The Smithsonian’s National Museum of Asian Art will return three ancient bronze sculptures to India after research confirmed they were taken illegally from temples in Tamil Nadu in the 1950s. The idols include Shiva Nataraja, Somaskanda, and Saint Sundarar with Paravai from the Chola and Vijayanagar periods. Museum researchers traced old temple photographs from 1956 to 1959 with support from the French Institute of Pondicherry. The Archaeological Survey of India verified that the removals violated Indian law. One sculpture will later be displayed on long-term loan to explain its history and return. The museum said the decision follows a detailed provenance review. (PC: The Indian Express)

Budget 2026 has proposed a lower Tax Collected at Source (TCS) rate for select overseas payments under the Liberalised Remittance Scheme. The TCS on foreign tour programme packages will be reduced to a flat 2 per cent from the earlier slab rates of 5 per cent and 20 per cent. The new rate will apply without any minimum amount condition. Remittances sent abroad for education and medical treatment will also attract a reduced TCS of 2 per cent instead of 5 per cent. The budget also clarified that manpower supply services will fall under the TDS contractor category, with tax deduction rates set at 1–2 per cent. (PC: Economic Times)

Finance Minister Nirmala Sitharaman presented Union Budget 2026 with a focus on investment, manufacturing, and health support. Capital expenditure for FY27 was increased to Rs 12.2 lakh crore, and the fiscal deficit target was fixed at 4.3 per cent of GDP. No changes were announced in personal income tax slabs under the new Income Tax Act starting April 1. A tax holiday till 2047 was offered to foreign companies setting up cloud and data centre infrastructure in India. The government removed basic customs duty on 17 essential cancer drugs and expanded exemptions for rare disease treatments. Defence modernisation spending was raised, semiconductor funding was expanded, and seven high-speed rail corridors were cleared to improve connectivity and growth. (PC: X)

Union Budget 2026–27 announced tax relief and compliance changes for people holding small foreign assets. The finance minister said no prosecution will apply for non-disclosure of non-immovable foreign assets with total value below ₹20 lakh. Such cases will face only a fine. This relief will apply from October 1, 2024. The government also launched a one-time six-month disclosure window for selected taxpayers, including students, to declare foreign assets or income. It covers undisclosed assets up to ₹1 crore and certain previously disclosed assets up to ₹5 crore. The Budget also introduced TDS on property sales by non-residents.

Finance Minister Nirmala Sitharaman wore a Kanjeevaram saree while presenting the Union Budget 2026–27, continuing her Budget-day clothing tradition. Over the years, her saree choices have drawn attention for reflecting Indian textile heritage and regional identity. Observers note that her outfits on Budget day often highlight handloom styles and specific states. This year’s Kanjeevaram saree is seen as a nod to Tamil Nadu’s well-known weaving tradition. Such attire choices have become a regular feature alongside the Budget presentation. The practice links cultural representation with a key national financial event without being part of the formal policy announcements. (PC: X)

Indian stock markets first fell and then recovered partly after the Union Budget 2026 announcements. Sensex and Nifty dropped when the finance minister increased the tax on futures trading from 0.02% to 0.05%, which makes these trades more expensive. After the early fall, some large stocks saw buying and helped markets recover. HDFC, Sun Pharma, and TCS were among the main gainers during the session. Titan, Axis Bank, and ITC were among the major losers. The budget also announced ₹10,000 crore support for the biopharma sector, which pushed some pharma shares higher. Markets were open Sunday due to the Budget. (PC: HT)

Union Budget 2026 announced a new route for individuals living outside India to invest directly in Indian shares through the Portfolio Investment Scheme. The step is aimed at bringing more foreign investors into domestic equity markets. Earlier, most overseas flows came through registered foreign portfolio investors or NRI channels. The finance minister also proposed higher holding limits in listed companies for such investors. The individual ownership cap will rise from 5% to 10%. The combined cap for all such investors will increase from 10% to 24%. A market-making framework was also proposed to improve liquidity in corporate bond trading. (PC: NDTV)

Union Budget 2026–27 has changed customs duties on several goods, making some items cheaper and others more expensive. Finance Minister Nirmala Sitharaman said duty cuts will lower prices of essential medicines, including 17 cancer drugs, aircraft parts, and microwave components. Electric vehicles and selected leather goods will also benefit from lower duties. The government also allowed duty-free import of certain inputs to support leather exporters facing high US tariffs. Smartphones and tablets made in India are expected to become more affordable. At the same time, customs duty hikes will raise prices of luxury watches and imported alcohol. (PC: HT)

Finance Minister Nirmala Sitharaman announced plans to build seven high-speed rail corridors in Union Budget 2026 to improve inter-city connectivity and support cleaner transport. The proposed routes include Mumbai–Pune, Hyderabad–Bengaluru, Delhi–Varanasi, Varanasi–Siliguri, Pune–Hyderabad, Hyderabad–Chennai, and Chennai–Bengaluru. She said the corridors will link major economic and cultural centres and reduce travel time. The budget also raises public capital expenditure to ₹12.2 lakh crore for FY27 to sustain infrastructure growth. An Infrastructure Risk Guarantee Fund will support large projects. The government also proposed a new East–West freight corridor and expansion of national waterways to improve logistics and cargo movement. (PC: India Today)

Finance Minister Nirmala Sitharaman announced a ₹40,000 crore allocation for the semiconductor sector in Union Budget 2026 under “Semiconductor Mission 2.0”. She said the programme will build on the earlier mission and support industry-led research and training centres. The plan focuses on developing semiconductor equipment and materials using full-stack Indian intellectual property. The government said the budget approach favours reforms and long-term capacity building. Electronics and IT Minister Ashwini Vaishnaw has earlier stated that India is on track to begin commercial chip production in 2026, with multiple plants expected to start operations. Pilot production has already begun in several units during 2025. (PC: NDTV)