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)

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)

Finance Minister Nirmala Sitharaman is set to present Budget 2026 with a stronger focus on long-term economic reforms rather than major tax relief. Government sources say Part B of the speech will highlight reform priorities, including manufacturing growth, export expansion, and global value chain integration. Customs duty simplification and a unified framework for export and manufacturing zones are also expected. India’s macro indicators remain stable, with solid GDP growth and easing inflation. However, fiscal discipline is likely to guide spending plans. Large personal income tax changes appear unlikely after last year’s overhaul, though small tweaks like higher standard deduction and compliance relief for small businesses may be considered. (PC: India Today)

Indian ultra-runner Sufiya Sufi has officially entered the Guinness World Records for completing the grueling Manali–Leh high-altitude run in 98 hours 27 minutes, becoming the first woman to finish the roughly *470–480 km route in under 100 hours. The endurance challenge crosses five Himalayan passes with an elevation gain of more than 8,500 m, known for thin oxygen and harsh conditions. Although her record was approved in 2023, the official certificate reached her only recently, which she celebrated on social media, thanking supporters and sponsors. (PC: X)

Unidentified assailants fired multiple gunshots outside Bollywood filmmaker Rohit Shetty’s residence in the Juhu area of Mumbai in the early hours of Sunday, February 1, 2026, police said. Initial reports indicate about four rounds were discharged at the building, but no injuries have been reported so far. Mumbai Police, along with the Crime Branch and forensic teams, responded quickly, cordoning off the area and stepping up security as investigations continue. Authorities are examining CCTV footage and probing the motive and identity of the shooters. Shetty and his family have not issued a public statement yet. 

Sunetra Pawar, 62, was sworn in as Maharashtra’s Deputy Chief Minister, becoming the first woman to hold the post on January 31, 2026, just three days after the tragic death of her husband, Ajit Pawar, in a plane crash. The oath was administered by Governor Acharya Devvrat at Lok Bhavan in Mumbai, with Chief Minister Devendra Fadnavis and Deputy CM Eknath Shinde present. Supporters chanted “Ajit Dada Amar Rahe” in tribute to her late husband. Prime Minister Narendra Modi wished her success, noting her new responsibilities. Sunetra Pawar succeeds Ajit Pawar and takes on key portfolios including State Excise and Sports.