Union budget allocates funds for voter ID cards and settling parliamentary election expenses, including reimbursements to agencies and stakeholders.
The Union Budget allocates Rs 250 crore for Election Photo Identity Cards (EPICs), down from a Budget Estimate of Rs 300 crore, with EPIC costs shared equally between Centre and states in proportion to electors. Separately, Rs 500 crore is earmarked to settle election expenditure from the 2024 Lok Sabha polls to reimburse agencies and subnational units as a post election accounting measure.

Union Budget criticised for ignoring jobs, manufacturing and farmer distress despite capex rising to Rs 12.2 lakh crore.
The Budget for 2026-27 is criticised as ignoring core crises-youth unemployment, falling manufacturing, capital withdrawals, low household savings and farmer distress-while announcing an increase in capital expenditure to Rs 12.2 lakh crore for FY27 and measures to boost infrastructure, including in tier 2 and tier 3 cities, against a backdrop of global uncertainty and export slowdown.

Union Budget revenue composition: taxes provide 64 paise per rupee; borrowings 24 paise, non-tax receipts 10 paise.
The Budget's per-rupee fiscal composition assigns 64 paise to direct and indirect taxes (21 paise income tax, 18 paise corporation tax, 15 paise GST, 6 paise excise, 4 paise customs), 24 paise to borrowings and other liabilities, 10 paise to non-tax revenue including disinvestment, and 2 paise to non-debt capital receipts; expenditure allocates 20 paise to interest, 22 paise to states' share, 11 paise to defence, 17 paise to central sector schemes, 8 paise to centrally-sponsored schemes, 7 paise to Finance Commission transfers, 6 paise to subsidies, 2 paise to pensions, and 7 paise to other expenditures.

Union Budget boosts Maharashtra's finances with higher tax devolution and targeted infrastructure and agricultural funding.
The Union Budget increases devolution of taxes to Maharashtra to Rs 98,306 crore-about Rs 15,000-20,000 crore more than prior years-enhancing the state's fiscal capacity. It also allocates funds for rural road infrastructure, agriculture business networks, economic clusters, tertiary medical education, agricultural and rural transformation, high-speed rail, metro expansion and mass urban transport projects, enabling states to implement transport, health and agrarian reforms within the central fiscal framework.

India budget boosts investment appeal, launches rural programmes, supports agriculture and livestock, and commits to high-speed rail connectivity.
The Budget targets a fiscal deficit below 4.5 per cent while promoting India as an investment destination through sectoral support for manufacturing, infrastructure, health, tourism and digital industries. It launches the Mahatma Gandhi Gram Swaraj Yojana to strengthen rural economies, backs agricultural value chains including coconut, cashew, sandalwood and fisheries via reservoirs and export access, expands veterinary and livestock services, provides credit-linked subsidies for dairy and poultry, and commits to seven high-speed rail corridors to boost national connectivity.

Union Budget 2026-27 balances fiscal deficit reduction and inflation control with high capital expenditure and MSME support.
Union Budget 2026-27 emphasises reducing fiscal deficit and containing inflation while maintaining high capital expenditure to support infrastructure and growth. It frames fiscal policy within a human-centric, trust-based governance model, advances Make in India and Aatmanirbhar Bharat goals, and provides targeted support to MSMEs to enable scaling from local to global markets.

Budget 2026-27 updates customs and excise rules: new importer class, longer duty deferral, baggage rules, and excise rate changes.
Budget 2026-27 issues customs tariff amendments and rescissions, extends validity of certain customs notifications, and proposes targeted changes to basic customs duty. It creates an Eligible Manufacturer Importer class for Section 47 duty deferral and lengthens trusted entities' deferral from 15 to 30 days, while notifying new Baggage Rules and Customs Baggage Regulations. Central excise measures set NCCD rates on specified tobacco products, exclude biogas/CBG value (and its GST) from blended CNG valuation for excise, defer an additional duty on unblended diesel, and rescind a prior excise notification.

Critical minerals: customs duty exemption for capital goods and dedicated rare earth corridors to boost processing.
The Budget proposes a basic customs duty exemption for capital goods imported for processing critical minerals and the establishment of dedicated Rare Earth Corridors in mineral rich States, alongside reducing customs duty on monazite to zero and implementing a funded Scheme to establish 6,000 MTPA integrated REPM manufacturing covering conversion from oxides to finished magnets.

Food, fertiliser and fuel subsidies are reduced 4.47% in the FY27 budget, with lower allocations across all three heads.
Union Budget 2026-27 projects a 4.47% reduction in combined food, fertiliser and fuel subsidies to Rs 4,10,495 crore for FY27. Food subsidy is marginally lower at Rs 2,27,629 crore, primarily under PMGKAY supplying free rations to over 81 crore beneficiaries. Fertiliser subsidy is reduced to Rs 1,70,805 crore (Rs 1,16,805 crore for urea; Rs 54,000 crore for non-urea) and petroleum subsidy falls to Rs 12,085 crore, reflecting revised and budget estimates for managing subsidy outlays in the coming fiscal year.

Fiscal deficit pegged at 4.3% of GDP for FY27, financed mainly through Rs 11.7 lakh crore net market borrowings.
Fiscal policy fixes the fiscal deficit at 4.3% of GDP for FY27 as the operative instrument for debt consolidation, with the central government debt-to-GDP ratio estimated at 55.6% in BE 2026-27 and an explicit target to reach about 50 1% by March 31, 2031. Financing for FY27 is specified as Rs 11.7 lakh crore net market borrowings (Rs 17.2 lakh crore gross), with remaining resources from small savings and other sources.

Budget assigns Rs 95,692.31 crore to VB-G RAM G and Rs 30,000 crore to MGNREGA as transition funding.
The Budget allocates Rs 95,692.31 crore for the new VB-G RAM G while assigning Rs 30,000 crore to MGNREGA, which will continue until VB-G RAM G is implemented and pending works completed; the Department of Rural Development's total allocation is Rs 1,94,368.81 crore, with specified allocations for Land Resources, PMGSY, DAY-NRLM and PMAY-G and distinctions drawn between initial allocations and revised expenditure estimates.

India's budget projects 7.4% real GDP growth and targets fiscal consolidation with a 4.3% fiscal deficit.
The Union Budget projects real GDP growth of 7.4% in FY 2025-26 and nominal GDP growth of 10% for BE 2026-27, while anchoring fiscal strategy on a debt glide path with a fiscal-deficit target of 4.3% of GDP in BE 2026-27 and Central Government debt at 55.6% of GDP. Emphasis is placed on sustaining public investment through an estimated effective capital expenditure of Rs.17.15 lakh crore (4.4% of GDP) and on intergovernmental transfers, with tax devolution and Finance Commission grants to states amounting to Rs.16.56 lakh crore.

Vertical share of devolution retained at 41% and Rs.1.4 lakh crore allocated to states for FY 2026-27.
The Government accepted the 16th Finance Commission's recommendation to retain the vertical share of devolution at 41 percent and has allocated Rs.1.4 lakh crore to States for FY 2026-27 as Finance Commission Grants, including Rural and Urban Local Body and Disaster Management Grants; the Commission's report was submitted to the President and will be laid in Parliament with an explanatory memorandum and action taken statement under Article 281.

Divyangjan support schemes expand customized industry training and retail access to assistive devices for inclusive livelihoods.
The budget introduces Divyang Kaushal Yojana to provide customized, industry-relevant training for Divyangjan in IT, AVGC, hospitality and food & beverages to create dignified livelihoods. It also launches Divyang Sahara Yojana to expand access to assistive devices by scaling ALIMCO production, investing in R&D and AI integration, strengthening PM Divyasha Kendras, and setting up Assistive Technology Marts as retail-style centres for trial and purchase.

India budget projects debt-to-GDP falling to 50% 1 by 2030-31; fiscal deficit 4.3% in BE 2026-27.
The document projects a debt-to-GDP ratio target of 50 1 percent by 2030-31, estimates the ratio at 55.6 percent in BE 2026-27 and 56.1 percent in RE 2025-26, and sets a fiscal deficit path of 4.4 percent of GDP in RE 2025-26 and 4.3 percent in BE 2026-27. It states RE and BE figures for non-debt receipts and total expenditure, capital expenditure levels, Centre's net tax receipts, and market borrowing requirements including net dated-securities borrowings of Rs.11.7 lakh crore and gross borrowings of Rs.17.2 lakh crore.

Union Budget proposes sports goods initiative and Khelo India Mission to boost manufacturing, research, talent and infrastructure.
A budgetary proposal launches a dedicated initiative to promote sports goods manufacturing, research and innovation in equipment design and material sciences, and a decade-long Khelo India Mission to develop an integrated talent pathway, train coaches and support staff, integrate sports science and technology, organise competitions and develop sports infrastructure.

Union Budget 2026-27 proposes banking committee, NBFC restructuring, bond market-making and expanded PROI equity limits.
The Union Budget 2026-27 proposes a High Level Committee on Banking for Viksit Bharat to realign the financial sector, restructures Power Finance Corporation and Rural Electrification Corporation for scale and efficiency, introduces a market making framework with access to funds and derivatives on corporate bond indices and total return swaps, offers a Rs.100 crore incentive for single municipal bond issuances over Rs.1000 crore, and permits Individual Persons Resident Outside India to invest in listed equity under the Portfolio Investment Scheme with individual and aggregate limits increased to 10% and 24% respectively.

Regional medical hubs to promote medical tourism with integrated healthcare, AYUSH, diagnostics, rehabilitation and jobs.
The Budget proposes a Scheme to support States in establishing five Regional Medical Hubs as integrated healthcare complexes combining medical, educational and research facilities, with AYUSH Centres, Medical Value Tourism Facilitation Centres, and diagnostics, post-care and rehabilitation infrastructure, intended to promote medical tourism and generate employment for doctors and allied health professionals.

Union Budget proposes high-powered committee to boost services sector, establish design institute, townships, hostels, and telescopes.
The Budget proposes a High-Powered Education to Employment and Enterprise Standing Committee to drive Services Sector growth toward a 10% global share by 2047, assessing technology impacts including AI on jobs and skills. It also proposes a National Institute of Design in the eastern region via challenge route; five University Townships near major industrial and logistic corridors via challenge route; one girls' hostel per district through VGF/capital support; and establishment or upgrading of four telescope infrastructure facilities to promote astrophysics and astronomy.

Union Budget incentives for cooperatives allow deductions for cattle feed and cotton seed and limited dividend exemptions.
The Budget extends the deduction for primary cooperative societies to include supply of cattle feed and cotton seed produced by members, allows inter-cooperative society dividend income to be deducted to the extent it is further distributed to members under the new tax regime, and grants a three-year exemption for dividend income received by notified national cooperative federations on qualifying investments provided those dividends are distributed to member cooperatives.