New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Sunday announced setting up of one girls’ hostel in every district of the country.
There are over 700 districts in the country.
She also proposed a loan-linked capital subsidy support scheme for veterinary colleges, hospitals, and diagnostics laboratories.
The minister also announced upgrading Ayush pharmacies and drug testing labs, WHO (World Health Organisation) Traditional Medicine Centre at Jamanagar, Gujarat.
The Centre, she said, will support five university townships in the vicinity of major industrial logistics centres.
Finance Minister Nirmala Sitharaman on Sunday proposed Rs 10,000 crore investment in the biopharma sector over the next five years, a move which would give a boost to the country’s pharmaceuticals industry.
Biopharmaceuticals, or biologics, are complex medicines manufactured from living organisms, cells, or tissues rather than through chemical synthesis.
She also proposed interventions in six areas, including manufacturing, strategic and frontier sectors, healthcare and advanced technology.
The minister added that semiconductor mission 2.0 will focus on producing equipment and materials designed for full-stack Indian IP (intellectual property).
The India Semiconductor Mission (ISM) is a specialized, autonomous business division within Digital India Corporation under Ministry of Electronics and Information Technology (MeitY), designed to build a sustainable semiconductor and display ecosystem.
Sitharaman also announced support for mineral rich states of Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish critical mineral facilities.
She added that ‘Sabka Saath, Sabka Vikas’ is the third Kartavya of the government.
Finance Minister Nirmala Sitharaman on Sunday proposed to increase the outlay on electronics manufacturing to Rs 40,000 crore in the 2026-27 fiscal year.
Presenting the Union Budget for 2026-27, she said high-tech tool rooms will be established at two locations to give push to capital goods manufacturing.
Sitharaman also proposed a scheme for container manufacturing to create globally competitive ecosystem.
Three dedicated chemical parks will also be set up to enhance domestic production, reduce import dependency, she added.
The move comes amid a massive thrust by the government on increasing electronics manufacturing in the country.
The mobile manufacturing segment witnessed a nearly 30-fold increase in production value, rising from Rs 18,000 crore in FY15 to Rs 5.45 lakh crore in FY25.
iPhone exports from India have hit Rs 2.03 lakh crore in 2025, which is almost double that of Rs 1.1 lakh crore Apple exported in the calendar year 2024.
Mobile phone production in the country is expected to reach about Rs 6.76 lakh crore, comprising exports over USD 30 billion, or about Rs 2.7 lakh crore, by the end of the current fiscal year.
As of August 2025, 10 semiconductor manufacturing and packaging projects have been approved in the country with a cumulative investment of around Rs 1.6 lakh crore in six states.
Electronic manufacturing stocks jump 6 pc as Budget hikes outlay to Rs 40,000 cr
Shares of electronic manufacturing companies rose up to 6 per cent after Finance Minister Nirmala Sitharaman on Sunday proposed to increase the outlay on electronics manufacturing to Rs 40,000 crore in 2026-27.
The stock of Syrma SGS Technology jumped 5.95 per cent to Rs 806.35, Dixon Technologies (India) Ltd climbed 4.21 per cent to Rs 10,885, and Kaynes Technology India rose 3.82 per cent to Rs 3,608.90 apiece on BSE.
In addition, PG Electroplast’s shares increased by 2.59 per cent to Rs 561.75 per piece, DCX Systems rose 2.06 per cent to Rs 180.95, and Cyient DLM’s by 1.04 per cent to Rs 379.70 apiece on the bourse.
Presenting the Union Budget for 2026-27, Finance Minister Nirmala Sitharaman said high-tech tool rooms will be established at two locations to give a push to capital goods manufacturing.
The move comes amid a massive thrust by the government to increase electronics manufacturing in the country.
The mobile manufacturing segment witnessed a nearly 30-fold increase in production value, rising from Rs 18,000 crore in FY15 to Rs 5.45 lakh crore in FY25.
iPhone exports from India have reached Rs 2.03 lakh crore in 2025, almost double the Rs 1.1 lakh crore Apple exported in calendar year 2024.
Mobile phone production in the country is expected to reach about Rs 6.76 lakh crore, comprising exports over USD 30 billion, or about Rs 2.7 lakh crore, by the end of the current fiscal year.
As of August 2025, 10 semiconductor manufacturing and packaging projects have been approved in the country with a cumulative investment of around Rs 1.6 lakh crore in six states.
Rs 20,000-crore carbon capture, utilisation scheme
Finance Minister Nirmala Sitharaman on Sunday proposed Rs 20,000 crore for a carbon capture and utilisation scheme across sectors, including steel and cement.
Presenting the Union Budget for 2026-27, the minister said the government will provide incentives for manufacturing seaplanes in the country as part of efforts to boost tourism.
Meanwhile, a high-level committee on ‘Banking for Viksit Bharat’ will be set up, Sitharaman said, announcing various measures to boost the economy.
Among others, the minister proposed developing seven high-speed corridors between cities as growth connectors, and also have a ship repair ecosystem catering to inland waterways, which will be set up in Varanasi and Patna.
According to the minister, the Indian banking sector today is characterised by strong balance sheet, historic highs and profitability, improved asset quality and coverage.
Noting that the sector is well placed to futuristically evaluate the measures needed to continue on the path of reform-led growth, Sitharaman said a high-level committee on Banking for Viksit Bharat will be set up.
Centre to set up 5 university townships near major industrial logistic hubs
The Government will set up five university townships in the vicinity of major industrial logistics centres, Union Finance Minister Nirmala Sitharaman announced on Sunday.
Presenting the Union Budget for 2026-27 in the Lok Sabha, Sitharaman also announced the setting up of one girls’ hostel in every district of the country.
There are over 700 districts in the country.
The Finance Minister said the budget proposes to support the Indian Institute of Creative Technologies, Mumbai, for setting up content labs in 15,000 secondary schools.
Outlay on electronics manufacturing to be increased to Rs 40,000 crore in FY27: FM
New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Sunday proposed to increase the outlay on electronics manufacturing to Rs 40,000 crore in the 2026-27 fiscal year.
Presenting the Union Budget for 2026-27, she said high-tech tool rooms will be established at two locations to give push to capital goods manufacturing.
Sitharaman also proposed a scheme for container manufacturing to create globally competitive ecosystem.
Three dedicated chemical parks will also be set up to enhance domestic production, reduce import dependency, she added.
The move comes amid a massive thrust by the government on increasing electronics manufacturing in the country.
The mobile manufact…
Electronic manufacturing stocks jump 6 pc as Budget hikes outlay to Rs 40,000 cr
New Delhi, Feb 1: Shares of electronic manufacturing companies rose up to 6 per cent after Finance Minister Nirmala Sitharaman on Sunday proposed to increase the outlay on electronics manufacturing to Rs 40,000 crore in 2026-27.
The stock of Syrma SGS Technology jumped 5.95 per cent to Rs 806.35, Dixon Technologies (India) Ltd climbed 4.21 per cent to Rs 10,885, and Kaynes Technology India rose 3.82 per cent to Rs 3,608.90 apiece on BSE.
In addition, PG Electroplast’s shares increased by 2.59 per cent to Rs 561.75 per piece, DCX Systems rose 2.06 per cent to Rs 180.95, and Cyient DLM’s by 1.04 per cent to Rs 379.70 apiece on the bourse.
Presenting the Union Budget for 2026-2…
Govt announces setting up of one girls’ hostel in every district
New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Sunday announced setting up of one girls’ hostel in every district of the country.
There are over 700 districts in the country.
She also proposed a loan-linked capital subsidy support scheme for veterinary colleges, hospitals, and diagnostics laboratories.
The minister also announced upgrading Ayush pharmacies and drug testing labs, WHO (World Health Organisation) Traditional Medicine Centre at Jamanagar, Gujarat.
The Centre, she said, will support five university townships in the vicinity of major industrial logistics centres.–(PTI)
FM announces Rs 20,000-crore carbon capture, utilisation scheme
New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Sunday proposed Rs 20,000 crore for a carbon capture and utilisation scheme across sectors, including steel and cement.
Presenting the Union Budget for 2026-27, the minister said the government will provide incentives for manufacturing seaplanes in the country as part of efforts to boost tourism.
Meanwhile, a high-level committee on ‘Banking for Viksit Bharat’ will be set up, Sitharaman said, announcing various measures to boost the economy.
Among others, the minister proposed developing seven high-speed corridors between cities as growth connectors, and also have a ship repair ecosystem catering to inland waterways, which will be set …
Centre to set up 5 university townships near major industrial logistic hubs
New Delhi, Feb 1: The Government will set up five university townships in the vicinity of major industrial logistics centres, Union Finance Minister Nirmala Sitharaman announced on Sunday.
Presenting the Union Budget for 2026-27 in the Lok Sabha, Sitharaman also announced the setting up of one girls’ hostel in every district of the country.
There are over 700 districts in the country.
The Finance Minister said the budget proposes to support the Indian Institute of Creative Technologies, Mumbai, for setting up content labs in 15,000 secondary schools.–(PTI)
FM proposes 5 medical tourism hubs
New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Sunday proposed to set up five hubs for medical tourism and a Rs 10,000-crore outlay for Biopharma Shakti programme over the next five years.
Presenting the Union Budget, she said, “I propose to launch a scheme to support states in establishing five regional medical hubs.”
She said these hubs will serve as integrated healthcare complexes that combine medical, educational and research facilities.
She said, “I propose the Biopharma Shakti with an outlay of Rs 10,000 crore over the next five years, this will build the ecosystem for domestic production of biologics and biosimilars.”
The strategy will include a biopharma-focused network with three new National Institu…
Govt to create network of over 1,000 accredited clinical trial sites, says FM
Finance Minister Nirmala Sitharaman on Sunday said the government will create a network of over 1,000 accredited Indian clinical trial sites.
Major clinical trial sites in the country are currently located in big cities like Mumbai, Delhi, Bengaluru, Chennai, and Hyderabad.
She also proposed credit-linked subsidy programme to encourage livestock farmer producer organisations to promote employment opportunities.
In her Budget speech, the finance minister announced the launch of Bharat Vistar, a multilingual AI tool to integrate agri stack; and setting up of ‘She Marts’ as community-owned retail outlets.
FM proposes 5 medical tourism hubs
Finance Minister Nirmala Sitharaman on Sunday proposed to set up five hubs for medical tourism and a Rs 10,000-crore outlay for Biopharma Shakti programme over the next five years.
Presenting the Union Budget, she said, “I propose to launch a scheme to support states in establishing five regional medical hubs.”
She said these hubs will serve as integrated healthcare complexes that combine medical, educational and research facilities.
She said, “I propose the Biopharma Shakti with an outlay of Rs 10,000 crore over the next five years, this will build the ecosystem for domestic production of biologics and biosimilars.”
The strategy will include a biopharma-focused network with three new National Institutes of Pharmaceutical Education and Research, popularly known as NIPERS, and upgrading seven existing ones, she added.
“It will also create a network of 1,000 accredited India clinical trials sites. We propose to strengthen the central drug standard control organisation to meet global standards and approve timeframes, through an approval time frames through a dedicated scientific review cadre, and specialists,” said said.
She also proposed setting up three new All India Institute of Ayurveda.
Individuals residing abroad to be permitted equity investments in listed Indian firms: FM
Finance Minister Nirmala Sitharaman on Sunday said individual persons residing outside India (PROI) will be permitted equity investments in listed Indian companies through a portfolio investment scheme.
She also proposed raising investment limit for PROIs to 10 per cent from 5 per cent.
The finance minister also proposed making framework with suitable access to funds and derivatives on corporate bond indices.
The government will continue to focus on developing infrastructure in cities with over 5 lakh population, she added.
Presenting the Union Budget 2026-27, Sitharaman proposed to upgrade WHO Global Traditional Medicine Centre at Jamnagar, Gujarat, while also stating that the country’s telescope infrastructure will be upgraded to promote astrophysics and astronomy.
The government will also launch a pilot scheme to upgrade skills of 10,000 guides at 20 iconic tourist sites, while noting that India has potential to offer world-class experience in mountaineering.
Besides, she promised that the Centre will develop ecologically sustainable trails in Himachal Pradesh, Utttarakhand, and Jammu and Kashmir.
Govt proposes to lower debt-to-GDP ratio to 55.6 pc in FY27: Sitharaman
The government has proposed to lower debt-to-GDP ratio to 55.6 per cent in FY27, from 56.1 per cent in the current fiscal year, Finance Minister Nirmala Sitharaman said on Sunday.
Presenting the Union Budget 2026-27, she said the Centre has allocated Rs 5,000 crore for CITY Economic Regions (CERs) over five years.
She also said the government has accepted the recommendations of the 16th Finance Commission, retaining a 41 per cent tax devolution formula.
A scheme for development of the Buddhist circuit in the Northeast to preserve temples, monasteries will also be launched, the finance minister noted.
She also proposed to support Artificial Limbs Manufacturing Corporation of India to scale up production of assisted devises for divyangjan.
Railways: FM proposes seven high-speed, one dedicated freight corridors in Union Budget
Finance Minister Nirmala Sitharaman on Sunday proposed seven high-speed corridors among various cities and a new dedicated freight corridor between Dankuni in West Bengal and Surat in Gujarat in the Union Budget for 2026-27.
“In order to promote an environmentally-sustainable passenger system, we will develop seven high-speed rail corridors between cities as growth connectors,” she said while presenting the Union Budget.
According to the minister, these proposed corridors will be developed between Mumbai and Pune, Pune and Hyderabad, Hyderabad and Bengaluru, Hyderabad and Chennai, Chennai and Bengaluru, Delhi and Varanasi and Varanasi and Siliguri.
Sitharaman said to promote environmentally-sustainable movement of cargo, she proposed to establish a new dedicated freight corridor connecting Dankuni in the east to Surat in the west.
At present, work on one high-speed corridor between Ahmedabad and Mumbai is in progress. Similarly, two dedicated freight corridors — Eastern and Western — are in operation covering several states and districts.
FM proposes to increase time limit for filing revised IT returns from Dec 31 to Mar 31
Finance Minister Nirmala Sitharaman on Sunday proposed to increase time limit for filing revised income tax (I-T) return from December 31 to March 31, on payment of nominal fee.
The government also proposed reduction in TCS rate for pursuing education and medical education under liberalised remittance scheme from 5 per cent to 2 per cent.
Tax Collected at Source (TCS) rate on sale of overseas tour packages was announced to cut to 2 per cent from 5 per cent. The rate was 20 per cent earlier.
She also proposed a rule-based automated process for small taxpayers in FY27 Budget.
In her Budget speech, Sitharaman announced a proposal to exempt award given by Motor Accident Claims Tribunal from income tax.
Income tax law comes into force from April 1: FM
Finance Minister Nirmala Sitharaman on Sunday said the Income Tax Act, 2025 will be
implemented from April 1 and rules and tax returns forms will be notified shortly.
Beginning April 1, the Income Tax Act, 2025, will come into force replacing the six-decade-old tax law and the changes made in tax laws in 2026-27 Budget will be incorporated in the new legislation.
In her Budget speech in the Lok Sabha on Sunday, she said, “This (direct tax code) was completed in record time and the Income Tax Act 2025 will come into effect from first April 2026. The simplified income tax rules and forms will be notified shortly, giving adequate time to taxpayers to acquaint themselves with its requirements.”
The forms have been redesigned, such that ordinary citizens can comply without difficulty, she added.
The 2025 I-T law is revenue neutral with no change in tax rates. It has only made direct tax laws simple to understand, removed ambiguities, thereby reducing scope for litigations. It reduces text volume and sections by about 50 per cent vis-a-vis the 1961 Income Tax Act.
The new law simplifies the tax timeline by doing away with the distinction between the assessment year and the previous year, replacing it with a single “tax year” framework. It also allows taxpayers to claim TDS refund even when ITRs are filed after deadlines, without any penal charges.
Sitharaman announces 6-month foreign asset disclosure scheme for small taxpayers
Finance Minister Nirmala Sitharaman on Sunday proposed a six-month foreign asset disclosure scheme for small taxpayers like students, tech professionals and relocated NRIs as she presented the Union Budget 2026-27.
She said there will be no interest liability on taxpayers on the penalty amount for the period of appeal before first appellate authority, irrespective of outcome.
The finance minister also proposed exemptions of three years for dividend income received by notified cooperatives on investments made up to January 31, 2026.
On healthcare, she said 50 per cent capacity will be increased in district hospitals by establishing emergency and trauma care centres.
The government will develop ecologically sustainable mountain trails in Himachal Pradesh , Uttarakhand, J and K, Araku Valley of Eastern Ghats and Western Ghats.
FM proposes to exempt minimum alternate tax for non-residents paying tax on presumptive basis
Finance Minister Nirmala Sitharaman on Sunday proposed to exempt Minimum Alternate Tax (MAT) for non-residents who pay tax on presumptive basis.
In her Budget speech, she said the threshold for availing safe harbour for IT services is being enhanced from Rs 300 crore to Rs 2,000 crore.
Sitharaman added that the tax collected at source rate on liquor, scrap, and mineral has been rationalised to 2 per cent.
The minister also announced to rationalise definition of accountants for safe harbour rules to promote home-grown accounting firms.
She said the government would allow inter-cooperative societies dividend income as deduction under the new tax regime
Budget: Govt. proposes launch of Khelo India mission to transform sports sector over next decade
The government’s flagship Khelo India programme to scout grassroots-level sporting talent is set to get a boost with Finance Minister Nirmala Sitharaman on Sunday proposing the launch of a Khelo India mission to also focus on systemic development of training centres and coaches over the next decade.
Presenting the Union Budget for the year 2026-27, the minister said the mission will facilitate an integrated talent development programme through inter-linking pathways. The Khelo India programme was launched in 2017 and its primary objective was to hold national level competitions across age groups for talent identification.
“Sports sector provides multiple means of employment, skilling and job opportunities. Taking forward the systematic nurturing of sports talent which is set in motion through the Khelo India programme, I propose to launch a Khelo India mission to transform the sports sector over the next decade,” Sitharaman said during her Budget speech in the Lok Sabha.
“The mission will facilitate: (a) an integrated talent development pathway supported by training centres which are foundational, intermediate and elite levels; (b) systematic development of coaches and support staff; (c) integration of sports science and technology; (d) competitions and leagues to promote sports culture and provide platforms; (e) development of sports infrastructure for training and competition.”
The Finance Minister also said India has the potential to emerge as a global hub for high quality and affordable sports goods.
“I proposed a dedicated initiative for sports goods that will promote manufacturing, research and innovation in equipment design as well as material sciences,” she said.
A Sports Ministry-appointed task force led by national Pullela Gopichand had recently advocated for a greater emphasis on building a pool of high-quality coaches.
It has proposed a Target Olympic Podium Scheme for coaches to ensure that they are provided financial support similar to what elite athletes are getting to enhance India’s medal prospects going forward.
India would be hosting the 2030 Commonwealth Games and is also bidding to become an Olympic host in 2036.
Govt to provide tax holiday for foreign cos offering cloud services using India data centres
Finance Minister Nirmala Sitharaman on Sunday proposed tax holiday till 2047 for foreign companies that provide cloud services to customers worldwide by using data centres in the country.
The tax holiday will be extended to the entities concerned subject to certain conditions.
In the Union Budget 2026-27 speech, Sitharaman said there is a need to enable critical infrastructure and boost investment in data centres.
“I propose to provide tax holiday till 2047 to any foreign company that provides cloud services to customers globally by using data centre services from India,” the minister said.
To avail the tax holiday, companies need to provide services to Indian customers through an Indian reseller entity.
Among other proposals, the government will set up National Institute of Hospitality by upgrading existing National Council for Hotel Management and catering technology.
She also said a National Institute of Mental Health and Neurosciences (NIMHANS-2) will also be established, she said.
Further, Sitharaman said in Odisha, Karnataka, and Kerala, key turtle nesting sites, along with turtle trails, will be developed.
Another announcement is that the government has decided to extend deduction for cooperative members who supply cotton seeds and cattle feed.
