Union Budget 2026 Updates: Today, February 1st, Finance Minister Nirmala Sitharaman is presenting the 9th Union Budget in Parliament. Parliamentary proceedings have begun. Finance Minister Nirmala Sitharaman has started her budget speech. She is presenting the budget for the ninth consecutive time today, February 1, 2026. Finance Minister Nirmala Sitharaman began her budget presentation by mentioning Saint Ravidas. During her budget speech, Minister Nirmala Sitharaman said, “We want to nurture them like champions. We are allocating Rs 10,000 crore for this, so that entrepreneurs benefit.”
The Finance Minister also stated that there will be a focus on the biopharma sector. We are allocating Rs 10,000 crore for this. The Finance Minister stated that the India Semiconductor Mission 1.0 has expanded the country’s semiconductor capabilities. Finance Minister Nirmala Sitharaman announced that cancer and diabetes medicines will become cheaper in the country. The Modi government aims to have the service sector contribute 10% to the economy by 2047. Along with this, astronomy will be promoted. 20,000 young people will be trained as tourism guides. In addition, a content creator lab will be established.
Girls’ Hostels to be Built
Finance Minister Nirmala Sitharaman said that girls’ hostels will be built in every district for higher education institutions.
3 New AIIMS Announced
Finance Minister Nirmala Sitharaman announced the establishment of 3 new All India Institutes of Medical Sciences (AIIMS).
Focus on Tier-2 and Tier-3 Cities
The Finance Minister said that in 2026-27, “I propose to increase public capital expenditure to Rs 12.2 lakh crore.” She added, “We will continue to develop infrastructure in cities with a population of more than 5 lakh, and in Tier 2 and Tier 3 cities.”
Key Highlights of the Budget Speech so far:
7 high-speed rail corridors will be built.
Rs 10,000 crore will be allocated for the biopharma sector.
Medicines for diabetes and cancer will be cheaper.
Large textile parks will be established. ₹5,000 crore is spent annually on urban economic development.
Plans to develop 20 new waterways.
Mineral corridors in 4 states.
Construction of 3 chemical parks.
₹10,000 crore allocated for SMEs.
Mahatma Gandhi Self-Employment Scheme announced.
Mining corridor announced.
250 million people lifted out of poverty.
₹10,000 crore announced for MSMEs.
The government allocates ₹10,000 crore for biopharma.