless GST system and reduce GST rates to benefit local workers and small businesses.

Chandrashekhar Sharma, chairman of the Aligarh Talanagri Audyogik Association, said officials should stop making personal visits to businesses, calling for the promised faceless GST mechanism to be implemented to curb harassment and corruption.

“I would like to tell the government that when GST was introduced, it was promised that there would be a faceless system. Officials should not personally visit or harass people. A faceless system means there should be online investigation, online communication, online notices, online responses and online decisions. Everything should be completed digitally. In the upcoming Budget, we want the government to establish a faceless system in GST so that corruption can be avoided,” he said.

(ANI)

Commenting on the Union Budget 2026, Jaipur Jewellers Association member Manish Khunteta said traders are expecting relief in taxes, including income tax.

“Traders are hoping for relief in taxes and income tax... If the government provides relief in customs duty amidst the rising prices of gold and silver, it will benefit the common man and boost sales, which will further benefit the sellers,” he said.

(ANI)

Commenting on the Union Budget 2026, Karnataka Minister HK Patil said the key test of the Budget would be whether it strengthens India’s federal structure and demonstrates genuine cooperative federalism.

“We have heard a lot of things in the six months about the injustice being done to South India, particularly Karnataka. The money that was assured has not been given; the proper allocation has not been made... How can Karnataka get less than 15% out of what we contribute to the Government of India's kitty? How is this going to be answered by Nirmala Sitharaman? Ultimately, they will have to instil confidence in the federal bodies that they are taking care of all aspects... This is something that the Government of India should take very seriously,” he said.

"This VB-G RAM G (Viksit Bharat - Guarantee for Rozgar and Ajeevika Mission - Gramin) law should be disbanded. MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) should be re-established to help rural areas flourish in the future," he added.

(ANI)

Calling for greater financial support in the upcoming Union Budget, Himachal Pradesh minister Harshwardhan Chauhan said the Centre should make a special allocation of funds for hilly regions, citing their unique geographical challenges and higher costs of infrastructure development and public service delivery.

“Special allocation of funds for hilly areas should be given in Union Budget,” he said.

(PTI)

Ahead of the Union Budget, NIIT Vice Chairman and Managing Director Vijay K Thadani has urged the government to remove the 18 per cent GST on AI skilling courses and increase research funding for private institutions, stressing that making AI education more affordable and broadening access to innovation grants are essential for strengthening India’s global talent pool.

"If AI enablement, which includes making people fluent in AI, is a very important initiative that we have to take, we have to make that available to people at the lowest cost... At the end of the day, there is an 18 per cent GST which is waiting there. Government can simply say, get rid of that. Just allow it to reach," he said.
(PTI)

As finance minister Nirmala Sitharaman presents the Union Budget 2026 on February 1, the day being a Sunday led to questions about whether the stock markets would remain closed on the day.

The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have announced that equity markets will remain open for trading on Sunday, February 1.

The Union Budget for 2026 will be presented at 11 am on Sunday, 1 February.

"On account of the presentation of the Union Budget, members are requested to note that Exchange shall be conducting a live trading session on February 01, 2026, as per the standard market timings (9:15 am–3:30 pm)," NSE said in a circular.

The pre-open market will start at 9 am and end at 9.08 am, and the normal market will function between 9.15 am and 3.30 pm, according to a circular issued by NSE.

Gold and silver prices are in focus over a significant price surge over the past few days. On Saturday, prices eased slightly after touching record highs earlier in the week. In Delhi, the price of gold on January 31 stood at ₹16,934 per gram for 24 karat gold.

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Union minister Shivraj Singh Chouhan on Saturday asserted that the Union Budget 2026-27 would accelerate the pace towards a developed India under the leadership of Prime Minister Narendra Modi.

The agriculture minister was speaking to the reporters in Chhattisgarh's Raipur, from where he was set to visit Durg and hold dialogue with the local farmers.

"A prosperous, self-reliant and developed India is being made under the guidance of PM Modi. This budget will increase its speed," Chouhan said.

Chouhan accused the Congress of opposing development measures, while speaking on the ongoing VB G RAM Act issue, stating that the government had increased employment days from 100 to 125.

"The Congress's work is to oppose... Every penny will be used for the development of villages," said Chouhan.

Congress MP Jairam Ramesh on Saturday raised concerns over the upcoming Union Budget, questioning whether key figures expressed as a percentage of GDP would require revision after a new GDP series is released later in February.

He flagged possible impacts of changes in inflation measurement on the budget, citing the expected rollout of a new Consumer Price Index series and calling it an issue of policy coordination.

In a post on X, the Congress MP wrote, “First, many of the Budget's numbers will be expressed as a % of GDP. However, just twenty-six days later on Feb 27, 2026 the new and updated GDP series with 2022/23 as the base is scheduled to be released. Would the Budget numbers then undergo revisions very soon after they are unveiled on Feb 1, 2026?”

He added, “Second, the new Consumer Price Index (CPI) series with 2024 as base is expected to be released on Feb 12, 2026. It is being anticipated that the new series will see a sharp reduction in the share of food prices. If this were to be the case, there will be an impact on the Budget numbers. The Wholesale Price Index too is undergoing revision and presumably that will be made public in the next few months. Either way, it reflects poorly on coordination in policy making.”

As finance minister Nirmala Sitharaman gets set present a record ninth consecutive Union Budget on February 1 (Sunday), the Economic Survey released ahead of it estimated India's potential growth at around 7 per cent.

It also projected that India's GDP growth in FY27 is likely to remain in the range of 6.8 per cent to 7.2 per cent, reflecting the economy's medium-term strength supported by reforms and macroeconomic stability.

The survey noted that while global economic conditions remain uncertain and fragile, India's overall outlook continues to be positive. It highlighted that India's growth is holding up better than expected compared to many other economies, although risks remain elevated due to global uncertainties, news agency ANI reported.

Speaking on expectations from Union Budget 2026, Osmania University Professor M Ramulu spoke of the need for a more targeted approach to welfare schemes.

"In the name of welfare schemes, benefits are often reaching those who are already economically stable. We are not properly identifying the truly needy people," Ramulu said.

“While 70-80% of the population may be receiving benefits, when poverty is taken into consideration, less than 20% of the poor are actually benefiting,” he claimed, speaking to ANI.

“My request is to correctly identify needy individuals and exclude others. Welfare is important, but welfare should not be limited to free rice alone; education and healthcare are being neglected. Identifying the needy will reduce unnecessary expenditure. This saved expenditure can be converted into productive investments, benefiting people more effectively,” he further said.

As the Union Budget 2026 approaches, economists are weighing in on the government's priorities and potential announcements.

“The present Indian economy plays a vital role, and for sustainable growth, we can look forward with optimism. The government of India is prioritising areas such as job creation, agricultural development, inclusive manufacturing, digital transformation, rural-urban integration, and the green economy,” Osmania University Professor Satish Raikindi said, speaking to news agency ANI.

“By focusing on these priority sectors, India can achieve sustainable growth nationwide. Every common man is looking forward to relief in tax slabs, affordable housing, healthcare, employment and education,” he added.

Osmania University Professor M Ramulu emphasised the need for investments to percolate to small sectors such as startups, small-scale industries, and area-based industries.

Prof Ramulu said, “Most capital is flowing into capital-intensive industries where growth rates and profits are high, particularly in industrial and manufacturing sectors. These investments should also percolate to small sectors such as startups, small-scale industries, and area-based industries.”

He added, “Currently, most investments are concentrated in capital and metropolitan cities, which creates environmental issues, pollution, and excessive population concentration. I expect that in this budget, investments should be distributed across all states, especially toward agro-based industries, small startup manufacturing units, and decentralised industries, rather than focusing only on large industries.”