Presenting her ninth consecutive Union Budget in the Lok Sabha on Sunday, Finance Minister Nirmala Sitharaman laid out a reform-led economic plan anchored in three key Kartavyas as India navigates global uncertainty while maintaining domestic growth.
Watch LIVE updates of Union Budget Speech 2026
FM Nirmala Sitharaman’s Ninth Budget
Presenting the Union Budget 2026 during the ongoing budget session of Parliament, Sitharaman said the Prime Minister Narendra Modi-led government has consistently “prioritized reforms over rhetoric”. The presentation marks a record ninth budget for Sitharaman and the first to be delivered from the newly inaugurated Kartavya Bhawan.
Read also | Income Tax Budget 2026 Live Update: Will the Middle Class Get More Relief?
The finance minister outlined the broad direction of fiscal and economic policy and said the government’s approach will prioritize accelerating growth, ensuring inclusive development and maintaining the momentum of structural reforms.
Three kartavyas for managing the economy amid global uncertainty
Presenting the budget, Sitharaman identified three central kartavyas, or responsibilities, that will guide India’s economic strategy in the coming year. According to her, these obligations are aimed at a balance between growth and justice, while at the same time responding to a challenging international environment.
“Today, we face an external environment where trade and multilateralism are essential,” Finance Minister Sitharaman said in the Lok Sabha.
Read also | Union Budget 2026: Who are the top brass shaping India’s fiscal plan?
She added that the government remains committed to broad-based development and said, “We will ensure that the dividends of growth reach every farmer, scheduled caste, scheduled tribe and youth”.
The political backdrop is shaped by the Labor Code and GST reforms
The Union Budget 2026 assumes significance as it comes on the heels of major structural reforms, including the consolidation of labor law and the next phase of changes to the Goods and Services Tax. The government merged 29 labor regulations into four labor codes, which relate to wages, labor relations, social security and occupational safety.
The new labor framework seeks to extend social security benefits to unorganized, gig and platform workers, improve workplace safety and simplify compliance for employers.
Read also | Budget 2026: Shashi Tharoor awaits announcement for poll-bound Kerala
On indirect taxes, the government has outlined what it has described as “GST 2.0” to simplify the tax regime through a two-rate structure of 5 percent and 18 percent. The reforms aim to reduce compliance costs and reduce the cost of living by reducing rates on essential goods and services.
Focus on exports in the midst of global trade
This year’s budget is also closely watched for measures to boost export growth, especially after the United States imposed a 50 percent tariff on Indian goods. Economists expect targeted interventions to support exporters and strengthen India’s competitiveness in global markets.
Earlier last week, Sitharaman tabled the Economic Survey of India for the financial year 2025-26 in Parliament, which provided a macroeconomic assessment ahead of the budget.
Budget meeting schedule and parliamentary process
The Union Cabinet, chaired by Prime Minister Modi, approved the Union Budget for 2026-2027 after a meeting in Parliament on Sunday. The budget session will consist of 30 sessions spread over 65 days and is scheduled to end on April 2.
Both Houses of Parliament will adjourn for recess on February 13 and reconvene on March 9, allowing standing committees to scrutinize grant applications from various ministries and departments.
