Nirmala Sitharaman arrives at Parliament for Union Budget presentation
What's the story
Union Finance Minister Nirmala Sitharaman has arrived at the Kartavya Bhawan, ahead of her record ninth consecutive budget presentation. The event is scheduled to take place in the Lok Sabha during the ongoing Budget session of Parliament. Sitharaman will unveil a statement detailing India's estimated receipts and expenditure for the fiscal year 2026-27 at 11:00am on Sunday.
Budget details
FM to also present Macro-economic Framework Statement
Along with the budget, Sitharaman will also present two statements under Section 3(1) of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003. These are the Medium-term Fiscal Policy-cum-Fiscal Policy Strategy Statement and the Macro-economic Framework Statement. The Finance Minister is also expected to seek permission from Lok Sabha to introduce and present the Finance Bill, 2026. This bill gives legal effect to government's financial proposals.
Budget expectations
Union Budget FY26-27 likely to be pegged at ₹54.1Lcr
According to Sunidhi Securities & Finance Limited, the Union Budget for FY2026-27 is likely to be pegged at ₹54.1 lakh crore, a year-on-year growth of 7.9%. The report said that the size of the Union Budget as a percentage of GDP is the clearest indicator of the government's fiscal intent. After averaging at 14.8% of GDP during FY23-FY25, total expenditure was budgeted at 14.2% of GDP or ₹50.65 lakh crore, in BE for FY26.
Survey details
Economic survey tabled in parliament on Thursday
On Thursday, Sitharaman had tabled the Economic Survey of India in Parliament for FY2025-26. The tradition of tabling the Economic Survey ahead of the Budget is a long-standing practice that outlines the state of the economy before detailing future fiscal plans. The survey serves as an annual "report card" on India's economy, providing a comprehensive review and broad roadmap for future policy direction.
Expectation
Budget focus on tax reforms, customs duty rationalization
The upcoming budget is expected to focus on tax reforms, customs duty rationalization, and measures to sustain growth amid rising geopolitical risks and global trade uncertainties. It could also mark a shift in fiscal strategy with a clear roadmap for reducing India's debt-to-GDP ratio. This would indicate a move from short-term deficit management toward long-term fiscal consolidation.
More
Individual taxpayers, industry bodies seek these budget measures
After major relief in the previous budget, individual taxpayers are hoping for further easing, especially through a higher standard deduction. Industry bodies are also seeking clarity on transition provisions under the new Income Tax Act, 2025. Customs duty reform is expected to be a major budget theme with possible amnesty schemes to resolve disputes worth nearly ₹1.53 lakh crore and simplified procedures for ease of doing business.